Mastercard, which offers a suite of B2B products and services that help reduce complexity and risks, cut costs, and automate processes for businesses around the world, has recently forged a partnership with a travel industry technology company to be able to offer B2B travel payment services.
To do so, the credit and debit card issuer is partnering with Sabre, a leading software and technology firm that powers the global travel industry. Since 1960, Sabre has been engaging airlines, hoteliers, agencies, and other travel partners to retail, distribute and fulfil travel. Just recently, it has also acquired U.K.-based payments company Conferma Pay
“Sabre is taking strategic steps to fulfil the needs of our industry, beginning with the acquisition of Conferma Pay,” said Roshan Mendis, Executive Vice President and Chief Commercial Officer of Sabre Travel Solutions, in a press release.
“Now, the new partnership with Mastercard will help Conferma Pay to build new and enhanced digital capabilities in virtual cards, transforming the payment experience for issuers,” he added.
According to the same press release, Mastercard is set to make a minority investment in Conferma Pay, subject to customary closing conditions.
With this new collaboration, securely generated, single-use card numbers will make it easier for travel buyers and suppliers to track and reconcile payments as well as access flexible pricing, financing options and enhanced security.
This will also make for new solutions and seamless connections for travel management companies, travel agencies, corporations, issuers and technology partners in the travel space.
Connecting issuers to travel management companies
Thanks to its recent partnership with Conferma Pay, Sabre will now be able to connect issuers to travel management companies, global distribution systems and online booking tools. Sabre will now also be able to serve banking partners that will issue the virtual cards it generates in nearly 100 currencies.
“Virtual cards deliver visibility, boost liquidity and increase control over B2B payment flows, which enhance payment strategies and empower organizations across the travel value chain to run, grow and protect their business, which has never been more essential,” said Chris Fendley, Executive Vice President of Enterprise Partnerships of Mastercard.
In an October report where it divulged its 3Q earnings, Mastercard said that cross-border travel-related spending has already reached 124% of 2019’s third-quarter levels.
According to the report, strong consumer spending and a return to travel are what have helped bolster Mastercard’s third-quarter financial results amid growing fears that a recession is coming.
“The headline is that consumer spending is resilient, and cross-border travel continues to