SOUTHLAKE, Texas—Sabre Corporation and Conferma Pay are now working with Mastercard to accelerate the use of virtual cards for business-to-business travel payments.
The collaboration with Mastercard is the next step in advancing Sabre's goal to create an open and independent travel payment ecosystem, Sabre said, according to the publication Hotel Management.
“Digitization of travel payments with virtual cards helps address the challenges associated with B2B leisure and corporate travel payments,” the publication stated. “The single-use card numbers provide a link between booking and associated payments to third-party suppliers, and travel buyers and suppliers can track and reconcile payments.”
‘In Midst of Revolution’
Hotel Management quoted Roshan Mendis, EVP and chief commercial officer with Sabre Travel Solutions, as adding, "The payments industry is in the midst of a revolution and there is an increased need for travel companies to better manage the whole payment experience. Companies in the travel space—including travel management companies, travel agencies, corporations, issuers and technology partners—need sophisticated solutions and seamless connections. 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."
Minority Investment Made
As part of the agreement, Mastercard has agreed to make a minority investment in Conferma Pay, which will continue to operate independently and serve the entire travel industry. Mastercard's investment in Conferma Pay is subject to customary closing conditions, Hotel Management noted.
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