The partnership will strengthen PayMate's growth against other players in the B2B online payments market including Y Combinator and Tiger Global backed Razorpay, PayUbiz, Infibeam's CCAvenue, Instamojo etc.
Business-to-business (B2B) digital payments company PayMate is expecting 25-30 per cent of its revenue to come from Central and Eastern Europe, Middle East and Africa (CEMEA) region in coming 24-36 months following company’s last week tie-up with global digital payments major Visa. The partnership will strengthen PayMate’s growth against other players in the B2B online payments market including Y Combinator and Tiger Global backed Razorpay, PayUbiz, Infibeam’s CCAvenue, Instamojo etc.
The association with Visa has expanded PayMate’s footprint outside India to offer services to enterprise and SMEs based in 92 countries of the CEMEA region.
PayMate will offer its proprietary payment platform to the payment needs of Visa’s corporate customers, Ajay Adiseshann, Founder & CEO, PayMate told Financial Express Online.
The company’s cloud-based platform digitizes the procurement-to-payment cycle for businesses and helps them transition from existing payment forms cash and checks to digital payments. The platform automates management of vendor payments, customer payments, and invoicing.
“Currently we process $5 billion worth transactions on our platform annually. The commercial payments opportunity in CEMEA region is of $8.7 trillion. We expect the region to contribute 25-30 per cent of our business over the next 24-36 months,” said Adiseshann.
“Visa has a significant focus on digitization of B2B payments and we are teaming up with companies like PayMate to help simplify payables and receivables processes for businesses of all sizes. At the same time, we are introducing secure, fast and efficient digital payments to the sellers to help optimize their cash flows,” Rakesh Khanna, Vice President, Head of Visa Business Solutions, CEMEA Visa said in a statement.
India’s digital payments market aggregate less than $200 billion while the size is expected to grow to $1 trillion by FY23 on the back of rise in mobile payments, said a report by investment banking firm Credit Suisse last year.
On the other hand, global payments market was valued at a whopping $3, 417 billion in 2018 and is likely to hit $7,640 billion mark by 2024, as per market research firm Mordor Intelligence.