Mastercard in partnership to expand virtual card payments for travel
Mastercard (NYSE:MA) has entered a partnership with Sabre Corp. (NASDAQ: SABR), a software and technology provider that powers the global travel industry, and Conferma Pay, a British fintech firm that specializes in payment technology.
The new partnership is designed to expand the use of virtual cards for business-to-business travel payments. As part of the agreement, Mastercard has agreed to make a minority investment in Conferma Pay, which will continue to operate independently. The size of Mastercard”™s investment was not disclosed and is subject to customary closing conditions; Sabre acquired Conferma Pay in August.
“A combination of experience, technologies and capabilities will accelerate travel payment innovation and drive inclusive and sustainable growth for the sector,” said Chris Fendley, executive vice president of enterprise partnerships at Purchase-based Mastercard. “Virtual cards deliver visibility, boost liquidity and increase control over B2B payment flows, which enhance payment strategies and empower organizations across the travel value chain to run, grow and protect their business, which has never been more essential.”
“Companies in the travel space ”“ including travel management companies, travel agencies, corporations, issuers and technology partners ”“ need sophisticated solutions and seamless connections,” said Roshan Mendis, executive vice president and chief commercial officer at Sabre Travel Solutions. “Sabre is taking strategic steps to fulfill the needs of our industry, beginning with the acquisition of Conferma Pay. Now, the new partnership with Mastercard will help Conferma Pay to build new and enhanced digital capabilities in virtual cards, transforming the payment experience for issuers.”