PA will allow Paymate to continue innovating its digital platform solutions and capabilities, said Paymate CMD Ajay Adiseshan
CHENNAI, Dec 8 (The CONNECT) - B2B payments and services provider PayMate India Limited announced that it has received in-principle authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator (PA).
Payment aggregators 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.
Ajay Adiseshan, Chairman and Managing Director, PayMate said with digital payments fast becoming ubiquitous, these measures buoy customer confidence and trust and “help us adopt appropriate frameworks for managing risk”. This will allow Paymate to continue innovating its digital platform solutions and capabilities that enable businesses ranging from SMEs to Enterprises across all industry verticals, he said.
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 or third party validation 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.