PayMate India to offer B2B payments services in Sri Lanka, Singapore

Wednesday 2 November 2022 11:38 CET | News

PayMate has incorporated and registered its entities in Singapore and Sri Lanka to offer its B2B payments platform, to help customers’ working capital needs.


The B2B (business-to-business) payments and services provider will extend its proprietary cloud-based platform to local large enterprises, as well as small and medium business customer (SMBs) enabling them to carry out payments using corporate credit cards and facilitate working capital requirements. 

Singaporean and Sri Lankan enterprises and SMBs that adopt the PayMate platform will be able to make early payments towards supplier invoices using bank-issued commercial credit cards, enabling the extension of their days payable. All the payments made and received using the platform will be reconciled in a prompt manner, allowing the analysis of the business’s cash flow, and ultimately helping CFOs and finance managers to improve their working capital. Other features within the platform will help users further improve their payables and receivables, such as custom approval workflows, APIs, detailed reports, and ERPs integrations. 

PayMate has incorporated and registered its entities in Singapore and Sri Lanka to offer its B2B payment platform, to help customers’ working capital needs.

PayMate’s geographical reach and product offering

The company’s expansion into Singapore and Sri Lanka is part of PayMate’s plan of a broader geographical expansion into other parts of Central Europe, the Middle East, Africa, South Asia, and the Asia Pacific; in India and the UAE, the company has an established relationship with Visa. 

According to RedSeer, as quoted by PayMate in their press release, the volume of global commercial payments was estimated in 2021 as being at approximately USD 130-135 trillion. Out of the global commercial payments volume, India has approximately USD 8 trillion, CEMEA an approximate of USD 10 trillion, whereas the Asia-Pacific region has an estimate of approximately USD 58 trillion. 

When speaking about this, PayMate representative have stated that as of December 2021, the company has over 166,811 customers and users in India and UAE, the newly announced expansion following their plans on extending their global footprint, with the Singapore market being the hub to further expansion into the rest of the APAC region, and Sri Lanka the one for further expanding into South Asia. Looking to offer B2B payments and working capital solutions for businesses, the PayMate platform provides an interface that simplifies payments and the collection process for the company’s customers and their suppliers, dealers/distributors, and commercial credit cards enablement to make payments in a timely manner, manage cash flows and end-to-end reconciliation. 

A B2B payments and services provider, PayMate digitises, automates, and aims so simplify B2B payments in supply chains. Its platform facilitates the upgrade from traditional paper-based workflows to software-driven workloads with digital payment streams like digital invoicing and several other complementary features.

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Keywords: expansion, payments , online payments, B2B payments, cash management, API, ERP, report
Categories: Payments & Commerce
Companies: PayMate
Countries: Singapore, Sri Lanka
This article is part of category

Payments & Commerce


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