Mastercard teams up with Octet Türkiye to bolster financial adaptability for businesses in the MENA region.
In a groundbreaking move, Mastercard and Octet Turkey have formed a strategic partnership aimed at enhancing financial flexibility for businesses, particularly small and medium-sized enterprises (SMEs), in the Middle East and North Africa (MENA) region.
The collaboration, dubbed the Mastercard Octet initiative, seeks to address the cash management and installment payment needs of businesses by leveraging Octet Turkey’s expertise in trade facilitation and corporate credit card payments, and Mastercard’s global payment networks.
Key features of the Mastercard Octet initiative include facilitating easy payments and collections through cards, allowing businesses to make extended or installment payments, and helping sellers receive immediate collections for invoices. This innovative solution is expected to boost digital transaction volumes by offering businesses efficient alternatives to cash payments, thereby empowering SMEs with greater financial flexibility and the ability to better manage working capital.
Can Saydam, Co-Founder and Chief Sales Officer of Octet Turkey, stated that the Mastercard Octet collaboration aims to meet the need for installment payments in the B2B space across the region. Installment payments via credit cards have become a necessity for liquidity management in the global business environment.
The Mastercard Octet collaboration also aims to streamline trade finance and credit access, particularly in the MENA region. Sellers will be able to immediately collect invoice amounts through the collaboration, enhancing their liquidity.
Moreover, the initiative provides assistance for cross-border payments in the MENA region. Companies can use their preferred bank's credit cards for payments while managing collections within a secure and efficient digital framework.
Mete Guney, Mastercard's executive vice president, emphasized that the commercial payments segment presents a wealth of opportunities for innovation. He reiterated Mastercard's commitment to harnessing the power of collaborations to drive smarter and more efficient payment methods.
The Mastercard Octet collaboration is timely, given the forecasted growth in digital B2B payments in the Middle East and Africa. The number of digital B2B payments in the region is forecast to nearly double between 2023 and 2028, and the Mastercard Octet collaboration is poised to contribute significantly to this growth.
In summary, the Mastercard-Octet collaboration in the MENA region is transforming how SMEs conduct financial transactions by introducing digital, installment-based payment solutions that improve cash flow and reduce dependence on traditional cash payments, ultimately helping these enterprises scale and sustain their operations more effectively.
Visiting ffnews.com, you can learn about the Mastercard Octet initiative, a partnership between Mastercard and Octet Turkey, which focuses on finance and technology. This collaboration aims to facilitate easy payments and collections through cards, provide assistance for cross-border payments, streamline trade finance and credit access, and help sellers receive immediate collections for invoices in the MENA region. The purpose is to empower small and medium-sized enterprises (SMEs) with greater financial flexibility, ultimately contributing to the forecasted growth in digital B2B payments in the Middle East and Africa.
