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PayMate gets RBI’s nod to operate as payment aggregator

December 12, 2022

PayMate gets RBI’s nod to operate as payment aggregator
B2B payments company PayMate is the latest to join the list of fintechs with the Reserve Bank of India’s (RBI) approval to operate as a payment aggregator.

The company on Thursday announced getting the in-principle authorization from the central bank to operate as a payment aggregator subject to the guidelines on the regulation of payment aggregators and payment gateways dated March 17, 2020.

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. “Furthermore, this will allow us to continue innovating our digital platform solutions & capabilities that enable businesses ranging from SMEs to Enterprises across all industry verticals.”

PayMate digitizes, automates and streamlines B2B payments in supply chains. Its platform provides upgradation from traditional paper-based workflows to software-driven workloads with digital payment streams like digital invoicing and other features. Its commercial credit card-processing TPV (transaction processed value) for FY2021 was ₹18,714 crore and ₹46,476 crore 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.

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