global commerce platform WEX We have launched a virtual card partnership with Booking.com.
The new arrangements announced at news release On Thursday (April 25), WEX will become Booking.com's virtual card provider, extending the companies' 11-year partnership. WEX's payment solution supports Booking.com's sales of travel-related products and services.
“Building on our long-standing partnership, we bring WEX's deep expertise in both payments and travel and the reliability of our technology platform to support Booking.com's B2B travel payment activities 24/7. We will support you so that we can strengthen our efforts in a year of global scale. Carlos CarriedoChief Operating Officer for International Affairs at WEX.
The partnership leverages WEX's expertise in global virtual cards and cross-currency capabilities to make travel easier, according to the release.
“Providing a seamless travel experience for both travelers and lodging partners requires navigating multiple currencies, borders and time zones, which poses complex challenges,” he said. Daniel MarowitzSenior Vice President of FinTech at Booking.com.
PYMNTS recently wrote about the role of Booking.com. Connected travel trendsThis includes using digital technology to enhance the travel experience before and during the trip.
For example, Booking Holdings, the parent company of Booking.com as well as Priceline, Kayak, and other connected economy hospitality brands, recently powered its AI-powered travel assistant Penny to streamline the trip planning and booking process .
The company also super travel app With “Connecting Journey”, A new program offering access to package holidays, flights and attractions, all available for purchase through the Booking.com website or mobile app.
CEO: “We continue to strengthen our direct relationship with travelers” Glenn Fogel He told analysts at the company's latest earnings call. “We remain confident in the long-term outlook for the travel industry.” [and] We believe we are positioned to deliver attractive growth across our key metrics over the next few years. ”
Elsewhere in the virtual card space, PYMNTS investigated the role these cards play. Buyer-supplier relationship In a recent conversation with industry experts.
“It's always clear why buyers want to use virtual cards. But the same is not true for suppliers.” robin bowsock, City's Lead the B2B commercial card.
He pointed out that for buyers, the benefits derived from the use of virtual cards have always been clear, such as working capital optimization and enhanced data for reconciliation and fraud prevention.
“For suppliers, however, the calculus around virtual cards has been relatively rosy, at least until recently, with the general perception that business-to-business (B2B) card payments are expensive and unprofitable.” PYMNTS says. I have written. “This dynamic is changing rapidly, especially as the macro context of high interest rates and similarly high costs of capital fosters innovation and creates new opportunities.
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