MasterCard and Eko-Pay Accelerate Digitization of B2B Payments in Asia Pacific

MasterCard has partnered Eko-Pay to introduce Eko-B2B, a digital payment solution for businesses in Asia Pacific.

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 digitize the payment system.

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.

Vendor and supplier  web portals will enable round-the-clock access to current and historical payment details and dashboards that track key business performance statistics, eliminating the need for manual payment systems and their associated complications and operational inefficiencies.

Multiple payment systems, non-electronic payment methods and supplier resistance are just some of the common pain points for businesses as they attempt to digitize their payment system across their supplier network. With the Eko-B2B solution, Eko-Pay offers the option to manage this onboarding process for the business, allowing them to experience the full benefits of a digital B2B payment solution with minimal time invested.

Nagesh Devata, senior vice-president, Acceptance and Merchant Development, Asia Pacific, MasterCard, said, “Many businesses today, regardless of size, engage with a network of suppliers and across multiple markets as they look to not just survive but thrive in a global marketplace. Yet many businesses still rely heavily on traditional, non-digital forms of payments to process business transactions, resulting in wasted time and resources unnecessarily. For businesses that have adopted digital payment solutions, they often face resistance and challenges from their supplier network and vendors in implementing these new processes. By partnering with Eko-Pay to launch a fully automated solution that allows them to experience the enhanced efficiencies and real-time cost savings of using digital payment solutions, we are looking to solve for some of these key pain points.” 

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