MasterCard and Travelport joint venture eNett International have extended a partnership to provide more efficient payments solutions for the travel industry.
Manual payments handling and reconciliation cost the travel industry over $1.5 billion a year, according to research by PhoCusWright and eNett analysis.
Many travel agents and providers such as airlines and hotels leave money on the table by relying on inefficient ways to make and receive business-to-business payments, payment solutions provider eNett claims.
Research by MasterCard and Kaiser Associates revealed that card-based travel solutions can be up to 37% cheaper than other payments methods such as cash, cheque and automated clearing house networks.
MasterCard and eNett International say they have helped travel agents, airlines, hotels and travel wholesalers across 47 countries to optimise their payments process, reducing cost and improving their cash-flow over the past three years.
Using MasterCard virtual account numbers, eNett, provides travel companies with a fast and secure way to pay, or to be paid, enabling automated reconciliation at point of sale.
eNett International managing director and CEO Anthony Hynes said: “Since launching in 2011, eNett virtual account numbers have continued to gain great traction in Europe.
“And now, as our solution gains momentum in more markets around the world, we are delighted that MasterCard shares our ambition to redefine payments across the entire travel industry value chain.”
MasterCard Enterprise Partnerships president Hany Fam said: “Our strategic partnership with eNett leverages our respective assets and unlocks value for all players in the travel industry.
“This innovative payment solution powered by the speed and intelligence of MasterCard’s global network massively reduces friction and improves the bottom line of travel service providers.”