B2B Payments

Mastercard Applies Masterpass For B2B Payments In Turkey

Mastercard is deploying its Masterpass technology for the first time in Turkey, collaborating with Coca-Cola Icecek to facilitate transactions between the beverage conglomerate and corporate buyers.

In a press release on Thursday (June 27), Mastercard announced that it has implemented its B2B solution for Coca-Cola Icecek, which is piloting Mastercard's digital wallet tool Masterpass to facilitate B2B sales. The solution enables the company to receive orders on mobile and connected devices, while the company's customer base of about 450 vendors, grocers and supermarkets will be able to pay for their orders via the Masterpass digital wallet.

According to the companies, sales representatives can receive orders via the mobile apps they already use to interact with clients. Customers can confirm passwords from the banks of their registered debit and credit cards linked to Masterpass.

This can remove significant friction in the collections process, the firms said, enabling payment and product delivery to occur at the same time without the exchange of cash. The companies noted that this can also reduce lost time, and the risk of theft or fraud, while Masterpass B2B enables automated payments settlement.

"By using this application, delivery and the payment processes are completed simultaneously so the representatives do not need to stop by their customers over and over (such as grocery, supermarket, etc.) for reconciliation or collection," the press release explained. "This [is] efficiency in field operations."

The solution also negates the need for sales representatives to carry POS devices for further cost savings.

Late last year, Mastercard introduced Mastercard Track, a collaboration with Microsoft to drive commercial card adoption and streamline vendor onboarding to a platform for more seamless buyer-supplier transactions.

In an interview with PYMNTS' Karen Webster last September, Mastercard President of Enterprise Partnerships Carlos Menendez said, "Trusting your counterparty is fundamental to business," and the "underlying assumption for the whole [Master Track] platform is that it's a fragmented world."



About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.