Following this announcement, Agoda will be given the possibility to make and receive B2B transactions by using Mastercard’s virtual card payment system across the globe.
The extended partnership is set to improve business-to-business payments in the travel and tourism industry, as well as to address the challenges that are present in legacy payment processes. In addition, the companies aim to optimise the manner in which digital travel platforms make payments to hotels, airlines, vendors, and suppliers globally.
Furthermore, Mastercard’s virtual credit cards will allow Agoda to make and receive B2B payments around the world, at any place Mastercard is accepted. At the same time, the companies will focus on driving an optimised and more secure end-to-end travel experience. This will enable Agoda partners and businesses that use Mastercard’s data insights and joint-marketing propositions to further improve customer satisfaction and experience, as well as provide them with loyalty rewards when booking with Agoda by using a Mastercard product.
The partnership will also prioritise the process of simplifying B2B payments and strengthen fraud management and prevention tools.
Global technology company Mastercard announced multiple collaborations and developments in the last couple of months, covering several different geographic areas around the world.
In October 2023, the company launched its First-Party Trust programme in order to protect small businesses and merchants from fraud and other online threats. Following this announcement, the First-Party Trust programme was developed as a collaborative effort with industry groups and organisations, such as the US Merchant Advisory Group and Merchant Risk Council. The product was aimed at addressing the increasing issue of first-party fraud or friendly fraud.
This form of fraud occurs when transactions are mistakenly or intentionally disputed by cardholders. The programme’s core objective was to optimise transaction transparency by allowing merchants and businesses to share pertinent insights in order to combat first-party fraud. Mastercard offered two avenues for sharing improved data and allowed merchants to include this data as part of the payment process or submit it post-transaction as part of the dispute resolution procedure.
Earlier in the same month, the company expanded its consulting services, focusing on artificial intelligence and economics, aiding businesses and merchants in AI adoption, as well as customer experience and revenue growth.
The expansion included the launch of new practices dedicated to artificial intelligence and economics, in order to optimise how clients across all industries advance the use of AI in a secure and rapid way, as well as address ever-shifting macro-economic forces and customer preferences. In addition, the firm also aimed to improve its business transformation solution, Digital Labs, for users to design end-to-end products from concept development and rapid prototyping to launch and scalability.
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