Visa, Emaar Properties PJSC, and Mashreq have partnered to digitize B2B payments through an integrated payables solution that uses Visa and Mashreq virtual cards.
Launched in 2021, Visa’s virtual card solution enables direct integration into ERPs through API connectivity, allowing Emaar to make B2B payments digitally. By adopting this solution, Emaar will be able to make payments using virtual cards to its card-accepting suppliers. This will help them drive automation and enable seamless reconciliation, eliminating the need for any manual intervention within the workflow.
Speaking on behalf of Emaar Properties, Ahmed Al Matrooshi said, “Our partnership with Visa and Mashreq marks a significant step forward in our approach to B2B payments. This collaboration demonstrates our commitment to embracing innovative technologies that not only streamline our operations but also strengthen our relationships with our suppliers. By digitising our payment systems, we are taking a significant step towards greater efficiency and reliability.”
Visa’s Vice President and UAE Country Manager, Salima Gutieva, said, “This collaboration is part of Visa’s commitment to delivering an easier and more secure way for businesses to pay and receive payment. I am delighted to announce our partnership with Mashreq and Emaar to simplify Emaar’s B2B payment experience for both them and their suppliers. I look forward to bringing the benefits of digital payments to more of the B2B space in the UAE. ”
Kartik Taneja, Head of Payments & Consumer Lending, Mashreq, said, “This collaboration strengthens our mission is delivering superior customer experience by leading innovation. Supporting working capital needs through digitization of payments is one of our core strategic priorities. We also understand that with the rapidly evolving commercial payments landscape, which is driven by new technologies, new players, and new customer expectations, card-based B2B payments can help Corporates gain those efficiencies while optimizing their working capital.”