Two of the world’s biggest financial businesses have partnered with global travel technology Expedia Group to launch credit cards specific to travellers.
Mastercard and Wells Fargo have been enlisted by the company to develop the One Key and One Key+ cards, which will be integrated for Expedia’s One Key loyalty programme.
The cards will be targeted to US overseas travellers initially, with the main offering being a rewards scheme. On top of this the currency used via the Expedia, Hotels.com and Vrbo apps can be used for Expedia purchases and everyday purchases.
Katrina Lane, SVP, Traveler Engagement and Loyalty at Expedia Group, said: “As we celebrate one year of One Key launching in the US, we are excited to offer travellers the new One Key credit cards, further delivering on our mission to make travel more rewarding and flexible, and helping travellers achieve higher tiers for more rewards, faster.
“The new credit cards will enhance our unique travel rewards program that lets members earn and redeem OneKeyCash across eligible Expedia, Hotels.com, and Vrbo bookings.”
The programme will be launched later this summer, marking a continuation of an active year for Mastercard and Wells Fargo, which have been engaged in projects across a range of financial disciplines.
In Wells Fargo’s case, the company’s activity in the travel industry with Expedia comes after the company stepped up its activity in cryptocurrency. The firm is one of many banks to have implemented Bitcoin ETFs following approval by the Securities and Exchange Commission (SEC) earlier this year.
“We’re excited to enter a new era with Expedia Group and Mastercard to bring the One Key Cards to market,” added Krista Phillips, EVP, Head of Consumer Credit Cards and Consumer Lending Marketing at Wells Fargo.
“The programme is uniquely designed to offer immediate value to our customers through instant discounts, enhanced perks, and accelerated rewards.”
For Mastercard, the agreement follows the company’s escalation of its activity in a variety of fintech areas including Open Banking, AI and tokenization. The company’s partnership with travel firm Expedia comes at an interesting time – its biggest rival, Visa, recently upped its own game in the travel space via a new card replacement service.
Chiro Aikat, Co-President of US Mastercard, remarked: “Consumers are continuing to prioritise experiences over material goods, and with that, have a growing desire to travel.
“We’re delighted to partner with Expedia Group and Wells Fargo to help consumers unlock meaningful travel opportunities. With the launch of both One Key Cards, we’re helping consumers make the most of their trips through enhanced loyalty benefits and choice.”
