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Mastercard and Octet Türkiye have entered a strategic partnership aimed at enhancing financial flexibility for businesses across the Middle East, North Africa and Türkiye (MENA) region while expanding digital transaction volumes.
The collaboration will enable Octet Türkiye to offer more effective digital payment options alongside cash payments, contributing to the development of digital commerce throughout the region, according to a company statement.
The two companies plan to implement a comprehensive digital platform designed to address the growing cash management and commercial payment needs of MENA businesses. The platform will support easy and secure payment and collection processes through credit cards, while enabling various corporate transactions through "buy now, pay later" methods.
According to Statista data, digital B2B payments in the Middle East and Africa are expected to nearly double between 2023 and 2028.
The Mastercard-Octet Türkiye solution will increase digital transaction volumes while offering businesses installment or deferred payment options. The platform will also allow vendors to collect invoices instantly.
The growing use of corporate credit cards enables businesses to extend payment terms and increase financial flexibility without resorting to traditional cash credits. The partnership allows companies to make payments using credit cards from their preferred banks while managing collection processes through a secure and efficient digital infrastructure.
Businesses using this solution will be able to manage financial processes more effectively, gain competitive advantages in regional markets, and access another tool for better working capital management.
Mete Güney, Senior Vice President of Market Development for Mastercard's EEMEA region, emphasized that the commercial payments sector offers numerous opportunities for innovation.
"As Mastercard, we focus on leveraging the power of partnerships to implement seamless payment methods," Güney said. "This collaboration with Octet Türkiye will contribute to businesses' adoption of digital payments, enabling them to increase their spending power."
Kazım Can Saydam, Founding Partner and Chief Sales Officer of Octet Türkiye, noted the widespread use of installment payments in Türkiye regardless of transaction amount.
"In Türkiye, installment payments by credit card have long been a common practice, regardless of the transaction amount," Saydam said. "In addition to the cashless trade trend accelerated by digitalization, the need for liquidity management on a global scale makes commercial card payment systems indispensable. As Octet Türkiye, we are ready to meet this need in the B2B processes of businesses in the region through our collaboration with Mastercard."
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