Visa , Merex Investment , and PayMate have partnered to facilitate the digitalisation of 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. Streamlining rental collections with Visa and PayMate This development allows Merex Investment’s 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.

The 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. 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. Merex Investments executives express enthusiasm for partnering with Visa and PayMate to modernise rental collections in the retail B2B sector, utilising Visa's BPSP solution to digitise payments and drive efficiency and transparency.

They emphasise their dedication to enhancing tenant experience and growth, anticipating exceptional service delivery with solutions from Visa and PayMate. PayMate representatives highlighted their role in augmenting Merex Investment's rent collections, utilising technology and the Visa BPSP programme to digitise payments and eliminate manual processes, aligning with Smart Dubai's vision of digitisation. Previous moves from PayMate in the Middle East In January 2024, PayMate has teamed up with the National Bank of Oman (NBO) to digitise and automate B2B payments using Visa Business Credit Cards.

This collaboration aims to facilitate NBO's corporate and SME clients in utilising their Visa Business Credit Cards for supplier payments, streamlining the process and eliminating the need for a separate payment system. The partnership aligns with the local government's agenda to digitise businesses and the economy, potentially fostering financial inclusion and economic growth in Oman. With the Oman cards and payments market valued at USD 12 billion in 2022 and expected to grow at a CAGR of over 14% from 2022 to 2026, this collaboration could have a significant impact on the region's financial landscape.

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