Middle East: WEX rolls out virtual payments solutions with Mastercard

Tuesday 8 October 2019 00:12 CET | News

WEX, a financial technology service provider, has expanded its global footprint and entered the Middle Eastern payments market to issue virtual cards in the United Arab Emirates (UAE).

Tourism development in the UAE continues to strengthen its USD 18.7 billion travel market, according to the official press release. With WEX now able to issue virtual cards in this market, travelling customers will benefit from automated international and domestic supplier payments powered by WEX, plus settle in UAE dirhams without foreign exchange charges.

WEX has established a foothold in the Americas, Europe and Asia Pacific (APAC) with an extensive global customer base. This move will take WEX’s leading virtual card payment solutions into this significant region, opening its doors to new and existing customers in the UAE.

The introduction of WEX virtual payments will also mean leaders in the Middle Eastern travel industry can lower the cost of international payments by avoiding exchange rate mark-ups and cross-currency fees and reduce accounts payable resources needed to manage supplier payments.

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Keywords: WEX, United Arab Emirates, MasterCard, virtual cards, payments , cards
Countries: World