Friday, May 31, 2024 Mastercard and HSBC Middle East have teamed up to launch the Mastercard Wholesale Program (MWP) in the Middle East, focusing on the travel sector. The partnership aims to digitalize and streamline payment processes between buyers and suppliers for HSBC’s travel merchant clientele, enhancing both liquidity and security in the travel industry, as stated in a press release on Wednesday (May 29). The MWP, a virtual card-based B2B payment solution, marks HSBC’s first deployment in the region and is tailored to meet the specific needs of the travel industry, the press release noted.
This innovative solution overcomes the challenges of traditional manual payment methods, which often lack transparency, control, and security. Utilizing Mastercard’s virtual card technology, the program is designed to simplify and secure B2B transactions in the travel sector. As the travel industry experiences growth and recovery, the importance of reevaluating booking processes and technologies becomes paramount.
The MWP plays a crucial role in driving the travel economy by promoting the use of virtual cards in travel transactions, thereby benefiting the entire travel value chain. Additionally, Checkout.com announced on May 2 that it has collaborated with Mastercard under the MWP to provide virtual cards to online travel agencies, enabling easier supplier payments and improved conversion rates for Checkout.
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