PayMate India Limited (PayMate), a leading digital business-to-business (B2B) payments and services provider announced that the Company multiplied its footprint across more regions in Central Europe, the Middle East, Africa (CEMEA), and the Asia Pacific (APAC); in addition to India and the UAE.
The move comes six months after the Company announced its foray into Singapore, Sri Lanka and the Kingdom of Saudi Arabia. PayMate has incorporated and registered its entity in four more markets – the Sultanate of Oman, South Africa, Malaysia and Australia. In Australia and South Africa, the company has incorporated under the trade name DuNoMo as a wholly-owned subsidiary of PayMate India Ltd., the statement said.
B2B Payments made in this manner will be settled directly into suppliers’ bank accounts, thereby opening wide acceptance of corporate credit card usage as most of these suppliers don’t accept card payments. The PayMate platform will further enable corporates with configurable approval workflows to give full control and visibility into cashflows with detailed reports, reconciliation and APIs for ERP integration with existing legacy systems, according to the statement.
Speaking on this expansion, Ajay Adiseshan, Founder & CEO, PayMate says, “At PayMate, our mission is to create and offer more avenues for using commercial credit cards so that the collateral-free credit on them can be utilized in an effective manner. This helps corporates of all sizes to pay their suppliers and resolve cashflow challenges. Our existing customers in India and UAE are already using our Platform very effectively and with the success in these two geographies, we are now geared up to extend our solutions to businesses in more countries in CEMEA and APAC. The global expansion is part of our mission to consolidate our position as a global leader in B2B payments.”
Rakesh Khanna, Chief Commercial Officer, PayMate, adds, “In 2021, the global commercial payments volume was estimated at USD 120 trillion, with CEMEA contributing approximately USD 10 trillion, and APAC estimated at USD 58 trillion. Therefore, in line with our strategy to capitalize on these opportunities and continue driving the PayMate B2B payment solutions in markets that are booming, we have incorporated in Malaysia, Australia, South Africa, and Oman. We are positive that the local businesses will be able to streamline their supply chain payments, reduce costs, and improve their working capital by using our solutions.”
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