Worldpay has partnered with Mastercard to improve the efficiency of travel supplier payouts and deliver customised solutions for travel agents.
The partnership will see Worldpay leverage the Mastercard Wholesale Programme to offer virtual cards, streamlining payment processes for clients across the UK and Europe.
This agreement aims to address a longstanding issue for travel agents in managing payments to suppliers such as airlines, hotels, and other travel service providers when handling direct consumer bookings.
Nabil Manji, Head of FinTech Growth and Financial Partnerships at Worldpay, said: “Worldpay has a long-term strategic commitment to the travel and airlines space, supporting more than 130 airlines and the top three agencies across the globe. We processed more than $100bn of transactions for the travel industry last year which provides us with the expertise to understand the unique payments needs within this space.
“Working with Mastercard to deliver value across the entire travel ecosystem through this virtual card programme, we will be able to help travel agents realise new efficiencies in their payments processes while increasing travel supplier virtual card acceptance through more transparent and data-driven practices.”
Worldpay is the first to adopt Mastercard’s dynamic product code capability, which enhances B2B payments by allowing travel agents and suppliers to customise payment terms.
Further ways this deal will benefit travel agents and suppliers in the travel sector are increased flexibility and efficiency. Worldpay’s virtual card acceptance provides a single payment solution across multiple currencies, allowing travel agents to tailor payment terms to suit different supplier relationships.
The virtual card offering also looks to bring greater transparency, with both travel agents and suppliers benefiting from detailed payment insights and reporting. Additionally, Worldpay’s expertise and global scale aim to further enhance cash flow, reduce credit risk and strengthen the overall payment ecosystem for the travel industry.
Chiara Quaia, SVP of Travel Industries at Mastercard, commented: “Businesses need the fast, secure and flexible payment experiences that virtual cards offer.
“We’re thrilled to accelerate the adoption of this technology with Worldpay who is now empowering its travel agency customers through the Mastercard Wholesale Programme by providing them a dynamic B2B payment solution that can be tailored to specific product and market needs.”
Earlier this year, Worldpay also teamed up with other payment giants to improve cardholder accessibility and support SME owners. This includes a partnership with American Express, aimed at making it easier for small businesses to accept payments from the card provider’s members.
