Visa, a global leader in digital payments, has teamed up with Merex Investment and PayMate to digitize rental collections in the UAE through Visa’s BPSP solution provided by PayMate. This innovative partnership aims to modernize payment processes for commercial tenants, enhancing efficiency, transparency, and security.

Launched in 2020, Visa’s BPSP solution enables payments made on card rails to be received by non-card-accepting suppliers into their bank accounts, seamlessly integrating with PayMate’s platform. Merex Investment, a prominent player in the retail B2B sector, will leverage this solution to collect rental receivables from tenants across retail destinations in the UAE, including The Beach and City Walk. By accepting commercial card payments, Merex Investment streamlines its collection process, eliminating the need for manual reconciliation and providing tenants with enhanced working capital.

“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, of 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 payment 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.”

The Visa, Merex Investment, and PayMate partnership addresses the challenges in card acceptance for B2B payments, revolutionizing payment processes while driving working capital benefits and transparent reconciliation. This initiative aligns with Smart Dubai’s vision of digitization and is expected to provide key insights for strategic decision-making, cash flow forecasting, and business planning in the region.