PayMate India surpasses $500m in annual processing run rate

PayMate India Pvt. Ltd., India's leading mobile and e-payments company, today announced that it is now processing in excess of $500M in annualized payment processing run rate. This announcement follows PayMate being awarded the "Fastest Growing Solution" by Knowledgefaber Awards for Excellence in Payment Methods and Technologies, held last month in Bangalore.

"Achieving $500M in processing run rate is a major milestone for PayMate. It validates our business focus and comes at a time when we are experiencing tremendous growth" said Mr. Ajay Adiseshann, Founder and Managing Director of PayMate. "We now have our sights set on doubling this number in the coming months".

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PayMate offers a full suite of services and solutions for consumers to make payments and transfers, for businesses to accept payments and make business-to-business payments. PayMate solutions cater to both urban and rural users and aim to reduce friction in payments by keeping them simple and convenient, without compromising security or compliance.

PayMate has been experiencing double-digit, month-on-month, growth in its processing business. Its B2B e-payments business has been especially strong. PayMate has also been working closely with National Bank of Agriculture and Rural Development of India (NABARD), to promote greater and easy use of Kisan Credit Cards (KCC) by enabling mobile access of KCC. Now farmers can make payments using their mobile phones and rural merchants can accept payments using their mobile phones.

In a recently published report by Hamburg based market research company yStats.com, it was stated that the Indian online payments market is expected to grow 20+% annually over the next few years*. PayMate's achievement is further evidence of the growing momentum in the India e-payments market and confirms its market leading position to exploit future growth.

*Source: yStats.com release dated May 31, 2013 (http://www.ystats.com/en/press/release.php?id=216)

ABOUT PAYMATE INDIA

PayMate is a leading provider of mobile and e-payment solutions that enable consumers to make payments and transfers anytime/anywhere, and allows merchants to accept electronic payments. All these services are simple, secure, and delivered via the mobile phone. PayMate's proprietary TAP Platform facilitates Transfers, Acceptance, and Payments across multiple channels including SMS, IVR, USSD, Mobile Web, NFC, and Applications. PayMate offers its services in partnership with Banks, Mobile Network Operators, merchants, and other third party financial service providers. PayMate is funded by blue chip Silicon Valley based investors including Kleiner Perkins Caufield Byers, Sherpalo and Mayfield. PayMate is headquartered in Mumbai, with operations in South Asia (India, Nepal, Sri Lanka) and USA.