India is sprawling with online payment platforms but only a few can reach to the top. Mumbai based Paymate is a new player in the market but is reaching for the stars in the presence of giants in the market. Paymate aims to start operations in the Middle East, Africa and Europe very soon.
A nation’s development in the internet age depends on various factors. However, one of the most important factors is the growth of internet technology in the country. India being one of the major developing economies is one of the fastest growing among them. The recent developments can be somewhat attributed to the rapid adoption of the internet in the urban and rural areas alike.
The current Indian government has been keen on improving the internet penetration in the country especially in the online payments sector. On one hand, Reliance Jio brought in a disruption in the telecom sector by offering dirt-cheap data rates and almost free voice call rates. On the other hand, smartphone companies started manufacturing and assembling their products locally, which brought down the price of smartphones. These two factors together resulted in a boom in the usage of internet in India. People started spending more time online consuming loads and loads of data that were unimaginable before.
Apart from the content creating entities, the other companies that are benefitting from the sudden increase in data consumption are online payment platforms. In November of 2016, Modi government suddenly implemented the demonetization policy. It compelled Indians to resort to the online payment platforms to make transactions. After the demonetization move, the Indian market started to flood with the payments apps.
One97 communications’ Paytm (invested by Alibaba) is the largest among the many. Other major players in the market are Flipkart owned PhonePe, Google-owned Google Pay and Government’s own BHIM app. These apps together have created an ecosystem of online payments that is a boon for the youth obsessed with technology and the internet.
Paymate’s global adventures will not be lonely though. They have collaborated with Visa as their payments gateway. Paymate is a cloud-based payments solutions supplier to enterprises that need to manage the procurement and payment cycles. The company has raised close to $20 million and handles a yearly transaction value of over $5 billion serving over 30,000 entities in various fields.
The markets of Africa and some parts of the Middle East are still untouched by modern online technology. It is a good time to invest in these areas, as the future of business looks positive.