Mastercard and Bahrain-based financial services firm Infinios announced a strategic partnership to support and develop the digital transformation of travel payments from one company to another between buyers and providers of travel services through the launch of the first-ever "Mastercard Wholesale Program" in the region. This cooperation aims to enhance the liquidity of travel service providers such as travel agencies through increased transaction flexibility, transparency and security.
The "Mastercard Wholesale", a virtual card-based company-to-company payment product, will be circulated to its travel clients using its own technology to help them secure, streamline and automate travel transactions from one company to another. The integrated solution was designed specifically for and in cooperation with the travel sector, in a move that will address the lack of visibility, control and protection associated with manual payment methods, which remain widespread in the sector.
Andrew Simms, founding partner and CEO of Infinios Financial Services, said: "We are excited to continue to develop our partnership with Mastercard in the area of travel payments from one company to another in line with our commitment to supporting the region's comprehensive financial system. Our shared strengths, combining the overall technical capabilities of Infinius and the pricing structures offered by Mastercard wholesale, will enable us to give additional impetus to the corporate travel sector, while continuing to recover from the negative effects of the pandemic. "
Khaled Al-Jabali, Regional President of Mastercard in the Middle East and North Africa Region, said: "As consumers regain confidence and embark on the search for new travel experiences, old payment processing methods from one company to another can hinder the growth of this sector, so it is now necessary for enterprises operating in the sector to consider their own payment strategies and their role in generating growth and enhancing liquidity. Innovation must be instrumental in ensuring that travel payments are simple, convenient, flexible and safe at the same time. Card payment techniques provide strong foundations for the growth and prosperity of the travel economy, which is why we are happy to collaborate with Infinius to launch the first wholesale travel programme in the region.
Mastercard (listed on the New York Stock Exchange under the symbol MA) is a global company specializing in payment solutions technology. Our mission is to connect and empower an inclusive digital economy that benefits all people anywhere by allowing safe, simple and intelligent transactions with ease. Through the use of secure data and networks and the consolidation of passion-based partnerships, our innovations and solutions help individuals, financial institutions, Governments and companies to reach their full potential. Our culture and all the work we do both inside and outside the company is based on our tact product, or DQ. Through our network of more than 210 countries and regions, we are working to build a sustainable world that offers invaluable potential for all.
