Emirates NBD, a banking group in the MENAT (Middle East, North Africa and Türkiye) region and Mastercard have partnered to introduce the Emirates NBD Wholesale. Travel Solution, a virtual card-based B2B product is now available for travel agencies.
This new collaboration represents the continuation and optimization of a long-standing partnership between the two companies. The goal is to digitalize payment flows between travel agents and the suppliers associated with bookings.
By harnessing Mastercard’s virtual card innovation, through the Mastercard Wholesale Program (MWP), to digitize the way travel buyers pay travel suppliers, the new Emirates NBD Wholesale Travel Solution will improve cash flow through extended credit line and payment guarantee, increase visibility and enhance security through enriched data intelligence and fraud controls, and build efficiency across the travel value chain for domestic & cross border payments.
“With the volume business-to-business payment in the EEMEA area increasing rapidly, digitization is more important than ever. Mastercard is doubling down on its corporate solutions, and enabling digital payment solutions in order to better serve the markets it serves.
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.
“Emirates NBD takes pride in being the first to deliver cutting-edge solutions to the travel industry. Our newly-launched Wholesale Travel Solution Corporate Card was developed in partnership with Mastercard to address the sector’s specific requirements for secure, efficient B2B payments. 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, Emirates NBD.
IATA’s insights predict that in 2024 4.7 billion people will fly, a record high that surpasses the 4.5 billion pre-pandemic levels recorded in 2019. In order to keep up with the growth of the travel industry and the return of consumers to the market, it is vital that the sector rethinks its processes and technologies. B2B Payments are driving the travel industry, and Mastercard Wholesale Program benefits the entire travel value-chain by accelerating the use of virtual cards.
