Mastercard is acquiring a minority stake in Conferma Pay as part of a wider partnership to push the use of virtual cards for B2B travel payments.
Conferma Pay - which was acquired by travel industry tech player Sabre earlier this year - connects issuers to more than 700 travel management companies, all the major global distribution systems and more than 100 online booking tools.
The firm is now working with Mastercard on the use of virtual cards, which it says help address the historic challenges associated with B2B leisure and corporate travel payments.
The single use card numbers provide a link between booking and associated payments to third party suppliers. Travel buyers and suppliers are therefore able to easily track and reconcile payments, as well as benefit from flexible pricing, financing options, and enhanced security through card payment guarantees.
Terms of Mastercard's investment have not been disclosed but Conferma says it will "continue to operate independently and serve the entire travel industry".
Chris Fendley, EVP, enterprise partnerships, Mastercard, says: “Virtual cards deliver visibility, boost liquidity and increase control over B2B payment flows, which enhance payment strategies and empower organizations across the travel value chain to run, grow and protect their business, which has never been more essential.”