In an official statement, WEX, the leading service provider for financial technologies, announced the launch of its virtual Mastercard service in the United Arab Emirates, after subsequent approval from the Central Bank of the UAE to proceed with its operations. Indicating a developing tourism industry in the nation, WEX stated that its virtual card service would enable travelers to acquire domestic and international travel supplier payments, which will be driven by WEX.
Oman Girish Nanda, Mastercard General Manager of UAE, stated that,
WEX’s capabilities harness the power of Mastercard’s renowned customer-centric B2B products and services. We are proud to partner with them on this next step into serving their global customers in the UAE.
Last September, Mastercard moved its data management capabilities by using AI, and subsequently, it got involved in the data-powered digital sector.
Also, the organization indicated that it would optimize the cash flow services and provide access to credit lines for UAE business customers, which will benefit them immensely. Furthermore, it will lower the cost of global payments, improved card acknowledgment among travelers, and lower asset burden on the accounts payable division.
Vice President for WEX, EMEA, and APAC, Anant Patel said,
In partnership with Mastercard, we have been working to strengthen our offering across Europe, the Middle East, and Africa (EMEA). We are delighted to offer our corporate payments solution to the UAE market, helping businesses to unlock new value from payments.
Besides, WEX has built up a solid foundation in Europe, the Americas, and Asia Pacific (APAC) with a broad global client base. This move will take WEX’s predominant virtual card payment solutions into this developing area, opening its ways to new and existing clients in the UAE.
WEX is driven by the idea that complex payment frameworks can be made simple. They are into providing services in the financial sector over a wide range of sectors, which also includes travel, fleet, and healthcare. WEX works in more than 10 nations, over 20 currencies, and 4,900 partners around the globe.
Suffice to say, the beginning of WEX virtual payments will mean that Pioneers in the UAE travel industry can now be able to:
- Lessen the cost of international payments by evading cross-currency fees and exchange rate mark-ups.
- Streamline cash flow by expanding working capital through a credit line while making prompt payments.
- Lessen accounts payable resources that are needed to oversee supplier payments.
- Improve and reinforce relationships with suppliers such as car rental companies, hotels, destination service providers, and tour operators.
The UAE tourism development continues to empower its 18.7 billion dollars travel sector. With WEX, you can issue virtual cards into the travel sector; also, traveling clients can get profit by secure, streamlined, automated domestic and international supplier payments. Besides, you can settle payments in UAE dirham’s, without foreign exchange charges.