Digital payments provider Checkout.com has announced its partnership with payments giant Mastercard to provide Online Travel Agents with virtual cards.
The move will allow Checkout.com customers to access Mastercard’s Wholesale Program, which can cut costs and high conversion rates.
Online Travel Agencies use cards to make B2B payments. This new virtual card will support Online Travel Agents by combining issuing and acquiring on one platform. They will now be able to seamlessly receive customer transactions and pay suppliers.
Meron Colbeci, chief product officer at Checkout.com, commented: "We're delighted to partner with Mastercard to complement our virtual card issuing solution, enabling 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.”
George Simon, EVP of market development at Mastercard Europe, stated: "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, and we're thrilled to be collaborating with Checkout.com to support their customers to embrace the next generation of payment solutions for B2B travel."
Earlier this month, Mastercard launched a virtual card app that enables virtual commercial cards to be added to digital wallets, simplifying the travel expenses.