Mastercard and Sabre’s Conferma Pay partner on virtual cards
On 28 November, it was announced that Mastercard is partnering with Sabre Corporation’s Conferma Pay on virtual cards for the travel economy.
Back in August 2022, Sabre acquired Conferma Pay to advance virtual card payments in the travel industry. Sabre Corporation is a leading software and tech provider powering the global travel industry. The recently acquired Conferma Pay is a leading UK-based FinTech company and a pioneer in virtual card technology.
In big news for the payments industry, Sabre’s Conferma Pay will now partner with the global pioneer in payment innovation, Mastercard. The partnership will include a minority investment in Conferma Pay by Mastercard.
Discussing the partnership, Roshan Mendis, Executive Vice President and Chief Commercial Officer, Sabre Travel Solutions said:
“Companies in the travel space […] need sophisticated solutions and seamless connections. Sabre is taking strategic steps to fulfil 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.”
Virtual cards have huge potential for the entire payments industry but hold a particular value for business payments in the travel industry. Sabre reported that the digitisation of travel payments with virtual cards helps address the historic challenges associated with B2B leisure and corporate travel payments. The securely generated, single use card numbers provide a link between booking and associated payments to third party suppliers. Travel buyers and supplier are therefore able to easily track and reconcile payments, as well ad benefit from flexible pricing, finance options, and enhanced security through card payment guarantees.
Explaining the prospects for virtual cards, Chris Fendley, Executive Vice President, Enterprise Partnerships at Mastercard said:
“A combination of experience, technologies and capabilities will accelerate travel payment innovation and drive inclusive and sustainable growth for the sector. 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.”
The partnership is an exciting development for travel industry payments.
Article by Jess Brownlow