Collaboration between Mastercard and HSBC Middle East for Travel Payment Solutions

Mastercard and HSBC Middle East have teamed up to introduce the Mastercard Wholesale Program (MWP) in the Middle East, with a specific focus on revolutionizing the travel industry. This partnership aims to digitize and automate buyer and supplier payments for HSBC’s travel merchant customers, ultimately enhancing liquidity and security within the travel value chain.

The MWP is a virtual card-based B2B payment product that will be implemented by HSBC for the first time in the Middle East, catering to the unique requirements of the travel industry. By leveraging Mastercard’s virtual card innovation, this initiative seeks to streamline and secure B2B travel transactions, addressing the challenges associated with manual payment methods such as a lack of visibility, control, and protection.

Khalid Elgibali, Chief Operating Officer of Eastern Europe, Middle East, and Africa at Mastercard, highlighted the importance of card payments in driving the travel economy. He emphasized that this expanded partnership with HSBC in the Middle East aims to meet the specific needs of the travel sector, providing a dynamic commercial payment solution to boost operations and support the industry’s overall recovery.

Kyle Boag, Head of Global Payments Solutions for HSBC in the Middle East, North Africa, and Türkiye region, emphasized the significance of digital tools in maximizing sales opportunities for customers. By utilizing the MWP, traditional and online travel agencies, bed banks, tour operators, and travel management companies will have more control over payment options, improving cash flow through a secure and efficient platform.

As the travel industry rebounds and continues to grow, it becomes crucial for the sector to rethink processes and technologies that facilitate bookings. B2B payments play a significant role in powering the travel economy, and the Mastercard Wholesale Program aims to accelerate the adoption of virtual cards for travel transactions, bringing benefits across the travel value chain.

In a recent deployment of the Mastercard Wholesale Program, Checkout.com announced a collaboration with Mastercard to offer virtual cards to online travel agents. Customers of Checkout.com will now be able to pay their suppliers more easily and benefit from higher conversion rates, as part of the MWP.

Overall, this partnership between Mastercard and HSBC Middle East signifies a significant step towards modernizing and securing B2B payments in the travel industry. By introducing innovative solutions like the Mastercard Wholesale Program, businesses in the sector can expect improved efficiency, control, and security in their transactions, ultimately driving growth and recovery in the travel economy.