Mastercard and Octet Türkiye have entered a collaboration to address the growing cash management and installment payment needs of businesses in the MENA region. Through this alliance the two companies will launch a versatile solution capable of processing various corporate transactions with a focus on facilitating easy payments and collections with cards.
According to data by Statista, the number of digital B2B payments in the Middle East and Africa is forecast to nearly double between 2023 and 2028. The innovative solution will help increase digital transaction volumes by offering efficient alternatives to cash payments. By leveraging Octet Türkiye’s expertise in trade facilitation and corporate credit card payments, the solution will enable businesses to make extended or instalment payments while allowing sellers to immediately collect invoice amounts.
“The commercial payments segment presents a wealth of opportunities for innovation. At Mastercard, we are committed to harnessing the power of collaborations to drive smarter and more efficient payment methods. Our latest collaboration with Octet Türkiye will contribute to driving the adoption of digital transactions among businesses, empowering them with greater financial flexibility, said Mete Guney, executive vice president, Market Development, EEMEA, Mastercard.
With the increasing use of corporate credit cards, businesses can extend their payment terms without relying on traditional cash loans, ensuring better financial flexibility. This collaboration will enable companies to use their preferred bank’s credit cards for payments while seamlessly managing their collections, all within a secure and efficient digital framework.
“In Türkiye, installment payments via credit cards have been a standard practice, regardless of the amount, for a very long time. In addition to the desire for cashless trade driven by digitalisation, the global requirement for liquidity management makes the instalment payment system a necessity. We at Octet Türkiye, in collaboration with Mastercard, are here to meet this need in the business-to-business (B2B) space across the region,” said Can Saydam, Co-Founder and Chief Sales Officer, Octet Türkiye.
