Financial and Business News

Mastercard and Checkout.com Collaborate to Transform Online Travel Payment

Thursday, 02/05/2024 | 09:06 GMT by Tareq Sikder
  • The partnership simplifies payment processes for OTAs, fostering relationships in the travel industry.
  • The collaboration introduces virtual cards, leading to higher conversion rates for customers.
Mastercard

Checkout.com, a service provider in the global digital payments arena, has unveiled a strategic collaboration with Mastercard aimed at introducing virtual cards to Online Travel Agents (OTAs). This collaboration marks a step forward in enhancing payment efficiency within the travel industry.

Transforming Online Travel Payment Processes

Under the umbrella of the Mastercard Wholesale Program, designed to alleviate costs for travel enterprises through the utilization of virtual card technology alongside a pricing structure, Checkout.com customers are set to benefit. The integration of virtual cards promises to facilitate smoother transactions for customers, while concurrently enhancing conversion rates.

George Simon, EVP, Market Development, Mastercard Europe, Source: LinkedIn

"Mastercard remains committed to powering the travel economy with digital payment solutions that provide greater flexibility, visibility, and protection. Over 400,000 travel providers worldwide already rely on us to enable payments through the Mastercard Wholesale Program, and we're thrilled to be collaborating with Checkout.com to support their customers to embrace the next generation of payment solutions for B2B travel," said George Simon, EVP, Market Development, Mastercard Europe.

Payment Integration Enhances Efficiency for OTAs

The essence of this collaboration lies in amalgamating acquiring and issuing functionalities, thus furnishing OTAs with a streamlined mechanism for managing payments across their ecosystem. Traditionally, the bifurcation of these processes could engender inefficiencies and susceptibility to errors. However, Checkout.com's integrated solution is positioned to mitigate such challenges, ensuring a seamless transition from customer payment acquisition to supplier remittances.

Meron Colbeci, Chief Product Officer at Checkout.com, Source: LinkedIn

By ushering in a cohesive approach to payment management, Checkout.com seeks to fortify trust and bolster relationships within the OTA landscape.

"We're delighted to partner with Mastercard to complement our virtual card issuing solution, enabling Online Travel Agents to unlock new revenue streams and deliver a connected customer experience. Together we'll offer higher payment performance to travel merchants by combining the Mastercard Wholesale Program with our single integration connecting acquired sales to issued cards, which unifies acquiring and issuing, for better cash flow management," said Meron Colbeci, Chief Product Officer at Checkout.com.

Checkout.com, a service provider in the global digital payments arena, has unveiled a strategic collaboration with Mastercard aimed at introducing virtual cards to Online Travel Agents (OTAs). This collaboration marks a step forward in enhancing payment efficiency within the travel industry.

Transforming Online Travel Payment Processes

Under the umbrella of the Mastercard Wholesale Program, designed to alleviate costs for travel enterprises through the utilization of virtual card technology alongside a pricing structure, Checkout.com customers are set to benefit. The integration of virtual cards promises to facilitate smoother transactions for customers, while concurrently enhancing conversion rates.

George Simon, EVP, Market Development, Mastercard Europe, Source: LinkedIn

"Mastercard remains committed to powering the travel economy with digital payment solutions that provide greater flexibility, visibility, and protection. Over 400,000 travel providers worldwide already rely on us to enable payments through the Mastercard Wholesale Program, and we're thrilled to be collaborating with Checkout.com to support their customers to embrace the next generation of payment solutions for B2B travel," said George Simon, EVP, Market Development, Mastercard Europe.

Payment Integration Enhances Efficiency for OTAs

The essence of this collaboration lies in amalgamating acquiring and issuing functionalities, thus furnishing OTAs with a streamlined mechanism for managing payments across their ecosystem. Traditionally, the bifurcation of these processes could engender inefficiencies and susceptibility to errors. However, Checkout.com's integrated solution is positioned to mitigate such challenges, ensuring a seamless transition from customer payment acquisition to supplier remittances.

Meron Colbeci, Chief Product Officer at Checkout.com, Source: LinkedIn

By ushering in a cohesive approach to payment management, Checkout.com seeks to fortify trust and bolster relationships within the OTA landscape.

"We're delighted to partner with Mastercard to complement our virtual card issuing solution, enabling Online Travel Agents to unlock new revenue streams and deliver a connected customer experience. Together we'll offer higher payment performance to travel merchants by combining the Mastercard Wholesale Program with our single integration connecting acquired sales to issued cards, which unifies acquiring and issuing, for better cash flow management," said Meron Colbeci, Chief Product Officer at Checkout.com.

Topics
fintech
payments
mastercard
About the Author: Tareq Sikder
Tareq Sikder
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A Forex technical analyst and writer who has been engaged in financial writing for 12 years.

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