26 July 2024
PayMate India Limited (“PayMate”), a leading B2B payments and services provider that digitizes, automates, and streamlines business-to-business (B2B) payments in supply chains, stated in its recently filed Draft Red Herring Prospectus for its proposed IPO that the company has launched the PayMate mobile application (“PayMate App”) on the Android and iOS operating systems.
Through the PayMate App, businesses can make payments to their vendors’ bank accounts using their commercial credit cards. As of December 31, 2021, the PayMate App has 113,946 downloads and registration of 47,203 businesses.
Additionally, the PayMate app is equipped with the enablement of making Goods and Services Tax (GST) payments along with vendor payments using commercial credit cards. Typically, GST is payable at multiple locations across India, and many corporates and SMEs have had a decentralized system as per different regions or states. This process is streamlined for PayMate app users as they can generate challans and pay their GST payments by entering their GSTIN Number, resulting in the system automatically fetching the business-related data on the app and payments made through commercial credit cards. The PayMate app notifies its users to pay their GST before the due date via SMS and WhatsApp messages.