PayMate to Expand to United Arab Emirates and other GCC Countries
Updated: Jan 31
The National, 26 December 2019
Mayfair 101 portfolio company PayMate will invest $3 million in its Middle East operations with the aim of expanding across the Arabian Gulf by 2021.
PayMate set up a Dubai office in June earlier this year, will start to serve clients in the region from January 2020, beginning with the UAE.
PayMate is India’s first digital payments provider that allows consumers to pay for online and retail purchases using mobile phones.
It currently processes transactions worth more than $5 billion annually on its platform and plans to hit $8 billion to $10 billion by the end of India’s financial year in March.
For its operation in the Gulf, PayMate is relying on its partnership with global payments technology company Visa and tie-ups with several local banks including Emirates NBD, Dubai’s largest lender by assets.
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