Monthly GST payments on PayMate may double by FY22-end

B2B payments platform PayMate expects monthly GST payments on its platform to nearly double by the end of FY22.

In a statement, the company said that its full-stack payment automation platform has processed over $130 million GST payments monthly during the pandemic year through bank-issued visa commercial cards.

“These transactions are projected to grow over $250 million being processed every month in the upcoming fiscal year ending March 2022,” it said.

The statement further said that by the end of March 2021, businesses will be able to make their direct tax payments such as TDS, advance tax, self-assessment tax among others on the PayMate platform.

Ajay Adiseshann, Founder & CEO, PayMate said: “Usually, statutory payments such as GST and Direct Taxes are paid using EFT. However, the exceptional capability of enabling businesses to use commercial cards for these payments has proved to be extremely fruitful as we are providing additional avenues to businesses for using their commercial credit cards on our platform. And we are sure that this will attract more small, medium, and large businesses to adopt PayMate.”