The expansion is meant to be powered with access to PayMate’s proprietary payment platform for their corporate customers’ payments needs.
This move follows Visa and PayMate’s initial launch in India in 2017. PayMate’s cloud-based platform digitizes the procurement-to-payment cycle for businesses and helps large enterprises and SMBs to transition from traditionally slow and costly forms of payments like cash and checks to real-time digital payments. The platform is built to help its business customers automate and manage vendor payments (payables), customer payments (receivables) and invoicing.
Visa’s 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 B2B payment volume growth in the country. At the same time, Visa is introducing secure digital payments to the sellers to help optimize their cash flows.
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