Mastercard and Amadeus expand their partnership for virtual cards in travel
Hard hit by the pandemic, the business travel sector is hoping that the roll out of vaccines will lead to a swift revival.
In such, travel technology company Amadeus has announced a five year extended global partnership with Mastercard to help broaden access to virtual card payment across the travel industry.
Last year, Amadeus partnered with Troovo to automate B2B travel payments.
According to the press release, the ‘expanded partnership means Amadeus will support innovative payment offerings across the travel industry through its B2B Wallet using Mastercard Wholesale Program’. It will also provide flexible, secure, and efficient ways to make and receive payments.
“The way travel agencies make payments to suppliers is changing. Virtual card payments help agencies respond to the challenges of COVID-19 by protecting cash flow, reducing risk, and improving back-office efficiency, whilst also improving settlement terms for suppliers”, said Bart Tompkins, Managing Director Payments at Amadeus.
The company also claims that the Mastercard Wholesale Program is a solution that is specifically designed for the travel industry utilizing virtual card technology helping payment protection and increased visibility for transactions between travel agencies and suppliers.
“It is essential for players across the travel industry to come together to not only address the evolving needs today but to realize a stronger and more resilient future for the entire travel ecosystem,” said Kevin White, Director – Travel, Enterprise Partnerships at Mastercard.