Friday, March 7, 2014
SOUTH PORTLAND – Credit-card processing company WEX Inc. said Australia travel company Creative Holidays will use its virtual payment card as WEX continues to build its presence in that market.
The value of the deal was not disclosed.
Virtual cards are single-use cards that use a unique card number for a specific transaction. The payment process helps minimizes fraud risk, allows companies to more easily track payments, eliminates physical paperwork and reduces bank fees, WEX said.
WEX made the announcement Monday.
Creative Holidays is part of The Travel Corporation, which has travel businesses ranging from tour companies to boutique river cruising and luxury hotels in 60 countries.
The WEX virtual card will be offered through a WEX subsidiary, Wright Express Australia.
WEX, previously known as Wright Express, acquired Wright Express Australia in 2010.
Creative Holidays will use the virtual card as a secure payment system for accommodation suppliers.
“Adopting a single-use virtual card solution benefits our accommodation partners by ensuring guaranteed and faster settlements in multiple currencies, and by making it easier for them to match reservations against payment,” said Creative Holidays Managing Director Paul McGrath.
WEX previously said it aims to expand in the Asia-Pacific market. It has said it wants to become leading provider of virtual card solutions to the Australian travel sector by 2015, topping current leader eNett.
WEX primarily processes credit card purchases of fuel and vehicle maintenance, but it has been expanding into the market of virtual credit cards in the travel and health care industries.