Mastercard partners with HSBC to roll out B2B payments in UAE
In the past couple of months, Mastercard has rolled out a number of initiatives to strengthen its position in B2B payments in the Middle East market. First, they partnered with Network International, then they teamed up with First Abu Dhabi Bank and then expanded its base in Saudi Arabia.
This week, Mastercard has partnered with HSBC to provide the bank’s commercial customers in the UAE with a business-to-business payment experience via the Mastercard Track Business Payment Service. The press note said that the collaboration between the two would result in the launch of the Mastercard Track Business Payment Service in the UAE.
In February, HSBC had rolled out virtual cards for UAE businesses.
“We are seeing a structural need to digitize and automate B2B payments across all our markets, accelerated by the global pandemic, and Mastercard Track allows us to fully take advantage of this opportunity,” said Girish Nanda, Country Manager, UAE & Pakistan, Mastercard. Also adding further that they “partnered with HSBC to further deliver on modernizing the business payment ecosystem by delivering a better payment reconciliation experience for HSBC business customers in the UAE”.
According to the press release, “Mastercard Track Business Payment Service helps companies simplify and optimize how they pay and get paid through a global open-loop network” and the businesses have greater control over their payments with data exchange and the ability to automate payments across multiple payment rails while also having businesses to ability to scale, improved security and control, cash flow efficiency and digitization of existing manual processes.