Mastercard has announced its partnership with HSBC Middle East in order to accelerate the development of travel payments in the region. Following this announcement, the collaboration represents a continuation of a long-standing partnership between Mastercard and HSBC Middle East, aimed at further accelerating the overall development and innovation of travel payments.

In addition, both financial institutions will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement Throughout this partnership, Mastercard has launched its Mastercard Wholesale program in the region in order to optimise the automation of buyer and supplier payments for HSBC’s travel merchant customers and clients. By utilising virtual cards to digitise the manner in which travel organisations pay each other for the various elements that are included in users’ trips, the collaboration is expected to also boost liquidity and improve security across the travel value chain.

HSBC is set to deploy the MWP, a virtual card-based B2B payment product, in the region of the Middle East to its travel industry clients and partners. The companies will focus on advancing secure, streamlined, and automated business-to-business travel transactions. It will also address the lack of visibility, control, and security that are associated with manual payment methods.

As customers and users return to travel and the industry continues to grow and develop, it is required for companies and businesses to optimise their processes and technologies that were designed to make these opportunities possible. In addition, as card payments continue to power the overall travel economy by offering essential cash flow and payment security, the expanded deal will focus on capturing the travel sector's development. By using Mastercard’s virtual card optimisation, the initiative will also provide HSBC’s travel users with a dynamic commercial payment service in order to boost operations and accelerate the sector’s recovery.

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