Mastercard and TripLink originally signed an agreement for local collaboration in Hong Kong in 2019. Today, this agreement is extended across Asia Pacific, introducing a seamless and cross-border payment experience for businesses to enhance travel recovery.
TripLink can now issue virtual cards for its Asia Pacific businesses and suppliers especially in the tourism industry. Mastercard’s global network is able to address B2B payment needs in varying foreign currencies.
The TripLink Mastercard solution address challenges such as lengthy and slow processing as well as high administrative fees through portal and API integration for a seamless card management experience.
“The partnership between TripLink and Mastercard since 2019 has been a huge success, and we now look forward to deepening our collaboration in more aspects and regions! With an increasing number of consumers shifting to digital-first lifestyle and payment means, it is crucial for our corporate customers to cater to these emerging trends, and to improve their cross-border payment capability. 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,” said Wang Zhe, Chief Executive Officer of TripLink International.
TripLink, whose parent company is Trip.com, was founded in 2018 and has global branches in Hong Kong, Shanghai, Singapore and London. It connects to local settlement systems to meet the international payment demands of cross-border e-commerce companies, standard trading companies, and international air travel companies. TripLink’s services include virtual commercial cards, foreign exchange and remittance. Its services have been widely used in various industries including travel, e-commerce and education. TripLink provides customers with zero sign-up fees, high rebates, dozens of local settlement currencies and card product options with 24/7 customer support.
The TripLink virtual card has been used in over 100 countries and regions around the world, fully supporting the overseas payment needs of the group’s partners/China’s overseas suppliers. In addition, TripLink’s Singapore subsidiary was granted the Major Payment Institution License (MPI) by the Monetary Authority of Singapore (MAS) in 2021. TripLink will continue to develop overseas payment business in the future and empower the payment needs of its customers on the world stage.
In 2021, Mastercard presented TripLink with the Highest Market Share Cross-border Commercial Card Spend Award and Highest Growth Commercial Card Spend Award in Hong Kong.
A recent report by the Mastercard Economics Institute, Travel 2022: Trends and Transitions, highlighted the strength of pent-up demand, suggesting that if flight booking trends continue at the current pace, an estimated 430 million more passengers will fly in Asia Pacific compared to last year.