Mastercard is teaming up with Checkout.com to bring virtual cards to travel agents. The partnership supports Online Travel Agencies (OTAs) and other travel sector businesses that use cards to make B2B payments. This is a market forecast to reach $1.5trn in revenues by 2027
The partnership follows Checkout.com’s launch last year of issuing in the UK and Europe. This enables brands to issue, process, and manage card programmes, and combine with acquiring to fund cards efficiently. The collaboration forms part of the Mastercard Wholesale Program. Specifically, this reduces costs for travel businesses through virtual card technology and an innovative pricing model. So, customers of Checkout.com will be able to pay their suppliers more easily and benefit from higher conversion rates by issuing virtual cards.
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“Mastercard remains committed to powering the travel economy with digital payment solutions that provide greater flexibility, visibility, and protection. Over 400,000 travel providers worldwide already rely on us to enable payments through the Mastercard Wholesale Program. We’re thrilled to be collaborating with Checkout.com to support their customers to embrace the next generation of payment solutions for B2B travel” said George Simon, EVP, Market Development, Mastercard Europe.
Meron Colbeci, Chief Product Officer at Checkout.com added: “We’re delighted to partner with Mastercard to complement our virtual card issuing solution. This enables Online Travel Agents to unlock new revenue streams and deliver a connected customer experience. Together we’ll offer higher payment performance to travel merchants by combining the Mastercard Wholesale Program with our single integration connecting acquired sales to issued cards, which unifies acquiring and issuing, for better cash flow management.”
Checkout.com says its integrated solution turns what used to be a cumbersome process into a cohesive, streamlined operation. In turn, this deepens trust and relationships within the ecosystem.
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