The B2B payments space in the Middle East and Africa (MEA) is going to double between 2023 and 2028, according to data by Statista. As firms look to digital capabilities to complete transactions quickly, a new partnership has been announced between payments giant, Mastercard and Octet Türkiye, the payment and collection solutions provider, to launch a versatile solution capable of processing corporate transactions.
The solution will focus on facilitating easy payments and collections with cards, while also offering efficient alternatives to cash payments. With the increasing use of corporate credit cards, businesses can extend their payment terms without relying on traditional cash loans, ensuring better financial flexibility. This collaboration will enable companies to use their preferred bank’s credit cards for payments while seamlessly managing their collections, all within a secure and efficient digital framework.
By leveraging Octet Türkiye’s expertise in trade facilitation and corporate credit card payments, the solution will enable businesses to make extended, or installment payments while allowing sellers to immediately collect invoice amounts.
“The commercial payments segment presents a wealth of opportunities for innovation. At Mastercard, we are committed to harnessing the power of collaborations to drive smarter and more efficient payment methods. Our latest collaboration with Octet Türkiye will contribute to driving the adoption of digital transactions among businesses, empowering them with greater financial flexibility, said Mete Guney, executive vice president, market development, EEMEA, Mastercard.
“In Türkiye, instalment payments via credit cards have been a standard practice, regardless of the amount, for a very long time. In addition to the desire for cashless trade driven by digitalisation, the global requirement for liquidity management makes the instalment payment system a necessity. We at Octet Türkiye, in collaboration with Mastercard, are here to meet this need in the B2B space across the region,” said Can Saydam, co-founder and chief sales officer, Octet Türkiye.
