Mastercard has expanded its partnership with Agoda. The partnership will look to enhance B2B payments in the travel and tourism industry, addressing the challenges of legacy payment processes and driving innovation beyond traditional card payments, making it easier for digital travel platforms to make payments to hotels, airlines, suppliers and vendors globally.
The B2B payments landscape in the travel industry has historically been behind consumer payments. This is due to it relying on manual and time-consuming processes such as paper invoices. Mastercard and Agoda recognise the urgent need to modernise these payment systems and streamline transactions between digital travel platforms, hotels, airlines, suppliers, and vendors globally.
Go deeper with GlobalData
Digital travel platforms account for approximately 40% of the global travel bookings. They are a vital growth engine for airlines, hotels, tour operators, railways, cruise lines and their other partners. This partnership expansion comes at a crucial time when B2B payment needs in the tourism industry are soaring and the collaboration between Agoda and Mastercard will play a pivotal role in driving this initiative forward.
Agoda now able to accept Mastercard payments
Through the exclusive issuance of Mastercard virtual credit cards, Agoda will be able to make and receive B2B payments globally wherever Mastercard is accepted. The expanded partnership will also focus on driving smoother and smarter end-to-end travel experiences such as bringing offers for Agoda customers using Mastercard’s data insights, joint-marketing propositions to further enhance customer satisfaction, and loyalty rewards when booking with Agoda using a Mastercard card.
Yunsok Chang, Executive Vice President, Market Development, Asia Pacific, Mastercard, said: “Mastercard has been longtime partners with Agoda and is proud to expand on this decade-long partnership that harnesses the power of collaboration to simplify B2B payments and fortify defenses against fraud, all while enhancing the customer experience and fostering greater loyalty. This milestone underscores Mastercard’s dedication to delivering cutting-edge solutions that empower businesses and elevate industry standards.”
Mai-Linh Bui, Chief Financial Officer at Agoda commented: “I am delighted to announce the expansion of our strategic partnership with Mastercard and together, we are redefining the landscape of business-to-business (B2B) payments within the travel and tourism sector. Recognising the challenges posed by outdated payment processes, our collaboration aims to revolutionise the way digital travel platforms engage with hotels, airlines, suppliers, and vendors worldwide.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
