Last year alone, investors globally tipped over 19 billion dollars in fintech startups, bringing the total to $40 billion over the previous five years. Now according to travel sector technology platform Amadeus, it is bringing fintech to the travel industry.
Amadeus has revealed it has partnered with Mastercard and Ixaris to bring its recently announced B2B Wallet Prepaid product to market.
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The parties will offer payment acceptance and security to travel agencies around the globe. The service promises better protection against supplier default when using B2B Wallet. Amadeus said their solution would build on MasterCard’s vast global network to expand virtual B2B payments in travel.
The company is also partnering with Ixaris to drive efficient virtual card management on B2B Wallet.
Ixaris allows travel agents to easily create and add funds to their virtual payment cards, according to the company. It has been a pioneer in payments ever since it launched the first virtual prepaid card in Europe in 2003. The company has also won the Cards International’s Prepaid Innovation Award two years in a row.
According to Alex Mifsud, CEO of Ixaris Group, “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.”
Celia Pereiro, Head of Travel Payments said, “Virtual card technology is the ideal application of Fintech innovation for the travel industry.”
Pereiro said that by combining the strengths of Amadeus, MasterCard and Ixaris, the partners will 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.”
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 that gives them the option of either earning or saving cash when paying travel providers, say the partners.
Hany Fam, MasterCard Enterprise Partnerships said,“ 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.”