Worldline and Visa partner for OTA payments

Tuesday 14 May 2024 14:43 CET | News

Worldline has partnered with Visa to introduce a new virtual card-issuing solution, expanding Worldline's scope from payment processing to direct card issuance.

Worldline has partnered with Visa to introduce a new virtual card-issuing solution, expanding Worldline's scope from payment processing to direct card issuance.

Worldline and Visa collaborate to enhance OTA payment solutions

Targeting the Online Travel Agency (OTA) market, the project aims to address the high demand for such a solution, leveraging Worldline's extensive experience and portfolio in the travel sector. By merging the acceptance networks of both entities and facilitating seamless payouts, the virtual card issuing solution seeks to streamline cash flow for OTAs.

By selecting Visa as its international scheme partner, Worldline will grant OTAs access to a dedicated B2B virtual card program, facilitating faster and more secure payments to suppliers. With significant investments from both parties, the partnership holds the potential to significantly improve the payment infrastructure of the online travel sector. Connecting Worldline's Merchant Services Acceptance capabilities with its Financial Services Card issuing platform, the offering provides joint acceptance and issuing, supporting OTAs in managing and optimising cash flows while minimising operational friction. Leveraging its expertise and deep understanding of the online travel sector, Worldline aims to develop a solution that bridges the gap between acceptance and issuing.

Digital payments and travel: driving efficiency and innovation

The OTA market is experiencing rapid growth, driving a surge in demand for innovative payment solutions. Analysts predict that travel and tourism will account for 76% of all online sales revenues by 2028. The travel industry is projected to reach a volume of USD 1.74 trillion by 2026. Representing 40% of the global travel market, OTAs are poised to exert increasing influence across various sectors, including airlines, hotels, tours, rail, and cruises. Virtual cards play a crucial role in optimising operational procedures for OTAs, and this partnership enables them to further enhance their business efficiency.

In recent years, the payment sector has witnessed a profound shift towards digitisation, driven by advancements in technology and changing consumer preferences. Traditional payment methods, such as cash and checks, are gradually being replaced by digital alternatives, including credit/debit cards, mobile wallets, and online payment platforms. This shift towards digital payments offers numerous benefits, including convenience, speed, and enhanced security. Consumers expect seamless and frictionless payment experiences across various channels, prompting businesses to adapt and innovate to meet these evolving demands.

Simultaneously, the travel industry has experienced a seismic transformation with the proliferation of online booking platforms. Today, travelers have access to a plethora of online platforms and aggregators that enable them to research, plan, and book their trips with ease. These platforms offer a wide range of services, from flight, and hotel reservations to car rentals and tour packages, catering to the diverse needs and preferences of modern travelers. The rise of online booking platforms has democratised travel, helping individuals explore destinations near and far with greater flexibility and affordability.

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Keywords: payments , partnership, payment processing, cash flow, B2B payments
Categories: Payments & Commerce
Companies: Visa, Worldline
Countries: World
This article is part of category

Payments & Commerce




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