UAE-based banking group Emirates NBD, in partnership with Mastercard, has introduced the Emirates NBD Wholesale Travel Solution.
This virtual card-based B2B payment product is designed to revolutionise the way travel agencies transact with suppliers.
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The collaboration is an extension of the relationship between Mastercard and Emirates NBD, with the objective to streamline payment processes in the travel industry.
The Emirates NBD Wholesale Travel Solution leverages Mastercard’s virtual card technology within the Mastercard Wholesale Programme (MWP) to modernise how travel buyers remit payments to travel suppliers.
Emirates NBD retail banking and wealth management group head Marwan Hadi 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.”
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By GlobalDataThe solution is expected to improve cash flow management for travel agencies by offering extended credit lines and payment guarantees.
It also enables increased transaction visibility and security through advanced data intelligence and fraud control measures.
In addition, it aims to boost efficiency in both domestic and cross-border payments within the travel value chain.
Mastercard East Arabia executive vice president and division president J.K. Khalil said: “With the volume of business-to-business payments in the EEMEA region increasing rapidly, the need for digitisation 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.”
According to insights from the International Air Traffic Association (IATA), air travel is expected to reach a peak with 4.7 billion passengers in 2024, surpassing pre-pandemic levels.
The Mastercard Wholesale Programme is expected to drive the adoption of virtual cards for travel transactions.
Recently, Mastercard introduced Pay Local, enabling users to make card payments through local digital wallets across Asia Pacific.
