Eazy Financial Services (EazyPay) has announced that it has entered into a deal with Mastercard for the launch of Mastercard Receivables Manager in Bahrain in bid to elevate the customer experience.

 

With this, EazyPay has become the first acquirer in the market to adopt the innovative solution that enhances virtual card payment processing for businesses.

 

Mastercard Receivables Manager enables EazyPay to support merchants in automating their business-to-business (B2B) virtual card receivables. By eliminating manual processes, the solution helps improve efficiency, working capital and cash flow, said the statement. 

 

With minimal integration and no need for application programming interface (API) implementation, the customisable platform streamlines the capture of virtual card payments, processes them straight through, and delivers remittance data directly to merchants’ accounting systems, it stated.

 

Virtual card payments are playing a key role in this growth, with B2B virtual card spend forecasted to exceed $14 trillion by 2029. 

 

This surge reflects a growing demand among businesses for digital solutions that enhance payment processing efficiency, automate receivables, and strengthen cash flow management.

 

On the key partnership, Founder, Managing Director and CEO Nayef Tawfeeq Al Alawi, said: "EazyPay supports businesses with digital payment solutions designed to simplify operations and elevate the customer experience. As virtual cards gain traction for supplier payments, Mastercard Receivables Manager empowers us to strengthen the B2B payments ecosystem across key industries and large market segments."

 

"At Mastercard, we are committed to delivering value-added services that help acquirers and their merchants operate more efficiently. Receivables Manager addresses a critical challenge for suppliers managing high volumes of virtual card payments by automating processing, reducing time and boosting efficiency," he stated. 

 

Saud Swar, the country manager, Saudi Arabia, Bahrain, Jordan and other Levant, Mastercard, expressed delight at collaboration with EazyPay to bring this transformative solution to Bahrain’s dynamic business landscape.

 

The total value of B2B transactions worldwide is expected to more than double over the next seven years, reaching over $213 trillion by 2032, he added.-TradeArabia News Service