Visa Taps PayMate To Enhance B2B Payments In India

Visa is working with India B2B payments company PayMate to enhance its payment services for corporate customers, reports said Thursday (Jan. 18).

Reports in Money Guru India said Visa has chosen PayMate to provide a B2B payment platform for joint customers, including small- and medium-sized businesses (SMBs) struggling with managing manual payment methods like checks and cash. The platform can enhance automation of processes like accounts payable, accounts receivable, eInvoicing and cash flow management, the firms said.

“We are extremely pleased to partner with a global leader in the financial credit market, and this partnership is a testimony to our strong product offering and potential to help businesses of all sizes unlock hidden value through seamless automation and transformation of their financial supply chain,” said PayMate Co-Founder and Managing Director Ajay Adiseshann in a statement. “We strongly believe that with Visa as our strategic partner, we can help Indian businesses achieve operational efficiency and enhance cost savings faster than ever before.”

Visa has been expanding its footprint across the B2B payments landscape as of late. Last November, the company announced more banks had been onboarded to its new service, B2B Connect, a network to facilitate cross-border corporate payments. Financial institutions across the U.S. and Asia are participating.

“In a world of increasing global interconnectedness, the ability to make and receive payments quickly and transparently is critical for companies of all sizes,” said Chris Wiedenmann, VP of Commercial Payments and Products at Commerce Bank, in a press release at the time. “Commerce Bank is dedicated to delivering new and innovative solutions for our customers, and, through our powerful relationship with Visa, we are excited to be participating in the Visa B2B Connect pilot.”

India has similarly taken steps to improve its B2B payments ecosystem, with the Reserve Bank of India having approved eCommerce company Infibeam to launch its own B2B payments service last November.