This licence allows Outpayce to offer regulated payment services in Spain, including accepting customer funds, issuing pre-paid debit cards, and facilitating fund transfers, with future plans to extend these services across the European Union.
With this regulatory approval in hand, Outpayce is poised to improve travel payments through various avenues. Notably, the company aims to introduce pre-paid virtual cards, which can be used within travel agency booking systems and corporate self-booking tools to facilitate transactions with service providers like airlines and hotels. Additionally, these virtual cards will empower business travellers to cover on-trip expenses such as transportation and meals through digital wallets.
According to the CEO of Outpayce, becoming a licenced entity is an important step in the company’s journey to simplify payments across the travel industry. Not only does Outpayce have the regulatory greenlight to begin issuing cards, but the company is already building a fintech stack natively in the Microsoft Azure cloud with plans to partner with an increased number of financial institutions and innovative startups.
This strategic move reportedly aligns with Outpayce’s vision to deliver a better and interconnected travel payments experience. Leveraging core banking functionalities in the cloud, coupled with the EMI licence, Outpayce inches closer to its goal of transforming travel payments into a smooth and integrated process for travellers worldwide.
Presently, Outpayce offers payer services to assist travel sellers in making B2B payments to airlines and hotels using modern methods like virtual cards through its B2B Wallet solution. Collaborating with third-party entities, Outpayce also facilitates merchants such as airlines and travel sellers in accepting a wide array of payment methods across multiple channels, including websites, mobile platforms, call centres, and physical touchpoints like check-in desks.
Outpayce’s commitment to improving the travel payments landscape underscores its dedication to fostering seamless end-to-end travel experiences. Through its open platform, which connects fintech and banking service providers to the travel ecosystem, Outpayce continues to pave the way for innovative advancements in payment technologies, ultimately seeking to simplify travel payments for both customers and travellers alike, the official press release concludes.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now