Dubai, UAE – July 9, 2024 – Network International, the leading enabler of digital commerce across the Middle East and Africa (MEA) region, has announced the introduction of new Business Payment Solutions for businesses, corporations, and travel industry companies in the UAE. This landmark launch, in partnership with Mastercard, marks a significant step towards digitizing business expenses and enhancing payment security for commercial clients in the region.
The new Business Payment Solutions will leverage Mastercard’s global digital payment expertise, including card offerings, expense management, and virtual card innovations. This partnership will enable Network International’s clients to streamline their payables and receivables processes, improve cash flow, and gain better visibility and efficiency in their commercial payment flows. The solutions are designed to simplify transactions across various spend categories, from day-to-day expenses and supplier payments to managing travel expenses and other business-to-business transactions.
Nandan Mer, Group CEO of Network International, expressed his enthusiasm about the launch, stating, “We are delighted to achieve yet another milestone in Network’s 30-year journey of creating world-class digital payment infrastructure and services for clients in the UAE and the wider region. By launching the new Business Payment Solutions, Network aims to unlock further growth opportunities for businesses and corporations in the UAE. By making progressive inroads into the digitization of commercial payment, Network continues to contribute towards the UAE’s aspirations for a cashless economy.”
J.K. Khalil, Division President, East Arabia, Mastercard, also commented on the collaboration, saying, “At Mastercard, we are committed to removing fragmentation and complexity from commercial payment, and we are delighted to strengthen our long-standing collaboration with Network to support commercial customers in the UAE. Building on our shared commitment to driving digitization and innovation, we are embedding Mastercard’s digital payment expertise, expense management, and card technologies into the new Commercial Card Program. By combining our capabilities and reach, more companies across UAE will be able to pay and get paid quickly and securely, boosting liquidity and removing friction from the system.”
As part of the program, Network will offer a range of business payment solutions targeted at merchants and general businesses in the UAE, including:
- The Corporate Executive Card: Providing businesses of all sizes with a range of benefits and robust controls for expense management.
- Incontrol Digital Business Payment Virtual Card: Offering domestic and cross-border payment solutions with the first-ever net-zero foreign transactions in the UAE.
- Mastercard Wholesale Program Digital Travel Payment: Helping travel industry customers secure, streamline, and automate B2B travel payment transactions, reducing costs through an innovative pricing model and efficiency via Mastercard’s virtual card technology.
This announcement follows the recent approval of Network’s Stored Value Facility (SVF) license by the Central Bank of the UAE. As an SVF licensee, Network will enable its partners and customers to support prepaid card issuing and wallet provisioning, among other capabilities.
Network International’s new Business Payment Solutions represent a significant advancement in the digital commercial payment landscape in the UAE, aligning with the region’s digital economy ambitions and offering enhanced payment operations and working capital improvements for corporate clients.
About Network International
Network International is a leading enabler of digital commerce across the Middle East and Africa (MEA) region, providing innovative payment solutions and services for over 30 years.
About Mastercard
Mastercard is a global technology company in the payments industry, dedicated to connecting and powering an inclusive, digital economy that benefits everyone.
