Emaar Properties, which is a real estate developer in the UAE, will use Visa's virtual card solution launched in 2021, enabling direct ERP integration via API connectivity. This allows Emaar to digitise B2B payments with the goal of improving automation and facilitating seamless reconciliation without manual intervention.
The collaboration aims to streamline and integrate B2B payables processes, leveraging Visa's Virtual Card solutions for cost-effectiveness, reliability, and security. Representatives from Emaar Properties emphasised the partnership's role in enhancing efficiency and reliability through new technologies.
In turn, officials from Visa highlighted the initiative as part of Visa's commitment to simplifying B2B payments, aiming to bring digital payment benefits to more businesses in the UAE.
Visa and Mashreq's Virtual Card Solution targets enhancing payments on card rails, promoting working capital benefits, transparent reconciliation, and providing insights for strategic decision-making and business planning amidst current automation and digitisation challenges in B2B payments.
In May 2024, Mashreq Egypt collaborated with Visa to introduce the Mashreq NEO Visa Card. Designed to cater to the needs of young people and the underbanked population in Egypt, the Mashreq NEO Visa Card promoted financial responsibility through its association with the Mashreq NEO account. This initiative was based on the recent debut of the NEO account, designed to improve digital banking accessibility for Egyptians aged 15 and above.
In March 2024, Mashreq partnered with NPCI International Payments to integrate PhonePe with NEOPAY and improve financial connectivity between the UAE and India. Following this announcement, Unified Payments Interface (UPI)-enabled applications such as PhonePe were expected to be integrated with NEOPAY, Mashreq’s payment platform. This process was set to facilitate a secure and efficient suite of payment solutions for Indian tourists across multiple merchant locations and businesses in the region of the UAE.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now