This collaboration aims to streamline payment operations for organisations in these regions by introducing digital solutions designed to improve speed, security, and convenience in B2B transactions. The B2B payments sector in EEMEA, anticipated to surpass USD 3 trillion in revenue by 2027 according to McKinsey, faces ongoing challenges, including manual invoice management, limited payment options, and constrained liquidity. The partnership between Mastercard and PayMate targets these obstacles, which often contribute to operational inefficiencies and limited cash flow visibility for businesses in these markets.
In the company press release, representatives from Mastercard emphasised the company's objective to assist businesses of all sizes in gaining full access to digital economy benefits. They expressed confidence that this partnership will simplify the payment and collection processes for various enterprises in the region.
In turn, officials from PayMate noted that the collaboration aims to address growing demands for automated, digital solutions in the procurement-to-payment workflow. According to them, combining Mastercard’s extensive network with PayMate’s B2B payment platform will allow businesses to facilitate faster payments, supporting the development of a more efficient B2B payment environment.
Using the PayMate platform, companies with Mastercard commercial cards can conduct multiple transaction types, from utility payments to vendor payments, including those to vendors who typically do not accept cards. The platform offers up to 55 days of interest-free credit, enabling businesses to improve cash flows, reduce Days Sales Outstanding (DSO), and manage credit limits more effectively.
In October 2024, PayMate unveiled its Business Payments App, aimed at assisting Malaysian SMEs in optimising their working capital and fostering economic growth. The Business Payments App is designed to address the common challenges faced by SMEs, including cash flow issues, delayed payments, and limited access to affordable credit.
By providing an accessible platform for handling B2B payments the app aims to improve operational efficiency. It allows business owners to use both commercial and retail credit cards for various payments, including those to suppliers, renters, and contractors thus offering up to 55 days of interest-free credit on existing cards.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now