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PayMate marks its UAE entry through partnerships with Visa and Citi

The Indian B2B digital payments company has collaborated with Visa and Citi to automate payables based in the region

by Divsha Bhat

August 25, 2021

PayMate, in collaboration with Visa and Citi, is expected to revolutionise the way businesses in the UAE handle their Accounts Payables and Accounts Receivables (AP & AR). These partnerships will provide organisations with end-to-end payment automation, which will save them time, money, and resources.

As a part of an extension of the existing collaboration with Visa, PayMate’s platform will change the way UAE corporates pay their suppliers with Citibank-issued Visa corporate cards. The purchasers benefit from longer Days Payable Outstanding (DPO) while also being able to make early supplier payments. The PayMate system will make it possible to settle corporate card payments straight into the bank accounts of suppliers. All payments made and received will be auto reconciled in real-time on the platform, with full reports, giving the firm a clear picture of its cashflows.

Together, all three partners will be driving payables automation and processing significant volumes, between large enterprise corporations, SMBs and government institutions and their suppliers.

PayMate is a Visa certified Business Payment Solution Provider (BPSP) and is actively gearing up to offer its B2B payments platform and working capital offerings into other countries in CEMEA region in partnership with Visa. As of June 30, 2021, the PayMate platform is being used by more than 105,000 Indian businesses.

Earlier this month, Payit, the UAE’s digital wallet, powered by First Abu Dhabi Bank (FAB), partnered with Platx omni channel conversational commerce, a provider of digital support services. The new service which is also the first of its kind in the region enables merchants to collect payments via whatsapp from their customers.

Read: UAE’s Payit partners with Platx for WhatsApp payments in the region

In an easy and convenient process, merchants who enroll for this service can simply provide their whatsapp enabled mobile numbers to their customers who then engage with a conversational bot and make secure payments in a matter of minutes with the merchant receive the confirmation of payment on a real time basis.