WEX, a global commerce platform, announced that it has reached a new long-term agreement with Booking.com. The agreement establishes WEX as Booking.com’s preferred virtual card provider as it continues providing WEX payment solutions “in support of Booking.com’s payments vision to make buying and selling travel-related products and services easier for everyone” according to the announcement.
Carlos Carriedo, WEX’s COO, said the company works with 8 of the top 10 OTA’s, including Booking.com. He said the company remains committed to delivering its “deep expertise” in both payments and travel, as well as the reliability of it technology platform, to help Booking.com power its B2B travel payment activities 24/7 and 365 days/year at scale, globally.
Booking.com first became a WEX customer in 2013. Over a decade later, WEX now processes payments for Booking.com across the world.
Daniel Marovitz, senior vice president of fintech at Booking.com, said enabling a seamless travel experience for both travelers and accommodations partners involves navigating multiple currencies, borders, and time zones – which brings complex challenges. He said that together with WEX, “ we are working to remove friction in payments and enhance our value proposition.”
With over 40 years of payment history, according to the announcement, WEX said it built one of the first virtual card programs for travel in 2000. The company’s corporate payments segment processed approximately $128 billion in total volume in 2023, according to the announcement, – which includes purchases on WEX-issued accounts as well as purchases issued by others, but using a WEX platform – and yielding approximately $500 million in 2023 revenue.
