Headquatered in Mumbai, PayMate a B2B digital payments provider, has now collaborated with universal payments enabler ‘Visa’ to explicate and enhance its existence to 92 countries of Central and Eastern Europe, Middle East and Africa (CEMEA), covering the whole of the region.
The company has also stretched out the collaboration of two years with Visa catching PayMate’s proprietary payment platform to the enterprises and limited and medium businesses of the CEMEA region. While, PayMate was founded in 2006 by Ajay Adiseshann and Probir Roy, it ministered the digital payments solutions for enterprises and SMEs. The platform was formulated to build and help its business customers for automating and managing the vendor payments (Payables), customer payments (Receivables) and invoicing, by stepping an attempt to enhance and demonstrate the process efficiency and allowing greater transparency of cash flows.
Ajay Adiseshann, founder and CEO, PayMate claimed, “There is an ever-increasing demand for automation and digitalisation of the entire procurement to payment cycle to help save cost, time and effort. We are thrilled to expand outside India with Visa and offer our platform to businesses operating in CEMEA region.”
Further, Rakesh Khanna, Vice President, Head of Visa Business Solutions, CEMEA Visa stated, “Our initial foray with PayMate in India resulted in a large number of enterprises and SMBs making payments using Visa commercial cards across industry verticals, contributing to significant B2B payment volume growth in the country.” In the fintech space of B2B digital payments,
PayMate plays a chance to scramble for gamers like Razorpay, Innoviti, CCAvenue and aims for the market of SMEs and enterprises. The B2B market also accounts all the annual transaction values of more than $1 Tn, in conjunction with high anticipated rates of increasing steps and improvement over the further, coming five years.
PayMate’s call to heighten the ideology to CEMEA region as its first international foray following the issues, features the reassuring development of the digital payments in the area. Also, according to the World Payments Report 2018, the global digital payments volumes popped up by 10% reaching $482.6 Bn. This remarkable growth was seen primarily in the emerging CEMEA region.
