Mobile payments have been the elusive Holy Grail of the digital world with various players approaching the problem from different angles. With the most recent set of rumors around Apple’s apparent interest in the space, there is never a dull moment for PayMate. The company is currently processing $800MM in annualized value through their mobile payment platform and is getting ready to bring this knowledge in handling scale in the mobile payment world to the consumer side with an industry defining app.
PayMate provides simpler, faster payment solutions. Historically the company had powered mobile banking solutions in partnership with 32 banks, major operators and a large network of 13,000+ merchants. Over time it has sharpened its focus towards the travel sector and is bringing together India's largest airlines, hotels and travel companies by providing a platform for them to accept payments.
if the deal goes through, it may be the biggest signal yet that the Indian technology ecosystem is evolving to its next phase. It will pave the way for the emergence of a future consolidator in India’s technology market.
A company’s product enables its business model and the business model defines the parameters of the product. Neither is permanent in nature; changes in one impact the other and in the best cases they play off each other.