Mastercard and Octet Türkiye have joined forces to meet the cash management and instalment payment needs of businesses in the MENA region.
Through this partnership, the two companies will introduce a solution designed to handle a variety of corporate transactions, with an emphasis on enabling simplified payments and collections using cards.
Digital transactions increase in volume
According to Statista's data, the volume of digital B2B payments in the Middle East and Africa is projected to almost double from 2023 to 2028. This solution aims to boost digital transaction volumes by providing efficient alternatives to cash payments. By utilising Octet Türkiye's expertise in trade facilitation and corporate credit card payments, this solution will allow businesses to make extended or instalment payments while enabling sellers to collect invoice amounts immediately.
Officials from Mastercard have announced that the company is dedicated to leveraging collaborative efforts to promote smarter and more efficient payment solutions. The recent partnership with Octet Türkiye aims to optimise the adoption of digital transactions among businesses, providing them with increased financial flexibility.
With the growing adoption of corporate credit cards, businesses can extend their payment terms without depending on conventional cash loans, thereby achieving financial resilience. This partnership will allow companies to utilise their preferred bank’s credit cards for transactions while managing their collections, all within a secure digital environment.
Representatives from Octet Türkiye have announced that instalment payments using credit cards have been a common practice for some time, regardless of the amount. With the increasing push for cashless transactions driven by digitalisation, there is a global demand for effective liquidity management, making the instalment payment system important. Octet Türkiye is meeting this need in the business-to-business (B2B) sector across the region.
