Commercial payments company WEX has announced a collaboration with Mastercard that will allow the firm to issue virtual cards in the Middle East.
In a press release announcing its geographic expansion, WEX said Tuesday (Oct. 8) that it will be able to issue virtual Mastercard cards in the United Arab Emirates following approval from the Central Bank of the UAE to operate in the market. Pointing to a growing tourism market in the country, WEX said its virtual card service will allow travelers to obtain international and domestic travel supplier payments capabilities.
WEX added that it will also be able to settle UAE dirhams without charging foreign exchange fees.
The company also pointed to optimized cash flow services and access to credit lines as key benefits for UAE business clients, as well as a lower cost of global payments, improved card acceptance among travel suppliers, and a lower resource burden on the accounts payable department.
“In partnership with Mastercard, we have been working to strengthen our offering across Europe, the Middle East and Africa (EMEA),” sad WEX, EMEA and APAC Vice President Anant Patel in the release. “We are delighted to offer our corporate payments solution to the UAE market, helping businesses to unlock new value from payments.”
“WEX’s capabilities harness the power of Mastercard’s renowned customer-centric B2B products and services,” added Mastercard General Manager of UAE and Oman Girish Nanda. “We are proud to partner with them on this next step into serving their global customers in the UAE.”
The UAE has worked to expand its financial services market through both foreign and domestic players in recent months.
In July, the UAE government approved online payments firm Jollypay to launch in the market, one of the first foreign payment companies to receive such a license. Last month, Emirates NBD announced the creation of E20, the UAE’s first digital bank for small and medium-sized businesses.