Checkout.com, a leading global digital payments provider, announces a partnership with Mastercard to bring virtual cards to Online Travel Agents. Online Travel Agents virtual cards

As part of the Mastercard Wholesale Program, which reduces costs for travel businesses through virtual card technology and an innovative pricing model, customers of Checkout.com will be able to pay their suppliers more easily and benefit from higher conversion rates by issuing virtual cards.

“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 in embracing the next generation of payment solutions for B2B travel”  said George Simon, EVP, Market Development, Mastercard Europe.

“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.

By combining acquiring and issuing, Checkout.com helps Online Travel Agents move seamlessly from receiving customer payments to paying suppliers. Traditionally, Online Travel Agents had to manage these two sides of their business separately, which can lead to inefficiencies and an increased potential for error. Checkout.com’s integrated solution ensures a seamless flow from customer payment acquisition to supplier payouts, turning what used to be a cumbersome process into a cohesive, streamlined operation. In turn, this deepens trust and relationships within the ecosystem. Online Travel Agents virtual cards

Benefits for Travelers:

Travelers booking through OTAs that leverage virtual cards can expect several advantages:

• Faster Checkout: Virtual cards eliminate the need to manually enter lengthy card details during online booking, streamlining the checkout process.
• Enhanced Security: Unlike traditional plastic cards, virtual cards often come with one-time use numbers, reducing the risk of fraud if a number is compromised.
• Potential for Rewards: Some virtual card programs might offer loyalty points or rewards specifically tied to travel bookings made through OTAs.

Security Features: Online Travel Agents virtual cards

The text mentions that virtual cards offer protection, but let’s delve deeper into the specific security features that contribute to this:

• One-Time Use Numbers: As mentioned above, virtual cards often generate unique numbers for each transaction, minimizing the risk of stolen card information being used for unauthorized purchases.
• Spending Limits: Users can set pre-defined spending limits on virtual cards, ensuring they don’t overspend while traveling.
• Real-Time Transaction Monitoring: Issuers can monitor virtual card transactions in real-time, allowing for faster detection and prevention of fraudulent activity.
• Tokenization: Sensitive card data is replaced with a secure digital token during transactions, further safeguarding traveler information.