A modern payment solution for air cargo with supply chain financing capabilities, CargoWALLET aims to enable freight forwarders of all sizes to carry out payments for their air cargo shipments straight from within the CargoMART booking flow.
Improved booking and payment, enabling them to search and book shipments in an instant manner, with no requirement for IATA Cass Number, AWB stock, or bank guarantees;
Flexible finance, enabling effective cashflow management with extended payment terms (PayLater);
And global reach, enabling the booking of air cargo from anywhere throughout the world, with local payment in over 30 currencies.
The announcement details that the payment solution started as a project and was accelerated with the CargoTech partnership and is set to change the way in which air cargo is booked, with the service being now available to all freight forwarders, following successful testing.
As it is designed to help small to medium-sized freight forwarders, CargoWALLET enables shipments to be booked and paid for, free of an IATA Cass Number, AWB stock, and bank guarantee. Furthermore, it helps address the needs of medium to large freight forwarders who have an IATA Cass number but might not have AWB stock with all the carriers because of expensive bank guarantees, or airlines that still require such forwarders to produce bank guarantees.
As per the press release, these types of scenarios require additional steps for freight forwarders to be able to fulfil their daily business demands, which increases the costs and time required.
CargoWALLET is embedded within CargoAi’s current booking solutions, CargoMART and CargoConnect booking flows, enabling users that have their CargoWALLET activated to search all the airline carriers’ capacities in an instant manner and pay for any booking leveraging the digital wallet linked to their company account.
CargoWALLET includes basic functions of everyday digital wallets like ‘Top Up’, ‘View Account Balance’ and ‘Transaction History’, aiming to replicate the ease that forwarders are familiar with in their personal lives. Furthermore, CargoWALLET users can also benefit from decreased exchange rates in more than 30 currencies, as well as minimal transactional costs.
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