Mumbai-based PayMate India Pvt Ltd, which provides B2C mobile payments solutions, is retuning its focus to provide B2B solutions to the small and medium businesses (SMBs) in India, a top executive of the firm told Techcircle.in.
“The B2B business vertical has long been ignored by payments solutions companies,” said Ajay Adiseshann, co-founder and MD of PayMate. “Most SMBs and merchants are using haphazard or asynchronous solutions to pay their suppliers or partners. This is where we are seeing massive opportunities with our B2B solution PayMate Express,” he added.
PayMate Express is a unified platform that allows SMBs to register their multiple payments instruments like cards to make payments to suppliers and partners. As of now, SMBs are using cash, cheques or real-time gross settlement system (RTGS).
Adiseshann said that the existing solutions are inefficient and time consuming, whereas PayMate Express offers real-time information on the cash being moved.
Initially, PayMate is targeting SMBs operating in the travel segment. The company claimed that it is on its way to get on board 20,000 SMBs by the end of the current fiscal, and is already trending towards processing $1 billion (Rs 6,000 crore) transaction value. The firm now targets to generate $12-15 billion in transaction value and bring in 300,000 SMEs to its platform in 24-36 months.
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