The virtual card-based B2B payment product will facilitate payments between travel buyers and suppliers
Mastercard and Bahrain-based fintech Infinios Financial Services have entered into a partnership to advance the digitisation of business-to-business travel payments between travel buyers and suppliers through the first Mastercard Wholesale Programme to launch in the region.
The collaboration will enhance liquidity for travel suppliers, such as travel agencies, through greater transaction flexibility, transparency and security.
Infinios will deploy the Mastercard Wholesale Programme, a virtual card-based B2B payment product, to its travel industry customers using its proprietary technologies to help them secure, streamline and automate B2B travel transactions.
The solution has been specifically designed for the travel industry, addressing the lack of visibility, control and protection associated with manual payment methods that are still rife across the sector.
Infinios Financial Services co-founder and CEO Infinios Financial Services said: “We are excited to be continuing to develop our relationship with Mastercard in the B2B travel payments space in line with our commitment to support the overall financial ecosystem in the region.
"The combined strength of Infinios’s comprehensive technology capabilities and the pricing structures available through the Mastercard Wholesale Programme will enable us to provide a further boost to the corporate travel industry as it continues to recover from the ill effects of the global pandemic.”
Mastercard division president, Middle East and North Africa, Khalid Elgibali said: “As consumers regain the confidence to seek out and book travel experiences, legacy B2B payment processes threaten to hold the industry back. It's now vital that organisations across the sector consider how their payment strategy can secure growth and improve liquidity.
"Innovation must play its part in ensuring that travel payments are not only simple and convenient but, even more importantly, flexible and secure. Card payment technology provides the firm foundations from which the travel economy can not only grow but flourish, which is why we're delighted to join forces with Infinios to launch the first wholesale travel programme in the region.”
The partnership will enhance B2B travel payment flows and bring the travel ecosystem closer together to accelerate sustainable growth across the travel value chain.
As organisations across the travel ecosystem re-evaluate their payment strategies and operational priorities to drive sales and growth, the Mastercard Wholesale Programme leverages proven virtual card technology to deliver multiple benefits and is already being used by more than 400,000 travel merchants across the globe.
For more information, visit www.infinios.com