Mastercard, HSBC Middle East collaborate to launch Mastercard Wholesale Program
Updated 5/29/2024 12:19:00 PM
Arab Finance: Mastercard has teamed up with HSBC Middle East to launch Mastercard Wholesale Program in the region, as per an emailed press release.
This marks a long-standing strategic partnership, aiming to promote automation of buyer and supplier payments for HSBC’s travel merchant customers.
Under this collaboration, HSBC will deploy the Mastercard Wholesale Program (MWP), a virtual card-based B2B payment product, for the first time in the Middle East to its travel industry customers to advance secure, streamline, and automate B2B travel transactions.
This solution is part of Mastercard’s multi-rail strategy that is already being used by over 400,000 travel merchants globally.
“Card payments continue to power the travel economy, providing essential cash flow and payment security. Our expanded partnership with HSBC in the Middle East is focused on meeting the specific needs the travel sector has today, as it captures all potential growth,” Khalid Elgibali, Chief Operating Officer, Eastern Europe, Middle East and Africa, Mastercard, said.
“By leveraging Mastercard’s virtual card innovation, this initiative provides HSBC’s travel customers with a dynamic commercial payment solution to boost operations and support the sector’s overall recovery,” Elgibali added.
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