Visa Teams Up with Merex Investment and PayMate to Revolutionize Rental Collections

Visa, a global leader in digital payments, has announced a groundbreaking collaboration with Merex Investment and PayMate to digitize rental collections in the UAE, as highlighted in The Fintech Times. Through Visa’s Business Payments Solution Provider (BPSP) solution, facilitated by PayMate, this partnership aims to modernize payment processes for non-card-accepting suppliers.

Merex Investment, a prominent UAE-based company, will leverage Visa’s BPSP solution to streamline rental receivables collection from tenants. By accepting commercial card payments, Merex Investment can enhance efficiency, eliminate manual reconciliation, and improve transparency in their collection processes for retail destinations.

Shahram Shamsaee, CEO of Merex Investment, expressed excitement about the partnership, stating, “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.”

Salima Gutieva, VP and UAE country manager at Visa, highlighted the company’s dedication to simplifying B2B payments acceptance. She stated, “At Visa, our goal is to digitize and simplify B2B payments 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.”

Rakesh Khanna, chief commercial officer at PayMate, emphasized the impact of the partnership on rent payments in the region. He commented, “This will empower Merex Investment and its retail destinations to digitize 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 digitization.”

This collaboration not only enhances tenant experience but also aligns with Dubai Land Department’s efforts to modernize real estate and rental collections. Through secure channels and transparent reconciliation, Visa’s BPSP solution with PayMate aims to drive working capital benefits and provide key insights for strategic decision-making, cash flow forecasting, and business planning in the UAE.