Dubai – Mubasher: Visa has entered into a partnership with Emaar Properties and Mashreq Bank to digitise B2B payments through an integrated payables solution utilising Visa and Mashreq's virtual card solution.
Launched in 2021, Visa’s virtual card solution enables direct integration into ERPs via API connectivity, allowing Emaar to make B2B payments digitally over traditional payment methods, according to a press release.
By adopting this solution, Emaar can make payments to card-accepting suppliers using virtual cards, which will drive automation and enable seamless reconciliation, eliminating the need for manual intervention within the workflow.
Ahmed Al Matrooshi, representing Emaar Properties, said: “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.”
Salima Gutieva, Vice President and UAE Country Manager at Visa, stated: “This collaboration is part of Visa's commitment to delivering an easier and more secure way for businesses to pay and receive payment… I look forward to bringing the benefits of digital payments to more of the B2B space in the UAE. “
Kartik Taneja, Head of Payments and Consumer Lending at Mashreq, commented: “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 optimising your working capital.”
During the first quarter (Q1) of 2024, Emaar Properties’ net profits before tax increased by 16% year-on-year (YoY) to AED 4.30 billion ($1.20 billion).
Mashreq Bank’s net profit rose by 25% YoY to AED 2 billion in Q1-24 from AED 1.61 billion.
In June, Visa partnered with Xpence to expand business in Saudi Arabia.
