WEX (NYSE: WEX), a leading financial technology service provider, today announced it has further expanded its global footprint and entered the Middle Eastern payments market to issue virtual cards in the United Arab Emirates (UAE).
WEX’s virtual card solution will be provided in partnership with Mastercard and has been approved by the Central Bank of the UAE.
Tourism development in the UAE continues to strengthen its $18.7 billion travel market.* With WEX now able to issue virtual cards in this key market, travelling customers will benefit from secure, streamlined and automated international and domestic supplier payments powered by WEX, plus settle in UAE dirhams without foreign exchange charges.
WEX has established a strong foothold in the Americas, Europe and Asia Pacific (APAC) with an extensive global customer base. This move will take WEX’s leading virtual card payment solutions into this growing and significant region, opening its doors to new and existing customers in the UAE.
The introduction of WEX virtual payments will also mean key leaders in the Middle Eastern travel industry can now:
• Optimise cash flow by maximising working capital through a credit line while making timely payments
• Reduce the cost of international payments by avoiding exchange rate mark-ups and cross-currency fees
• Improve acceptance and strengthen relationships with suppliers such as hotels, car rental companies, tour operators and destination service providers
• Reduce accounts payable resources needed to manage supplier payments
“In partnership with Mastercard, we have been working to strengthen our offering across Europe, the Middle East and Africa (EMEA). We are delighted to offer our corporate payments solution to the UAE market, helping businesses to unlock new value from payments,” said Anant Patel, Vice President for WEX, EMEA and APAC.
“WEX’s capabilities harness the power of Mastercard’s renowned customer-centric B2B products and services. We are proud to partner with them on this next step into serving their global customers in the UAE,” added Girish Nanda, General Manager, UAE and Oman, Mastercard.
*2017 UAE $18.7 billion travel market: https://government.ae/en/information-and-services/visiting-and-exploring-the-uae/travel-and-tourism
About WEX
Powered by the belief that complex payment systems can be made simple, WEX (NYSE: WEX) is a leading financial technology service provider across a wide spectrum of sectors, including fleet, travel and healthcare. WEX operates in more than 10 countries and in more than 20 currencies through more than 4,900 associates around the world. WEX fleet cards offer 13.1 million vehicles exceptional payment security and control; purchase volume in its travel and corporate solutions grew to $34.7 billion in 2018; and the WEX Health financial technology platform helps 343,000 employers and more than 28 million consumers better manage healthcare expenses. For more information, visit www.wexinc.com.