Mastercard expands B2B payments solution in the Asia Pacific

By Edil Corneille

Today, global payments technology company Mastercard announced a new business-to-business payments solution in the Asia Pacific with the launch of the ‘Mastercard Track Card to Account Transfer’. Businesses can use commercial cards to pay suppliers regardless of whether they accept card payments.

Businesses are now enabled to manage cash flows in the region with the new solution. Manual work is eliminated and payment options are expanded as suppliers can receive card payments by buyers directly in a bank account.

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Mastercard Track is a global suite of products and services that streamline business-to-business (B2B) payments. The Mastercard Track Card to Account Transfer solution in Asia Pacific is one of many offerings – including the Mastercard Track Business Payment Service and Commercial Purchasing Card – that address complex challenges for suppliers and buyers.

In the Asia Pacific, Mastercard Track Card to Account Transfer allows issuing customers to offer businesses a financing option providing extended credit and greater efficiency in accounts payable. It’s a turnkey solution that reduces implementation costs and time to market for issuers, helping them to achieve value right away.

“Mastercard is now offering even more choices to issuing customers in how they provide and adapt value-added services to businesses,” said Mostafa Sabet, Vice President, Product Management, Asia Pacific, Mastercard. “Particularly in these difficult times, it’s critically important for businesses to have flexible and dependable payment options to keep commerce flowing throughout the supply chain.”

By addressing the challenge of card acceptance in the B2B space, the solution complements existing Mastercard commercial payment offerings that seek to reduce complexity and friction, optimise working capital for buyers and suppliers and improve cash flow to modernise today’s B2B payments ecosystem.

Last week, Visa announced its partnership with Stripe to expand its B2B payments solutions in Asia to enable buyers to enrol, manage, and pay suppliers digitally with a Visa commercial card.