Wex launches virtual payments solutions with Mastercard in the Middle East
Payments solutions provider Wex has announced it has further expanded its global footprint and entered the Middle Eastern payments market to issue virtual cards in the United Arab Emirates (UAE).
The virtual card solution will be provided in partnership with Mastercard and has been approved by the Central Bank of the UAE.
As a result of this news, travelling customers from the UAE will be able to benefit from secure, streamlined and automated international and domestic supplier payments powered by Wex, plus settle in UAE dirhams without foreign exchange charges.
The introduction of Wex virtual payments will also open up the following options to those in the Middle Eastern travel industry:
- Optimise cash flow by maximising working capital through a credit line while making timely payments.
- Reduce the cost of international payments by avoiding exchange rate mark-ups and cross-currency fees.
- Improve acceptance and strengthen relationships with suppliers such as hotels, car rental companies, tour operators and destination service providers.
- Reduce accounts payable resources needed to manage supplier payments.
“In partnership with Mastercard, we have been working to strengthen our offering across Europe, the Middle East and Africa (EMEA)” said Anant Patel, vice president for Wex, EMEA and APAC. “We are delighted to offer our corporate payments solution to the UAE market, helping businesses to unlock new value from payments”.
“WEX’s capabilities harness the power of Mastercard’s renowned customer-centric B2B products and services” added Girish Nanda, general manager, UAE and Oman at Mastercard. “We are proud to partner with them on this next step into serving their global customers in the UAE”.