Mastercard and Emirates NBD power virtual B2B travel payments

By Gloria Methri

Emirates NBD and Mastercard have partnered to introduce the Emirates NBD Wholesale Travel Solution, a virtual card-based B2B payment product for travel agencies. The collaboration aims to digitise and optimise payment flows between travel agencies and the various suppliers associated with travel bookings.

By harnessing Mastercard’s virtual card innovation through the Mastercard Wholesale Program (MWP), to digitise the way travel buyers pay travel suppliers, the new solution will improve cash flow through an extended credit line and a payment guarantee. It will also increase visibility and enhance security through enriched data intelligence and fraud controls and build efficiency across the travel value chain for domestic and cross-border payments.

“With the volume of business-to-business payments in the EEMEA region increasing rapidly, the need for digitisation has never been greater. At Mastercard, we are doubling down on corporate solutions and enabling new digital payment solutions to support better the markets we serve. We are excited to build on our longstanding relationship with Emirates NBD to extend the benefits of our virtual card to its travel agency customers, empowering them to reap the full benefits of the digital economy,” said J.K. Khalil, EVP & Division President, East Arabia, Mastercard.

“Our newly launched Wholesale Travel Solution Corporate Card, developed in collaboration with Mastercard, addresses the sector’s unique requirements for secure and efficient B2B payments to global suppliers. This solution enables us to enhance payment processes, providing businesses with a seamless, reliable solution for their transactional needs,” said Marwan Hadi, Group Head of Retail Banking & Wealth Management at Emirates NBD.

Insights from the International Air Traffic Association (IATA) predict that 4.7 billion people will travel by air in 2024, a historic high that exceeds the pre-pandemic level of 4.5 billion recorded in 2019. As consumers return to travel and the industry continues to grow, it is essential that the sector re-thinks the processes and technologies that bring these bookings to life.