Digital payments provider Checkout.com has announced a partnership with Mastercard to offer virtual cards for Online Travel Agents (OTAs).
This collaboration will enable Checkout.com customers to access Mastercard’s Wholesale Program, which can help reduce costs and improve conversion rates. OTAs often use cards for B2B payments, and the new virtual card solution will streamline their operations by combining issuing and acquiring functions on a single platform. This integration will allow them to receive customer transactions and pay suppliers efficiently.
Meron Colbeci, chief product officer at Checkout.com, expressed enthusiasm about the partnership, stating, “We’re delighted to partner with Mastercard to complement our virtual card issuing solution, enabling Online Travel Agents to unlock new revenue streams and deliver a connected customer experience. Together we’ll offer higher payment performance to travel merchants by combining the Mastercard Wholesale Program with our single integration connecting acquired sales to issued cards, which unifies acquiring and issuing for better cash flow management.”
George Simon, EVP of market development at Mastercard Europe, added, “Mastercard remains committed to powering the travel economy with digital payment solutions that provide greater flexibility, visibility, and protection. Over 400,000 travel providers worldwide already rely on us to enable payments through the Mastercard Wholesale Program, and we’re thrilled to be collaborating with Checkout.com to support their customers in embracing the next generation of payment solutions for B2B travel.”
Earlier this month, Mastercard launched a virtual card app that allows virtual commercial cards to be added to digital wallets, simplifying travel expenses.