Mastercard and Octet Türkiye team up to tackle the rising need for superior B2B payment solutions.
## Mastercard and Octet Türkiye Partnership to Revolutionise B2B Payments in the MEA Region
The Middle East and Africa (MEA) region is poised for a substantial growth in B2B payments between 2023 and 2028, according to data by Statista. Mastercard, a global leader in payments, is spearheading this transformation in collaboration with Octet Türkiye, a payment and collection solutions provider.
The strategic partnership aims to deliver innovative digital payment solutions tailored to the region's rapid commercial expansion and digital transformation demands. By enabling companies to use their preferred bank's credit cards for payments while managing collections seamlessly, the collaboration is set to revolutionise the B2B payments landscape.
One of the key initiatives of the partnership is the introduction of instalment payments for B2B transactions via credit cards. This flexible payment solution, a standard practice in Turkey for a long time, regardless of the amount, aims to provide a much-needed solution for businesses in the B2B space across the region. It helps businesses manage expenses more efficiently while fostering greater access to working capital.
MeteGuney, Executive Vice President, Market Development, EEMEA, Mastercard, stated that the collaboration aims to drive the adoption of digital transactions among businesses. CanSaydam, co-founder and Chief Sales Officer of Octet Türkiye, echoed this sentiment, stating that the collaboration targets the B2B sector for the implementation of instalment payment systems.
The instalment payment system is being implemented in response to the need for cashless trade driven by digitalization. It will be secure and efficient, operating within a digital framework. The solution will enable businesses to make extended, or installment payments, offering efficient alternatives to cash payments.
The partnership between Mastercard and Octet Türkiye is set to launch a versatile solution for processing corporate transactions. By focusing on facilitating easy payments and collections with cards, the solution will empower enterprises to streamline transactions and optimise cash flow management, thereby enhancing financial flexibility.
In conclusion, the Mastercard and Octet Türkiye partnership is poised to redefine the B2B payments landscape in the MEA region. By addressing the need for instalment payments and driving the adoption of digital transactions, the collaboration is set to contribute significantly to the region's economic growth and digital transformation.
This partnership between Mastercard and Octet Türkiye will hasten the financial expansion of businesses in the MEA region by providing technology-driven B2B payment solutions. By implementing instalment payments for B2B transactions, the collaboration aims to increase financial flexibility and foster greater access to working capital for businesses across the region.
