Revolutionizing Business Payments: Visa And Mashreq's Virtual Card Solution To Empower Emaar Properties

Visa, Emaar Properties PJSC, and Mashreq have partnered to digitise B2B payments using Visa and Mashreq's virtual card solution.

Launched in 2021, Visa's virtual card solution allows direct integration into ERPs via API connectivity. This enables Emaar to make B2B payments digitally, enhancing automation and eliminating manual intervention in the workflow. The system supports seamless reconciliation by using virtual cards for payments to suppliers who accept cards.

This collaboration highlights Mashreq and Visa's dedication to improving client experiences by integrating B2B payables processes. The use of API integration through Visa Virtual Card solutions ensures cost-effective, reliable, and secure transactions.

Ahmed Al Matrooshi from Emaar Properties stated: "Our partnership with Visa and Mashreq marks a significant step forward in our approach to B2B payments. This collaboration demonstrates our commitment to embracing innovative technologies that not only streamline our operations but also strengthen our relationships with our suppliers. By digitising our payment systems, we are taking a significant step towards greater efficiency and reliability."

Salima Gutieva, Vice President and UAE Country Manager at Visa commented: "This collaboration is part of Visa's commitment to delivering an easier and more secure way for businesses to pay and receive payment. I am delighted to announce our partnership with Mashreq and Emaar to simplify Emaar's B2B payments experience for both them and their suppliers. I look forward to bringing the benefits of digital payments to more of the B2B space in the UAE."

Kartik Taneja, Head of Payments & Consumer Lending at Mashreq, remarked: "This collaboration strengthens our mission is delivering superior customer experience by leading innovation. Supporting working capital needs through digitization of payments is one of our core strategic priorities. We also understand that with the rapidly evolving commercial payments landscape which is driven by new technologies, new players, and new customer expectations, card based B2B payments can help Corporates gain those efficiencies while optimizing your working capital."

Victor Penna, Global Head - Global Transaction Banking at Mashreq added: "At Global Transaction Banking, we deliver a comprehensive range of market-leading services tailored to our clients' specific industry needs. This collaboration with Emaar is a great example of working with our corporate clients to deliver a customized solution."

The partnership aims at addressing current challenges in automating and digitising B2B payments. The virtual card solution from Visa and Mashreq seeks to revolutionise payment processes on card rails while driving working capital benefits. It also ensures transparent reconciliation through secure channels, providing key insights for strategic decision-making.