The partnership supports Online Travel Agencies (OTAs) and other travel sector businesses that use cards to make B2B payments, as the market is forecast to reach $1.5 trillion in revenues by 2027[1]. The partnership follows Checkout.com’s launch last year of Issuing in the UK and Europe, enabling brands to issue, process, and manage card programs, and combine with acquiring to fund cards efficiently.
Checkout.com, a leading global digital payments provider, announced a partnership with Mastercard to bring virtual cards to Online Travel Agents. As part of the Mastercard Wholesale Program, which reduces costs for travel businesses through virtual card technology and an innovative pricing model, customers of Checkout.com will be able to pay their suppliers more easily and benefit from higher conversion rates by issuing virtual cards.
„By combining acquiring and issuing, Checkout.com helps Online Travel Agents move seamlessly from receiving customer payments to paying suppliers. Traditionally, Online Travel Agents had to manage these two sides of their business separately, which can lead to inefficiencies and increased potential for error.” – according to the press release.
„Checkout.com’s integrated solution ensures a seamless flow from customer payment acquisition to supplier payouts, turning what used to be a cumbersome process into a cohesive, streamlined operation. In turn, this deepens trust and relationships within the ecosystem.” – the company explained.
“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 to embrace the next generation of payment solutions for B2B travel,” said George Simon, EVP, Market Development, Mastercard Europe.
“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”, said Meron Colbeci, Chief Product Officer at Checkout.com.
Read Mastercard’s ‘Embracing a virtual future for B2B travel payments’ report here.
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[1] Phocuswright, U.S. Online Travel Agency Market Report 2021–2025, March 2022.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
