With this new collaboration, securely generated, single-use card numbers make it easier for travel buyers and suppliers to track and reconcile payments as well as access flexible pricing, financing options and enhanced security, the companies said in a Monday (Nov. 28) press release.
This will make for new solutions and seamless connections for travel management companies, travel agencies, corporations, issuers and technology partners in the travel space, Sabre Travel Solutions Executive Vice President and Chief Commercial Officer Roshan Mendis said in the release.
“Sabre is taking strategic steps to fulfill the needs of our industry, beginning with the acquisition of Conferma Pay,” Mendis said in the release. “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.”
In addition, Mastercard is to make a minority investment in Conferma Pay, subject to customary closing conditions, according to the release.
Conferma Pay connects issuers to travel management companies, global distribution systems and online booking tools, and it serves banking partners that issue the virtual cards it generates in nearly 100 currencies, the release said.
“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,” Mastercard Executive Vice President of Enterprise Partnerships Chris Fendley said in the release.
Mastercard reported Oct. 27 during its third-quarter earnings call that cross-border travel-related spending has reached 124% of 2019’s third-quarter levels.
“The headline is that consumer spending is resilient, and cross-border travel continues to recover,” Mastercard CEO Michael Miebach said during the call.
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