WEXUS-based commercial payments company WEX said it is expanding into the Middle East by issuing virtual cards in the United Arab Emirates (UAE). WEX’s virtual card solution will be provided in partnership with Mastercard and has been approved by the Central Bank of the UAE.

The new virtual card will be beneficial for travelling customers as it will enable secure, streamlined and automated international and domestic supplier payments powered by WEX, plus settlement in UAE dirhams without foreign exchange charges, it said in a statement.

“In partnership with Mastercard, we have been working to strengthen our offering across Europe, the Middle East and Africa (EMEA). We are delighted to offer our corporate payments solution to the UAE market, helping businesses to unlock new value from payments,” said Anant Patel, Vice President for WEX, EMEA and APAC.

The company said the new card will enable optimized cash flow services and access to credit lines for UAE business clients, as well as a lower cost of global payments, improved card acceptance among travel suppliers, and a lower resource burden on the accounts payable department.

“WEX’s capabilities harness the power of Mastercard’s renowned customer-centric B2B products and services. We are proud to partner with them on this next step into serving their global customers in the UAE,” added Girish Nanda, General Manager, UAE and Oman, Mastercard.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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