MUMBAI, 21^st JULY, 2022 (GPN): PayMate India Limited (“PayMate”), a leading B2B payments and services provider that digitizes, automates, and streamlines business-to-business (B2B) payments in supply chains[1], has integrated the capability to make utility bill payments using commercial credit cards as a new feature on its platform.

PayMate’s customers[2] and users[3] can make utility bill payments such as landline bills, electricity bills, water bills, broadband bills, among others along with their other statutory and vendor payments.

Speaking on this, Ajay Adiseshan, Managing Director and Chairman, PayMate says “Due to the COVID-19 pandemic, businesses faced challenges with traditional methods of payments. By adding Utility bill payments on the PayMate platform, we have created yet another avenue for PayMate’s customers to use commercial credit cards; ultimately providing a fully integrated B2B payments stack to our customers[4].”

From April to December 2021, PayMate processed ₹22,467.92 million of direct tax payments and ₹99,929.67 million of GST payments on its platform through commercial credit cards, while the overall commercial credit card-processing TPV[5] increased from ₹187,142.31 million in Fiscal 2021 to ₹464,766.45 million. As of December 31, 2021, the total number of Customers and Users using the PayMate platform is 166,811.

PayMate is also a Visa-certified Business Payment Solution Provider (BPSP) in the UAE and is also aiming to expand into other parts of Central Europe, the Middle East and Africa (“CEMEA”) region. PayMate has a relationship with Visa, pursuant to which Visa facilitates introductions of PayMate to Visa issuing financial institution partners, and PayMate will ensure that commercial credit cards processed through PayMate’s system are Visa cards for certain international territories agreed with Visa.-Ends.

About PayMate India Ltd.

PayMate is a leading B2B payment and services provider that digitizes, automates and streamlines business-to-business payments in supply chains. The PayMate platform provides upgradation from traditional paper-based workflows to software-driven workloads with digital payment streams like digital invoicing and several complementary features. The company has a presence in South Asia (India) and UAE and is aiming to expand across CEMEA. PayMate has been awarded ‘Best Fintech in Payments’ by BT-KPMG Best Bank and Fintech Jury Awards 2021. For more information, visit www.paymate.in or follow us on Twitter – @PayMate_In.

The DRHP is available on the website of the SEBI at www.sebi.gov.in, the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com and the respective websites of the book running lead managers to the Offer, ICICI Securities Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited and SBI Capital Markets Limited at www.icicisecurities.com, www.business.hsbc.co.in/en-gb/in/generic/ipo-open-offer-and-buyback, www.jmfl.com, and www.sbicaps.com.