MASTERCARD, INC.

MA
Real-time Estimate Cboe BZX - 11:05 2022-12-02 am EST
357.21 USD -1.00%

Mastercard Expands Partnership with TripLink to Facilitate New Cross-Border Payment Pathways

09/27/2022 | 09:14pm

On September 21, 2022, Mastercard and TripLink announced the expansion of their partnership from Hong Kong to Asia Pacific, introducing a seamless and reliable cross-border payment experience for businesses to enhance travel recovery. TripLink can now issue virtual cards for its Asia Pacific businesses and suppliers especially in the tourism industry. As the sector is experiencing soaring B2B payment needs, sales are increasingly conducted in varying foreign currencies, the process has been simplified due to Mastercard's global network.

The agreement between Mastercard and TripLink, originally signed for local collaboration in 2019, has now been extended across the entire Asia Pacific region. The region-wide expansion provides businesses with faster, safer and more convenient cross-border transactions while consumers prepare to travel and transact overseas. The partnership expansion launches amid a resurgence of cross-border business in the tourism industry, which has seen a sharp rebound in travel across Asia Pacific in 2022.

A recent report by the Mastercard Economics Institute, Travel 2022: Trends and Transitions, highlighted the strength of pent-up demand, suggesting that if flight booking trends continue at the current pace, an estimated 430 million more passengers will fly in Asia Pacific compared to last year. By providing highly customized services that offer both portal and API integration options for a seamless card management experience, the TripLink Mastercard solution addresses challenges such as lengthy and slow processing as well as high administrative fees. With the payment option provided by TripLink, merchants and suppliers are assured of having a smooth and user-friendly process from registration to application.

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