Visa, the world’s leader in digital payments, Merex Investment, a joint venture between Dubai Holding and Brookfield Asset Management, and PayMate, a wholly-owned subsidiary of PayMate India, have partnered to digitize rental collections through Visa’s BPSP solution provided by PayMate.
Launched in 2020, Visa’s Business Payments Solution Provider (BPSP) solution allows enablement of payments made on card rails to be received by non-card-accepting suppliers into their bank account, by integrating with PayMate’s platform.
By adopting this solution, Merex Investment will be able to collect rental receivables into their bank account through commercial card payments made by their tenants in the UAE, including The Beach, and City Walk. This allows their retail destinations to drive efficiency in their collection process while at the same time eliminating the need of manual reconciliation through traditional collection methods.
In addition, the BPSP solution also helps their tenants with enhanced working capital while making payments using commercial cards.
This partnership demonstrates Merex Investment’s commitment to enhancing their tenants’ experience by streamlining collection processes, reducing manual intervention and enabling services from a specialist in the field, that are cost-effective, reliable and secure.
Salima Gutieva VP & UAE Country Manager, Visa
“We are delighted to partner with Merex Investment and PayMate in introducing Visa’s BPSP solution to Dubai’s rental market. At Visa, our goal is to digitize and simplify B2B payment acceptance to ensure more seamless, quick and secure money movement. We firmly believe that this collaboration will make a significant contribution to the ongoing digitization efforts within the emirate’s real estate sector, as part of Dubai Land Department’s efforts to modernize real estate and rental collections.”
“We are pleased to partner with Visa and PayMate to transform rental collections in the retail B2B sector. By leveraging Visa’s BPSP solution, we digitize payments, enhance efficiency, and drive transparency. This strategic alliance reflects our commitment to tenant experience and growth, empowering us with valuable insights for informed decision-making and improved business planning. With industry-leading solutions from Visa and PayMate, we look forward to delivering exceptional services to our valued tenants”, commented Shahram Shamsaee, CEO of Merex Investment.
Rakesh Khanna, Chief Commercial Officer of PayMate, commented that, “We are thrilled to power Merex Investment and transform their rent collections using our technology rails and the Visa BPSP program in the UAE. This will empower Merex Investment and its retail destinations to digitize their rent payments, eliminate friction by removing manual processes and provide end-to-end reconciliation. This will set a benchmark and potentially pave the ‘new way’ to collect rent payments in the region resonating with Smart Dubai’s vision of digitization.”
With the current challenges in card acceptance for B2B Payments, Visa’s BPSP solution along with PayMate is aimed at revolutionizing payments on card rails while at the same time driving working capital benefits and transparent reconciliation through secure channels, providing key insights for strategic decision-making, cash flow forecasting and business planning.
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