Network International, a prominent player in digital commerce across the Middle East and Africa (MEA) region, is joining forces with payment giant Mastercard to introduce innovative business payment solutions for companies in the UAE. This collaboration will leverage Mastercard’s global expertise in digital payments to enhance Network International’s offerings in card programs, expense management, and virtual card solutions. The goal is to help commercial clients in the UAE digitalize their business expenses, optimize payables and receivables processes, fortify payment security, and optimize cash flow.
With the digital commercial payments landscape in the UAE evolving rapidly, businesses are seeking ways to enhance payment operations and manage working capital efficiently, aligning with the region’s ambitions for a thriving digital economy. The newly launched program is designed to provide improved visibility and efficiency in commercial payment flows, facilitating seamless transactions across various spend categories such as day-to-day expenses, supplier payments, travel expenses, and other business-to-business transactions.
Nandan Mer, the group CEO of Network International, expressed excitement about this partnership, emphasizing the company’s commitment to advancing digital payment infrastructure and services for UAE clients. Mer highlighted the significance of introducing innovative business payment solutions to drive growth opportunities for businesses in the UAE and promote the transition towards a cashless economy, aligning with the country’s vision for a digital-driven future.
As part of the initiative, Network International will offer a range of business payment solutions tailored to merchants and businesses in the UAE. The corporate executive card will provide robust controls for expense management, while the Incontrol Digital Business Payments virtual card will enable domestic and cross-border payments with zero foreign transaction fees, a first-of-its-kind offering in the UAE market.
J.K. Khalil, the division president, East Arabia, at Mastercard, underscored the commitment to simplifying commercial payments and eliminating complexities for businesses in the UAE. By integrating Mastercard’s digital payment expertise, expense management tools, and card technologies into the new commercial card program, the partnership aims to facilitate quick and secure payment transactions, enhance liquidity, and streamline the payment process for companies across the UAE.
The announcement of this collaboration follows Network International’s recent acquisition of the Stored Value Facility (SVF) license from the Central Bank of the UAE. In addition to the Business Payment Solutions, as an SVF licensee, Network International will be able to support prepaid card issuing and wallet provisioning for its partners and customers, expanding its capabilities in the digital payment space and providing additional value to clients.
In conclusion, the partnership between Network International and Mastercard signifies a significant milestone in advancing digital payment solutions for businesses in the UAE. By combining expertise, technology, and a commitment to innovation, the collaboration is poised to drive efficiencies, enhance security, and promote financial inclusion in the region’s rapidly evolving digital economy landscape. Businesses in the UAE can expect a seamless and secure payment experience, enabling them to focus on growth and strategic initiatives in an increasingly digital-driven business environment.