Mastercard and HSBC Middle East have joined forces to introduce the Mastercard Wholesale Program (MWP) in the Middle East, with a specific focus on the travel industry.
The aim of this partnership is to digitize and automate buyer and supplier payments for HSBC’s travel merchant customers, thereby enhancing liquidity and security within the travel value chain, the companies said in a Wednesday (May 29) press release.
The MWP is a virtual card-based B2B payment product that will be implemented by HSBC for the first time in the Middle East, catering to the unique requirements of the travel industry, according to the release.
This solution addresses the challenges associated with manual payment methods, such as a lack of visibility, control and protection, the release said. By leveraging Mastercard’s virtual card innovation, the initiative seeks to streamline and secure B2B travel transactions.
Khalid Elgibali, chief operating officer, Eastern Europe,…
