Dubai, UAE: Emirates NBD, one of the leading banking groups in the MENAT (Middle East, North Africa, and Türkiye) region, has partnered with Mastercard to launch the Emirates NBD Wholesale Travel Solution, a cutting-edge virtual card-based B2B payment product tailored for travel agencies.
This new collaboration builds on a longstanding partnership between the two companies, aiming to digitize and optimize payment flows within the travel ecosystem. By leveraging Mastercard’s virtual card innovation through the Mastercard Wholesale Program (MWP), the solution streamlines how travel agencies handle payments to various suppliers.
The Emirates NBD Wholesale Travel Solution provides extended credit lines and payment guarantees, improves cash flow management, enhances security through enriched data intelligence and fraud controls, and delivers seamless domestic and cross-border payment processes.
Strategic Comments
“With the volume of B2B payments in the EEMEA region growing rapidly, the need for digitization has never been greater,” said J.K. Khalil, EVP & Division President, East Arabia, Mastercard. “At Mastercard, we are doubling down on corporate solutions and enabling new digital payment innovations. This partnership with Emirates NBD empowers travel agencies to fully harness the benefits of the digital economy.”
Marwan Hadi, Group Head of Retail Banking & Wealth Management at Emirates NBD, emphasized the significance of the solution for the travel industry, stating, “Emirates NBD is proud to deliver innovative solutions tailored to the travel sector. The Wholesale Travel Solution Corporate Card, developed with Mastercard, addresses the unique needs of B2B payments for global suppliers, enhancing efficiency and reliability across the travel value chain.”
Driving Change in the Travel Industry
The launch comes as the travel industry rebounds from the pandemic. According to the International Air Traffic Association (IATA), global air travel is expected to hit a record 4.7 billion passengers in 2024, surpassing the 2019 pre-pandemic high of 4.5 billion. With travel resuming at scale, there is a growing need for the sector to adopt streamlined, secure, and efficient payment processes.
Mastercard’s Wholesale Program facilitates the adoption of virtual cards for travel transactions, creating a seamless and secure payment experience while boosting operational efficiency.
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a premier banking group in the MENAT region, operating across 13 countries with over 9 million active customers. As of September 30, 2024, the bank’s total assets amounted to AED 956 billion (approximately USD 260 billion). Emirates NBD is recognized for its commitment to digital transformation, with 97% of transactions conducted digitally, and is a prominent participant in sustainability initiatives such as COP28 and the Dubai Can project.
About Mastercard
Mastercard (NYSE: MA) is a global technology leader in the payments industry, operating in over 210 countries and territories. Its mission is to power an inclusive digital economy by delivering secure, simple, and innovative payment solutions. Through cutting-edge technologies, Mastercard empowers individuals, businesses, and governments to unlock their full potential in a rapidly evolving global marketplace.
Website: www.mastercard.com
