Mastercard and TripLink’s partnership is expanding to Asia Pacific from Hong Kong, with the introduction of seamless and reliable cross-border payment experience for businesses to enhance travel recovery.
TripLink can now issue virtual cards for the businesses and suppliers in Asia Pacific, especially the tourism sector. It is used in over 100 countries and regions in the world.
Because the sector is facing rising B2B payment needs, sales are being conducted in varying foreign currencies with the process having been simplified by Mastercard’s global network.
Mastercard and TripLink initially signed for a local collaboration in 2019 where gross merchandise volume and client numbers have seen triple-digit growth since then.
The regional extension would provide businesses with faster, safer and more convenient cross-border transactions as consumers prepare to travel and transact overseas.
According to Wang Zhe, CEO of TripLink International, the partnership has been a huge success since 2019.
He said as more consumers shift to digital-first lifestyle and payment means, it is crucial for corporate customers to cater to these emerging trends and improve cross-border payment capabilities.
“To catch up with the evolving needs for a more seamless and secure payment experience, we will speed up the relevant development and try to gain mutual growth with our customers,” he added.
Meanwhile, the expansion is seen as timely, given a resurgence of cross-border business in the tourism industry, which has recorded a sharp rebound in travel across Asia Pacific this year.
Looking at the strength of pent-up demand, Mastercard Economics Institute’s report “Travel 2022: Trends and Transitions” said if flight booking trends continue at current pace, an “estimated 430 million passengers” would fly in Asia Pacific compared to 2021.
Dennis Chang, Executive Vice President and Division President of Greater China, Mastercard, said his firm is committed to supporting businesses across diverse industries by providing reliable, safe and secure cross-border payments.
“Amid continued growth in the business-to-business payment market, Mastercard is collaborating with more enterprises to capture opportunities via its multi-rail strategy. “This expanded partnership with TripLink reinforces this approach, and will further support the development of a more digital, sustainable and connected economy,” he added.
In a bid to ensure seamless card management experience via portal and API integration options, The TripLink Mastercard solution addresses challenges, such as lengthy and slow processing and high administrative fees.
TripLink’s payment option enables merchants and suppliers to have a smooth and user-friendly process from registration to application.
According to the Mastercard Borderless Payments Report, consumers and SMEs ranked personal and financial information security as their top consideration when choosing an online payment solution.
In that, TripLink prioritises data security and compliance in light of these expanding expectations, and its partnership with Mastercard is evidence of its objective to ensure “dependable, safe, and secure payments”.
In addition, through Mastercard's global payments network, merchants and suppliers can enjoy the same robust and multi-layered security protection that comes with any Mastercard payment solution.