Sunday, June 2, 2024 Mastercard and HSBC Middle East have partnered to launch the Mastercard Wholesale Program (MWP) in the Middle East, with a dedicated focus on the travel industry. The goal of this collaboration is to digitize and automate payments between buyers and suppliers for HSBC’s travel merchant customers, enhancing liquidity and security throughout the travel value chain, as noted in a press release on Wednesday (May 29). The MWP is a virtual card-based B2B payment solution, marking its debut implementation by HSBC in the Middle East, designed specifically to meet the travel industry’s needs, according to the release.
This solution tackles challenges tied to manual payment methods, including lack of visibility, control, and protection. By utilizing Mastercard’s virtual card technology, the initiative aims to streamline and secure B2B travel transactions. Eastern Europe, Middle East and Africa at Mastercard emphasized the critical role of card payments in driving the travel economy.
This expanded partnership with HSBC in the Middle East is designed to address the specific needs of the travel sector, offering a dynamic commercial payment solution to enhance operations and support the industry’s recovery. An official of global payments solutions for HSBC in the Middle East, North Africa, and Türkiye region, highlighted the importance of digital tools in maximizing sales opportunities for customers. Through the MWP, traditional and online travel agencies, be.