PayMate CFO Ravi VishvanathanPayMate, a predominantly B2B payments platform, sees its transaction volumes in the current financial year 2021-22 doubling to over $6 billion on strong digitisation trend amid pandemic, its CFO Ravi Vishvanathan said.
“We processed close to $3 billion transactions in the FY 2021. We expect the numbers in the next year (2021-22) to be much higher than this. The growth is going to be completely supported by digitisation….Numbers should be more than double. That’s the sort of growth we are looking at,” PayMate CFO Ravi Vishvanathan told ETCFO.
PayMate further expects to more than double its total customers by March 2022, the CFO said; currently the fintech company has 200 plus large and mid-sized enterprises on its platform, aggregating to 80,000 businesses including the overall ecosystem of their suppliers and vendors.
The CFO sees a robust rise in the transaction volumes for the GST payments for the current financial year, banking on a quick rebound in the economy following gradual unlocking by the states. PayMate processed over Rs 1,400 crores of GST payments for April, which is about 1 per cent of the government’s overall mop-up of Rs 1.4 lakh crore for that particular month. In May, PayMate’s transaction volumes for GST payments fell to Rs 1,050 crore, in line with the falling trend seen in the government’s goods and services tax mop-up of Rs 1.02 lakh crore.
“In GST offering, we have seen fantastic adoption. Most enterprises use our platform for making GST payments. As we grow along, this (offering) should go really well. By March 2022, this number should be much higher than Rs 1,400 crore a month (that we saw in April 2021),” PayMate CFO said.
The finance executive shared that his customers this time relatively fared better in fresh disruptions when compared to the last year’s complete lockdown when the impact was significantly much higher, stressing that their cash flows have not been affected that severely, and that he expects June transaction volumes for GST payments to rebound strongly.
Advance tax and SME payments
The CFO also exuded confidence about reasonable levels of growth from other payment offerings like advance tax payments by businesses, and also payments to vendors and suppliers. PayMate has launched Direct Tax Payments offerings in April only.
“Our focus is to digitise the entire supply chain ecosystem. Large enterprises deal with thousands of small businesses. If entire businesses are digitised on our platform, it will become easy for them to track invoices. Their working capital management will get better, and it will also help them to get credit relatively easier,” PayMate CFO said.