Paymate is an online payment service, not-unlike eBay’s PayPal service, located in Sydney. Thanks to a new policy from eBay whereby buyers can only use electronic payment methods, Paymate has now been given the oppotunity to tap into the US market on eBay – a market worth $35 billion.
Paymate managing director Dilip Rao says the company has been working with the US e-commerce giant since last August. eBay, which owns payments market leader PayPal, has been forced to open itself up to other payment providers after instituting a policy that buyers and seller could only use electronic transactions.
“They saw that we did come up to the mark, and hence we were approached,” Rao says. He expects the payment system will be up and running in February, after final testing.
Rao now hopes for a similar deal to be struck with the Australian subsidary of eBay. For more backgroun information and an outline of Paymate’s current expansion plans check out this article on Smart Company.