Digital payment giants Mastercard and Octet consolidate partnership, aiming to expand B2B digital payments across the Middle East and North Africa (MENA) region.
**Mastercard and Octet Türkiye Team Up to Boost Digital Payments in MENA Region**
In a move to enhance financial flexibility for businesses in the Middle East and North Africa (MENA) region, Mastercard and Octet Türkiye have joined forces to launch a new collaboration. The partnership aims to introduce a versatile payment management solution, focusing on easy payments and collections with cards, to address the growing needs for cash management and installment payment solutions in digital B2B transactions.
At the heart of this initiative is a solution designed to process various corporate transactions, enabling businesses to make extended or installment payments while allowing sellers to immediately receive invoice amounts. This innovative approach responds to the forecasted near doubling of digital B2B payments in the Middle East and Africa between 2023 and 2028, according to Statista data.
By leveraging Octet Türkiye's expertise in trade facilitation and corporate credit card payments, the alliance aims to increase digital transaction volumes and offer efficient alternatives to cash payments. Mastercard emphasizes that this collaboration contributes to driving the adoption of digital transactions among businesses in MENA, empowering them with greater financial flexibility.
Mete Guney, Executive Vice President of Market Development for EEMEA at Mastercard, spoke about the potential for innovation in the commercial payments segment and Mastercard's commitment to supporting smarter and more efficient payment methods through such collaborations.
The collaboration also seeks to meet the need for an installment payment system in the B2B space across the region. Notably, in Turkey, installment payments via credit cards have been a standard practice for a long time, regardless of the amount. The solution offered by the collaboration will be available in the region where cashless trade is driven by digitalization.
Can Saydam, Co-Founder and Chief Sales Officer at Octet Turkiye, expressed his excitement about the collaboration, stating that it will help businesses extend their payment terms without relying on traditional cash loans. This collaboration is a significant step towards addressing the global requirement for liquidity management in the B2B space.
The partnership between Mastercard and Octet Türkiye is focused on introducing a payment management solution for businesses in the MENA region, using technology to facilitate digital B2B transactions and cash management. By offering an installment payment system, this collaboration aims to provide businesses with financial flexibility and liquidity management options, aligning with the projected growth of digital B2B payments in the Middle East and Africa. Ultimately, the goal is to drive the adoption of digital transactions in the B2B space, enhancing the fintech industry within the region.
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