Outpayce is planning to issue pre-paid virtual cards so travel services can be purchased more easily within booking systems. This follows the grant of an e-money institution (EMI) licence by the Bank of Spain.
As a licensed e-money issuer, Outpayce will be able to provide regulated payment services in Spain. These include accepting customer funds, issuing pre-paid debit cards, and offering transfers of funds on a payment account. Future plans include passporting its services across the European Union.
Outpayce intends to use these new capabilities to simplify travel payments in several areas.
For example, it will soon be possible to use Outpayce-issued pre-paid virtual cards across travel agency booking systems and corporate self-booking tools to pay providers such as airlines and hotels. In addition, the virtual cards will enable business travellers to pay for on-trip expenses like taxis or meals with their digital wallets.
By issuing pre-paid debit cards, Outpayce will simplify the payments experience. And it will ensure closer integration with travel booking systems, while offering travel companies improved choice.
e-money licence complements Outpayce’s open payments platform
David Doctor, CEO, Outpayce said: “Becoming a licensed entity is an important step in our journey to simplify payments across the travel industry. Not only do we have the regulatory greenlight to begin issuing cards. We’re already building a modern fintech stack natively in the Microsoft Azure cloud. And we have plans to partner with an increased number of leading financial institutions and innovative start-ups. This move complements Outpayce’s open payments platform. It will allow any fintech company to easily connect with Amadeus’ travel customers. With core banking in the cloud and with the eMoney license, we are one step closer to Outpayce’s vision to deliver a smooth and connected travel payments experience to travellers.”
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