Utility Bill Payments using Visa Commercial Credit Cards for PayMate B2B Clients

Utility bill payments using commercial credit cards are now possible on the platform of PayMate India Limited ("PayMate"), a leading B2B payments and services provider that digitises, automates, and streamlines business-to-business (B2B) payments throughout supply chains.

Customers and users of PayMate can pay their other statutory and vendor obligations as well as utility bills like landline, energy, water, and broadband bills.

The COVID-19 pandemic presented difficulties for firms using conventional methods of payment, according to Ajay Adiseshan, Managing Director and Chairman of PayMate.

By including utility bill payments on the PayMate platform, we have given our customers yet another way to utilise business credit cards, ultimately giving them access to a fully integrated B2B payments stack.

"PayMate processed?22,467.92 million in direct tax payments and?99,929.67 million in GST payments using commercial credit cards from April to December 2021, while the total processing volume (TPV) of business credit cards climbed from 187,142.31 million in Fiscal 2021 to 464,766.45 million. There are 166,811 customers and users using the PayMate platform as of December 31, 2021. PayMate also aims to expand into further regions of Central Europe, the Middle East, and Africa. PayMate is a Visa-certified Business Payment Solution Provider (BPSP) in the United Arab Emirates "Region CEMEA.

In accordance with their partnership, PayMate will make sure that all commercial credit cards processed through PayMate's system are Visa cards for the international territories they have agreed upon. PayMate has a relationship with Visa under which Visa facilitates introductions of PayMate to Visa issuing financial institution partners.

The securities of PayMate (the "Securities") are not being offered or being solicited to be offered in the United States by this press release.

The Securities may not be offered, sold, or otherwise transferred in the United States absent registration under the Securities Act or pursuant to an available exemption from, or in a transaction not subject to, the registration requirements thereof and applicable state or local securities laws. The Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States.

Business-to-business payments in supply chains are digitised, automated, and streamlined by PayMate, a top provider of B2B payment and services.

With digital payment streams like digital invoicing and other supplementary capabilities, the PayMate platform allows for an upgrade from conventional paper-based workflows to software-driven tasks.

The business is present in South Asia (India) and the United Arab Emirates, and it wants to grow throughout CEMEA. The BT-KPMG Best Bank and Fintech Jury Awards 2021 have given PayMate the title of "Best Fintech in Payments."

Subject to obtaining the necessary approvals, market circumstances, and other factors, PayMate India Limited proposes to make an initial public offering of its equity shares ( "Offer") and has provided the Securities and Exchange Board of India (SEBI) with a Draft Red Herring Prospectus dated May 28, 2022 (the "DRHP").

Equity share investments carry a significant amount of risk, therefore investors should be aware of this. Potential investors should consult the RHP, especially the section under "Details," which may be submitted to the Registrar of Companies in the future, for further information "Risk Elements