BusinessWire India
Mumbai (Maharashtra) [India], August 29: Mastercard today announced its collaboration with Aquapay, a leading enterprise payment solutions provider, to launch Mastercard In Control for Business Travel in India. Designed for issuers of commercial cards, the solution enables virtual card issuance for central travel accounts (lodged cards) through travel management companies (TMCs).
Virtual cards for business travel play a key role in driving operational efficiencies, further securing payments, streamlining processes, expanding spending controls, and easing reconciliation of purchase transactions. Mastercard In Control for Business Travel will unlock new avenues for embedded finance in this segment, and further democratize business travel payments by enabling all TMCs to leverage benefits of central travel accounts.
Highlighting the significance of the solution for the Indian market, Ravi Datla, Senior Vice President, Customer Solutions, South Asia at Mastercard, said, "According to industry estimates, India is the world's ninth-largest market for business travel spending and fourth-largest in the Asia Pacific region. Virtual cards play a significant role in this segment by contributing to a more efficient, secure, and user-friendly payment ecosystem. Mastercard is delighted to collaborate with Aquapay to launch its In Control for Business Travel solution, which will strengthen the value proposition for Aquapay customers with expanded spending controls and improved data capture."
Commenting on the collaboration, Nitin Chavan, Chief Executive Officer, Aquapay, said, "By leveraging Mastercard In Control for Business Travel, Aquapay would act as both certification layer and virtual card payment specialist especially for medium and small TMCs to cater to their corporate customers. This state-of-the-art and industry-first travel solution for India will create disruption in business travel by ensuring access to cutting-edge financial services with user-friendly digital environments."
While virtual card capabilities are currently offered for B2B payments on commercial purchase cards, this solution will offer such capabilities on central travel accounts for business travel payments across India. Thereby adding incremental value to the travel ecosystem with better reconciliation and efficiency, and expanded functionality for all central travel bookings with total flexibility for all payment categories air, hotel, car rental/service, rail and travel manager service fees.
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