Leading United Arab Emirates bank Emirates NBD has partnered with Mastercard to provide virtual B2B cards designed to digitise how travellers pay abroad.
The Emirates NBD Wholesale Travel Solution will provide Mastercard virtual cards to travel agents to optimise payment flows and various other agencies related to travel bookings.
The solution is powered by Mastercard’s virtual capabilities, enabling improved cash flows through an extended credit line and payment guarantees, increasing visibility and enhancing security through data intelligence and fraud controls for cross-border payments.
Marwan Hadi, Group Head of Retail Banking and Wealth Management of Emirates NBD, said:“Emirates NBD is proud to lead the way in delivering cutting-edge solutions tailored to the travel industry.
“Our newly launched Wholesale Travel Solution Corporate Card developed in collaboration with Mastercard, addresses the sector’s unique requirements for secure and efficient B2B payments to global suppliers. This solution enables us to enhance payment processes, providing businesses with a seamless, reliable solution for their transactional needs.”
With UAE Emirati’s such as Dubai and Abu Dhabi bringing in large amounts of tourists each year, the Emirates NBD Wholesale Travel Solution may prove pivotal for travel agencies to accept these payments to streamline their payment processes.
Insights from the International Air Traffic Association (IATA) predict that 4.7 billion people will travel by air in 2024.
As consumers return to travel post-COVID and the industry continues to grow, it is becoming essential that the sector re-thinks the processes and technologies that bring these bookings to life, according to the UAE bank.
With B2B payments vital to the travel economy, the Mastercard Wholesale Program brings benefits across the travel value chain by accelerating the adoption of virtual cards for travel transactions.
J.K. Khalil, EVP and Division President, East Arabia at Mastercard, added: “With the volume of business-to-business payments in the EEMEA region increasing rapidly, the need for digitization has never been greater.
“At Mastercard, we are doubling down on corporate solutions and enabling new digital payment solutions to better support the markets we serve. We are excited to build on our longstanding relationship with Emirates NBD to extend the benefits of our virtual card to its travel agency customers, empowering them to reap the full benefits of the digital economy.”
Source: paymentexpert