Mastercard simplifies B2B payments

SINGAPORE Mastercard announced, Thursday, a partnership with Eko-Pay to introduce Eko-B2B, a new digital payment solution for businesses in Asia Pacific.

Eko-B2B will provide businesses with an automated payment solution that enables them to streamline workflows and improve productivity for B2B payment transactions.

Powered by Eko-Pay, a technology company with proprietary solutions for financial and non-financial transactions, Eko-B2B seamlessly integrates with the Mastercard inControl platform to facilitate business payments, reducing inefficiencies and improving transparency.

According to a study by global consulting firm McKinsey on commercial payment growth in Asia Pacific, 90% of B2B payments in the region are still conducted in cash, representing a significant opportunity to digitise the payment system.

Expansion of customer and supplier networks across markets, growth of cross-border transactions and a large informal economy of small and medium enterprises (SMEs) are key reasons cited for the growth of B2B payments in the region.

But multiple payment systems, non-electronic payment methods and supplier resistance are just some of the common pain points for businesses as they attempt to digitise their payment system across their supplier network.

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