Travel technology company Amadeus today announced that it is partnering with MasterCard to expand the use of virtual payment cards for agencies and providers in the global travel industry. Amadeus’ new B2B prepaid wallet will be leveraging MasterCard’s virtual payment card technology, providing travel agencies and providers with a fast, secure and automated way to pay and get paid.
With travel agencies making €332 billion worth of payments to providers each year, only 20% of agencies claim to currently use virtual cards. Today’s announcement combines the flexibility of Amadeus’ virtual prepaid wallet with the security and intelligence of MasterCard’s global payments network.
Virtual card technology offer travel merchants and suppliers additional benefits over alternative options such as bank transfers or checks. For travel agencies, virtual payment cards allow for automated reconciliation, while travel providers receive funds instantly resulting in improved cash-flow.
Comments Hany Fam, MasterCard Enterprise Partnerships: “MasterCard has a history of successful, long-term partnerships across the entire travel eco-system. With our global acceptance, advanced security and automatic consolidation, Amadeus B2B Wallet gives travel agencies a host of reasons to leave cash, checks and other payment mechanisms behind, saving time and money. We look forward to further evolving our partnership with Amadeus – to shape the future of travel by enabling safe, simple and smart end-to-end experiences for businesses and consumers alike.”