Mastercard has collaborated with tech firm Amadeus and global payments company Elavon to deliver a payments platform for Thai Airways.
The Amadeus B2B Wallet Partner Pay solution is currently on trial with Thai Airways and Sweden-based travel agency Select Travel. As a result, it has already reduced cost and complexity for making payments.
When the agency initiates payments with Thai Airways, it uses a virtual Mastercard card. Elavon is the acquirer in the process so the airline can accept payments from a variety of issuers within Mastercard’s network.
The solution covers the payment flow between Thai Airways and Select Travel, reducing costs by up to 70% compared to existing methods. Savings are attributed to efficiencies in fraud prevention, chargebacks, and cash flow.
Bart Tompkins, managing director, payments, Amadeus, commented: “We’ve taken a close look at travel agency payments to airlines and how we can simplify the situation in a way that works for everyone. Amadeus B2B Wallet Partner Pay is more secure, more straightforward and less costly for all players, which is essential for the adoption of a new payment innovation.”
Mrs Pornsri Chotiwit, general manager Sweden, Finland & Estonia, Thai Airways added: “We’re pleased with the results of the pilot and view this new approach as an important way to build closer ties with travel agencies. We think it’s a ‘win win’ for us and our partners.”
“At Mastercard we are committed to making it easier to make and receive payments. Through our long standing partnership with Amadeus we continue to develop innovative solutions that address the needs of the broader travel ecosystem” said Kevin White, Director Enterprise Partnerships Travel Industries, Mastercard.
Brett Turner, head of airline acquiring, Elavon said: “As the world’s largest payment processor for the airline industry we are in a strong position to contribute to this innovation. Our customers expect us to find new ways to reduce the complexity of payments and this is a great example.”
Amadeus B2B Wallet Partner Pay is an extension of Amadeus’ B2B Wallet offering.