Mastercard and Aquapay Collaborate to Launch Virtual Cards Solution
Mastercard 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 allows virtual card issuance for central travel accounts through travel management companies.
Virtual cards for business travel play an important 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 allow new avenues for embedded finance in this segment and business travel payments by enabling all TMCs to benefit from central travel accounts.
Highlighting the significance of the solution for the Indian market, Ravi Datla, Senior Vice President of 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”.
On the collaboration, Nitin Chavan, Chief Executive Officer, Aquapay, commented, “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 disrupt business travel by ensuring access to cutting-edge financial services with user-friendly digital environments”.
