Visa, PayMate tie up for operations in Europe, Middle East, Africa

Global payments major Visa and Indian business-to-business (B2B) payments facilitator PayMate on Monday said they have partnered for corporate payment operations in Central and Eastern Europe, Middle East and Africa (CEMEA).

The move would mark PayMate's entry into international operations.

"Visa and PayMate, announced an expanded collaboration to provide Visa's issuing financial institution clients in the CEMEA region with access to PayMate's proprietary payment platform for their corporate customers' payments needs," a joint statement by both companies said.

Commenting on the partnership, Rakesh Khanna, Vice President, head of Visa Business Solutions, CEMEA Visa said: "Our initial foray with Paymate in India resulted in a large number of enterprises and SMBs (small and medium businesses) making payments using Visa commercial cards across industry verticals, contributing to significant B2B payment volume growth in the country."

The companies tied up for operations in India in 2017.

"We are keen to extend this alliance to enable our financial institution clients in CEMEA to streamline the B2B payments process for their corporate customers," he added.

Ajay Adiseshann, CEO, PayMate said: "There is an ever-increasing demand for automation and digitisation of the entire procurement to payment cycle to help save cost, time and effort. We have a comprehensive payments platform that reduces expenses and time for processing payments, thus helping buyers pay earlier and helping sellers receive payments faster."

--IANS

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