PayMate India Limited, a leading B2B payments and services provider that digitizes, automates, and streamlines business-to-business (B2B) payments in supply chains announced that the company has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA) subject to the guidelines on regulation of payment aggregators (PAs) and payment gateways (PG) dated March 17, 2020 as updated from time to time.
Payment aggregators are entities which facilitate merchants and businesses to make and receive payments, pool and transfer them to the merchants within a time frame prescribed by the RBI Guidelines. The RBI guidelines stipulates various norms on merchant onboarding like minimum net worth requirements, compliance with KYC guidelines, as well as data storage requirements through tokenization. The PayMate platform encompasses all of these and will enable customers and users with the security of tokenized card transactions.
Ajay Adiseshan, Chairman and Managing Director, PayMate says, “We are elated to receive in-principle authorization from RBI to operate as a Payment Aggregator in India. With digital payments fast becoming ubiquitous, these measures buoy customer confidence and trust and help us adopt appropriate frameworks for managing risk. Furthermore, this will allow us to continue innovating our digital platform solutions & capabilities that enable businesses ranging from SMEs to Enterprises across all industry verticals.
PayMate recently announced its entry into Singapore and Sri Lanka as a part of a broader geographical expansion plan into other parts of Central Europe, the Middle East, Africa (“CEMEA”), South Asia and the Asia Pacific (APAC). PayMate has an established relationship with Visa in India and is also a Visa-certified Business Payment Solution Provider (BPSP).
The overall commercial credit card-processing TPV on the PayMate platform for Fiscal 2021 was ₹187,142.31 million and ₹464,766.45 million in the nine months ended December 31, 2021. As of December 31, 2021, the total number of Customers and Users using the PayMate platform was 166,811.