Fintech is spurring innovations that are disrupting financial services from banking to insurance. Last year alone, over US$ 19 billion was invested in Fintech startups globally, cumulating in over US$ 40 billion invested in the last five years. Now Fintech has hit the travel industry. Travel agencies can unlock these benefits and more as Amadeus partners with MasterCard and Ixaris to bring its recently announced B2B Wallet Prepaid product to market. Amadeus is partnering with MasterCard to offer travel agencies payment acceptance and security around the globe, as well as better protection against supplier default when using B2B wallet. Amadeus’ solution will build on MasterCard’s global network to expand virtual B2B payments in travel.
Amadeus is also partnering with Ixaris to drive efficient virtual card management on B2B wallet. With its payments technology, Ixaris allows travel agents to easily create and add funds to their virtual payment cards.
“Virtual card technology is the ideal application of Fintech innovation for the travel industry. By combining the strengths of Amadeus, MasterCard and Ixaris, we bring flexibility, efficiency and confidence to travel agent B2B payments. Since we launched the product in some markets in February, we have seen overwhelming demand for it and today have customers in 10 European countries,” remarked Celia Pereiro, head of travel payments, Amadeus.
The Amadeus B2B Wallet solution will be gradually rolled out in select Asia Pacific markets in 2017 to bring travel agencies a virtual payments product with the option of either earning or saving cash when paying travel providers. Hany Fam, president, MasterCard Enterprise Partnerships, commented, “MasterCard has a history of successful, long-term partnerships across the entire travel eco-system. With our global acceptance, advanced security and automatic consolidation, Amadeus B2B Wallet gives travel agencies a host of reasons to leave cash, checks and other payment mechanisms behind, saving time and money. We look forward to further evolving our partnership with Amadeus – to shape the future of travel by enabling safe, simple and smart end-to-end experiences for businesses and consumers alike.”
Alex Mifsud, CEO, Ixaris Group, added, “We are proud to be working with Amadeus to help develop its B2B wallet proposition and now to extend it to countries around the world with our prepaid virtual payments technology at its core. This development is an endorsement of our strategy to develop B2B payments that suit specific industries, and – as is the case with Amadeus – supplying the payment capability to innovative and disruptive companies. Travel, and in particular, online travel, is an industry with huge potential to benefit from the changes in the way we pay, receive and send money.”