This new collaboration marks the continuation of a long-standing strategic partnership between the two companies and aims to digitize and optimize payment flows between travel agencies and the various suppliers associated with travel bookings.
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MastercardEmirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region and Mastercard have partnered to introduce the Emirates NBD Wholesale Travel Solution, an innovative virtual card based B2B payment product now available to travel agencies.
This new collaboration marks the continuation of a long-standing strategic partnership between the two companies and aims to digitize and optimize payment flows between travel agencies and the various suppliers associated with travel bookings.
By harnessing Mastercard’s virtual card innovation, through the Mastercard Wholesale Program (MWP), to digitize the way travel buyers pay travel suppliers, the new Emirates NBD Wholesale Travel Solution will improve cash flow through extended credit line and payment guarantee, increase visibility and enhance security through enriched data intelligence and fraud controls, and build efficiency across the travel value chain for domestic & cross border payments.
“With the volume of business-to-business payments in the EEMEA region increasing rapidly, the need for digitization has never been greater. At Mastercard, we are doubling down on corporate solutions and enabling new digital payment solutions to better support the markets we serve. We are excited to build on our longstanding relationship with Emirates NBD to extend the benefits of our virtual card to its travel agency customers, empowering them to reap the full benefits of the digital economy,” said J.K. Khalil, EVP & Division President, East Arabia, Mastercard.
“Emirates NBD is proud to lead the way in delivering cutting-edge solutions tailored to the travel industry. Our newly launched Wholesale Travel Solution Corporate Card developed in collaboration with Mastercard, addresses the sector’s unique requirements for secure and efficient B2B payments to global suppliers. This solution enables us to enhance payment processes, providing businesses with a seamless, reliable solution for their transactional needs,” said Marwan Hadi, Group Head of Retail Banking & Wealth Management, Emirates NBD.
Insights from the International Air Traffic Association (IATA) predict that 4.7 billion people will travel by air in 2024, a historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019. As consumers return to travel and the industry continues to grow, it is essential that the sector re-thinks the processes and technologies that bring these bookings to life. B2B Payments power the travel economy, and the Mastercard Wholesale Program brings benefits across the travel value chain by accelerating the adoption of virtual cards for travel transactions.
Source: Mastercard
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