Mastercard has entered a multi-year partnership with leading B2B payments company, PayMate to enable fast, secure, and convenient digital business-to-business (B2B) payments for organizations across several markets in Eastern Europe, Middle East, and Africa (EEMEA).
According to Industry sources, B2B payments market is, projected to exceed $3 trillion in revenue by 2027, demonstrating significant growth potential. The partnership between the organizations will address challenges that businesses across the EEMEA markets face such as limited visibility, manual invoice processes, and restricted payment options that create tight liquidity and operational inefficiencies.
“At Mastercard, we are committed to empowering businesses of all sizes to reap the full benefits of the digital economy. We are confident that our new long-term partnership with PayMate will mark a significant step in simplifying payables and receivables processes for businesses of all sizes. said Amnah Ajmal, Executive Vice President, Market Development, EEMEA, Mastercard.
Ajay Adiseshann, Founder, MD & CEO of PayMate said, “We are delighted to partner with Mastercard across EEMEA region for B2B payables and receivables to meet the growing demand for automation and digitization in the procurement-to-payment cycle. By leveraging Mastercard’s strong network and PayMate’s comprehensive payments platform, we will enable buyers to pay earlier and sellers to receive payments faster across small, medium and large businesses, thereby accelerating the B2B payment ecosystem.”
Industry sources further confirmed that via the PayMate platform, businesses can leverage their Mastercard commercial cards to carry out a variety of transactions including utility payments, collections and payments to suppliers – including those that do not accept cards – while benefiting from up to 55 days of interest-free credit. This results in reduced Days Sales Outstanding (DSO), improved cash flows, and optimized credit limit utilization, leading to greater financial efficiency.
