Visa, PayMate Broaden Partnership For B2B Digital Payments

PayMate, a B2B digital payments company based in India, has broadened its partnership with Visa to include businesses in the Central and Eastern Europe, Middle East and Africa (CEMEA) area, according to a report.

Those businesses, as Visa’s issuing financial institution clients, can now access PayMate’s platform to handle corporate customers’ payment needs.

PayMate has a proprietary platform that’s cloud-based and handles the whole procurement-to-payment scenario, and has a goal of helping businesses big and small transition from cash and checks to fully digitized payments systems.

The platform helps businesses to automate and oversee payables, receivables and invoices, with the added bonus of adding more transparency to the process.

“Visa has a significant focus on digitisation of B2B payments and we are teaming up with companies like Paymate to help simplify payables and receivables processes for businesses of all sizes,” said Rakesh Khanna, vice president and head of Visa Business Solutions, CEMEA. “Our initial foray with Paymate in India resulted in a large number of Enterprises and SMBs making payments using Visa commercial cards across industry verticals, contributing to significant B2B payment volume growth in the country. We are keen to extend this alliance to enable our financial institution clients in CEMEA to streamline the B2B payments process for their corporate customers. At the same time, we are introducing secure, fast and efficient digital payments to the sellers to help optimize their cash flows.”

PayMate CEO Ajay Adiseshann said that digitization of the process can reap large benefits for clients.

“There is an ever-increasing demand for automation and digitization of the entire procurement to payment cycle to help save cost, time and effort,” Adiseshann said. “We have a comprehensive payments platform that reduces expenses and time for processing payments, thus helping buyers pay earlier and helping sellers receive payments faster. We are thrilled to expand outside India with Visa and offer our platform to businesses operating in CEMEA region.”