PayMate says has achieved annualised run-rate of $1.3 bn in GST payments

The firm's payment automation platform processed over $130 million GST payments monthly in 2020.

Fintech firm PayMate has achieved an annualized run-rate of $1.3 billion in goods and services tax (GST) payments through its business-to-business payments platform, said the company.

The company’s full-stack payment automation platform has processed over $130 million GST payments monthly in 2020, the coronavirus 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.

“Usually, statutory payments such as GST and Direct Taxes are paid using EFT (electronic funds transfer),” said Ajay Adiseshann, founder and chief executive officer of PayMate. “However, the exceptional capability