Indian B2B digital payments company PayMate has partnered with financial institution giants Visa and Citi to automate payables based in the UAE.
This is not the first time Visa, one of the world’s leading card payment organizations, is working with the Indian firm. The global company has an initial relationship with PayMate, a Visa-certified Business Payment Solution Provider, through which a significant number of corporations and small businesses in India use Visa commercial cards to make payments across multiple industry verticals.
Through this new alliance, the Indian company will be looking to expand its B2B payments platform, used by more than 105,000 Indian businesses, into other countries in the Central and Eastern Europe, Middle East and Africa region.
The partnership will help businesses in the region better manage end-to-end payments automation and save time and costs in handling their Accounts Payables and Accounts Receivables.
In a statement released by the companies on Wednesday (Aug. 25), PayMate’s Managing Director and CEO Ajay Adiseshann said the company is excited to serve UAE-based large businesses and their suppliers, adding that the “adoption of the PayMate platform will bring great value to those 79 percent businesses that are finding it tough to manage their cash flows, while easing the burden for businesses who are facing delays in payment for invoices in the region.”
Also speaking on the partnerships, Ganes Raman, senior director, Visa Business Solutions, said Visa has a keen focus on digitizing Business-to-Business (B2B) payments worldwide and views the collaboration with PayMate as a means to “achieve our goals faster.”
Raman said Visa is keen to extend the partnership beyond the UAE because “digitizing the payables process with PayMate has contributed significantly to B2B payment volume growth in the country.”
For Citi, the deal is another opportunity to work with “payment facilitators to open up new payment flows to Commercial Cards,” a strategy that will enable the firm to provide its customers and corporate clients within the B2B sector “with innovative and efficient global payment options,” said Vivek Vaidyanathan, Treasury & Trade Solutions Head at Citi UAE.
This month, PYMNTS reported on a partnership between the global financial institution and Singapore-based global loyalty rewards startup Ascenda to provide new programs for customers in the Asia Pacific region.
Read more: Visa Teams With Ascenda For Loyalty Rewards In Asia Pacific
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