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Bahrain-based fintech Infinios has partnered with MasterCard to digitize B2B travel payments between buyers and suppliers through a wholesale program.
Following this collaboration, the launch of Mastercard’s wholesale program in the region is believed to help travel agencies and travel providers with improved transaction flexibility, transparency and security.
Mastercard wholesale program and B2B travel payments
According to information detailed in the press release, Infineos will deploy its virtual card-based B2B payment product Mastercard Wholesale Program to help travel industry customers secure, simplify and automate their proprietary technologies. B2B travel transactions. Designed specifically for the travel industry, the integrated solution aims to address the lack of visibility, control and security associated with manual payment methods that are still prevalent in the sector.
As card payment adoption continues to recover in the travel economy, the partnership will allow Infinios to leverage MasterCard’s flexible and transparent pricing structure designed to meet industry distribution, market and currency needs. Moreover, the collaboration is believed to help improve key B2B travel payment flows and bring the travel ecosystem together to accelerate continued growth in the travel value chain.
MasterCard’s Economic Outlook 2023 highlights that current experiences will improve in terms of commodity spending, given continued travel demand and changes in consumer preferences globally. As organizations across the ecosystem look to reevaluate their payment strategies and business priorities to drive sales and growth, the MasterCard Wholesale Program leverages proven virtual card technology to deliver multiple benefits. 400,000 traveling salesmen.
Commenting on the announcement, Khalid Elgibali, president of MasterCard’s Middle East and North Africa division, believes that as consumers gain the confidence to search and book travel experiences, legacy B2B payment processes are holding the industry back. It is considered important for organizations in the sector to consider how their payment methods can contribute to growth and improve liquidity, and innovation is expected to help ensure not only easy and convenient travel payments, but also flexible and secure payments. According to their statement, card payment technology enables the foundations for the growth of the travel economy, which is why the company is looking forward to partnering with Infinios to launch the first mass travel program in the region.
Andrew Sims, Founder and CEO of Infinios Financial Services, added that the company aims to continue its relationship with MasterCard in the B2B travel payment space as part of its commitment to support the entire financial ecosystem in the region. A spokesperson said the combined strength of Infinios’ comprehensive technology capabilities and pricing structure through MasterCard’s wholesale program will allow the company to further grow the corporate travel industry as it continues to recover from the global pandemic.
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