Visa (NYSE: V), the world’s leader in digital payments, Merex Investment, and PayMate have partnered to digitise rental collections through Visa’s BPSP solution provided by PayMate. Launched in 2020, Visa’s 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, 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 to this, it 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.
“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, Merex Investment.
Also commenting on the partnership, Visa’s Vice President and UAE Country Manager, Salima Gutieva, said: “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 payments 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.”
In addition, Rakesh Khanna, Chief Commercial Officer, PayMate commented “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 digitise 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 digitisation.”
With the current challenges in card acceptance for B2B Payments, Visa’s BPSP solution along with PayMate is aimed at revolutionising 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.