Emirates NBD and Mastercard have partnered to launch the Emirates NBD Wholesale Travel Solution, a virtual card-based B2B payment product designed for travel agencies. This collaboration strengthens their long-standing strategic relationship and aims to simplify and digitise payment processes between travel agencies and suppliers in the travel booking ecosystem.

Leveraging Mastercard's virtual card technology through the Mastercard Wholesale Program (MWP), the new solution improves cash flow with extended credit lines and payment guarantees, while providing greater visibility, security, and fraud controls. It also improves efficiency in both domestic and cross-border payments within the travel industry. The new payment solution is intended to support the recovery and growth of the travel sector by offering a reliable and secure way for travel agencies to manage payments to global suppliers.

According to the International Air Traffic Association (IATA), air travel is expected to reach a historic high of 4.7 billion passengers in 2024, surpassing pre-pandemic levels. This underscores the need for optimised payment solutions in the travel industry. Virtual cards revolutionising digital payments in the travel industry The rise of digital payments, particularly virtual cards, has become a transformative force in industries worldwide, and the travel sector is no exception.

As the global economy becomes increasingly interconnected, businesses in the travel industry face the challenge of managing cross-border transactions involving multiple currencies, time zones, and regulations. Traditional payment methods, such as wire transfers or paper checks, often result in delays, added fees, and the potential for human error. In contrast, digital payment solutions simplify these processes, offering real-time processing, lower transaction costs, and improve security.

Virtual cards, in particular, enable businesses to issue and control payments more efficiently, reducing the risks of fraud while improving cash flow management. The growth of digital payments in the travel industry is supported by the rising demand for frictionless transactions. This trend is driven by businesses’ need for greater efficiency, transparency, and control over their financial operations.

Virtual cards not only improve the speed and security of payments but also offer businesses valuable data insights, which can be used to optimise financial strategies and gain better visibility into spending patterns. With industry reports predicting continued growth in global travel spending – estimated to reach USD 1.4 trillion in 2024 – the adoption of digital payment solutions is expected to accelerate further, allowing companies to keep pace with the evolving demands of the travel economy. Source: Link .