PayMate said on Tuesday its full-stack payment automation platform processed over USD 130 million GST payments monthly during the pandemic year through bank-issued Visa commercial cards.
The transactions are projected to grow over USD 250 million being processed every month in the upcoming fiscal year ending March 2022.
PayMate's GST payment automation feature allows businesses to make bulk payments towards challans generated on the GST portal across multiple GSTINs.
The challans are fetched onto the PayMate platform in a single step, followed by a digital approval process on the platform; thereby eliminating manual efforts and saving considerable time.
"Usually, statutory payments such as GST and Direct Taxes are paid using EFT. However, the exceptional capability of enabling businesses to use commercial cards for these payments has proved to be extremely fruitful as we are providing additional avenues to businesses for using their commercial credit cards on our platform. We are sure that this will attract more small, medium, and large businesses to adopt PayMate," said Ajay Adiseshann, Founder and CEO.
"We have already geared up to double our overall customer count from the existing 58,000 and achieve a run rate of USD 10 to 15 billion on gross processing volumes on the card rail by March 2022," Adiseshann added.
Large conglomerates such as Marico and Redington India have been using the PayMate platform extensively for GST payments.
PayMate is a leading provider of business payment automation and working capital solutions. The PayMate platform provides a comprehensive digital workflow tied to payments which enable greater control and transparency along with better cash flows and an end-to-end reconciliation for a superior experience for Enterprise and SME in closed-loop supply chains.
The company has a presence in South Asia (India, UAE, KSA and Oman) and is actively expanding across CEMEA.
( With inputs from ANI )
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