US-based payment processing firm WEX has announced that it will issue virtual credit cards in Singapore as part of its expansion strategy in Asia-Pacific region that includes Hong Kong and Thailand. With the WEX’s virtual card program, the supplier or online travel agent enters the virtual card number in their POS system. The virtual card eliminates the need for invoices as the booking information and transaction details are linked to the card number. The usage of virtual cards enables payments for small travel companies to be processed quickly and securely.
Prepaid travel cards have gained considerable momentum in Australia, Latin America, and Asia-Pacific region owing to the factors such as protection against currency fluctuations, budgeting, and security. The Australian and South African prepaid cards generate demand from luxury travelers while the demand from Asia-Pacific region is generated from corporate travelers. Popular banks offering prepaid cards in these regions are ICICI Bank, HDFC Bank, JCB, Bidvest Bank, Kiwi Bank, and ANZ.
Over the past two years, virtual cards are revolutionizing the payments trend in travel and tourism industry. Users prefer virtual travel cards as they pose lesser risk to fraud. Corporates are increasingly issuing virtual cards for business travelers as the transactions are more transparent. The virtual card account number is assigned to each transaction, which is provided to the travel agent. Since the unique 16-digit virtual card account number is generated for every transaction made such as for booking a flight or cab, the company is in control of all the expenses happening over the card.
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