Mastercard has announced a new partnership with Sabre, the software provider for the travel industry, and payments technology company Conferma Pay, to accelerate the development of virtual cards for B2B travel payments.

Following its acquisition of Conferma Pay, Sabre said the new partnership with Mastercard is the next step in advancing its goals to create an open and independent travel payment ecosystem.

The companies said the digitisation of travel payments with virtual cards helps address the historic challenges associated with B2B leisure and corporate travel payments.

The virtual cards being developed will use numbers to provide a link between booking and associated payments to third party suppliers, enabling travel buyers and suppliers to track and reconcile payments.

“A combination of experience, technologies and capabilities will accelerate travel payment innovation and drive inclusive and sustainable growth for the sector,” said Chris Fendley, executive vice president, enterprise partnerships at Mastercard. “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 news follows J.P. Morgan's pair-up with Mastercard to allow customers to pay using their bank account information instead of cards.

“The payments industry is in the midst of a revolution and there is an increased need for travel companies to better manage the whole payment experience,” said Roshan Mendis, executive vice president and chief commercial officer at Sabre. “Companies in the travel space – including travel management companies, travel agencies, corporations, issuers and technology partners – need sophisticated solutions and seamless connections.”

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