WEX, the company trading on the NYSE, has some exciting news to share! They’ve just locked in a brand new long-term agreement with Booking.com, effective April 2024.
This deal essentially makes WEX the go-to virtual card provider for Booking.com as they continue offering WEX’s payment solutions.
The goal? To make buying and selling travel-related products and services a total breeze for everyone involved.
Carlos Carriedo, the Chief Operating Officer for WEX’s International division, sounds pretty pumped. He said, “With more than 800,000 active customer relationships worldwide, WEX is proud to work with eight of the top ten online travel agencies globally, including Booking.com”
He went on to say, “Building on years of working together, we remain committed to delivering WEX’s deep expertise in both payments and travel, as well as the reliability of our technology platform, to help Booking.com power its B2B travel payment activities 24/7 and 365 days/year at scale, globally.”
Booking.com began its venture with WEX way back in 2013. Fast forward over a decade, and WEX is now processing payments for Booking.com across the entire globe.
Daniel Marovitz, the Senior VP of Fintech at Booking.com, shared his thoughts too. “Enabling a seamless travel experience for both our travelers and accommodation partners involves navigating multiple currencies, borders, and timezones – which brings complex challenges,” he admitted.
With WEX’s virtual card prowess and cross-currency know-how, this long-lasting partnership aims to simplify transactions for travelers and accommodation partners as they navigate different currencies, borders, and time zones worldwide.
WEX has over 40 years of payment experience under its belt. They were the pioneers of virtual payment solutions, launching one of the first virtual card programs for travel back in 2000.
Today, they’re leaders in travel and corporate payment solutions. In 2023 alone, their Corporate Payments segment processed a whopping $128 billion in total volume – which includes purchases on WEX-issued accounts and purchases issued by others using a WEX platform. That translated to around $500 million in revenue for 2023.
About WEX Inc.
WEX Inc. is a big deal in the world of payment processing and information management services for the commercial and government vehicle fleet industry in the USA.
Based out of Portland, Maine, WEX operates all across North and South America, Europe, Asia, and even Australia.
So whether you’re a fleet manager needing to keep track of expenses for your vehicles stateside or a government agency monitoring fuel costs for an entire motor pool overseas, WEX has you covered.
Their services keep the payment wheels turning smoothly for commercial and federal fleets alike. With a broad reach spanning multiple continents, these payment pros are truly a global operation.
From tracking mileage logs and fuel purchases to managing maintenance records and compliance reporting, WEX makes sure its clients can focus on running their fleets while they handle all the nitty-gritty payment and data details.
Takeaway
The partnership between WEX and Booking.com is a big deal for companies that work with financial technology and travel payments.
By using WEX’s experience with payments and their virtual card abilities, the two companies want to make it easier for travelers and hotels to make transactions across different countries and currencies worldwide.
For Booking.com, working with a payments expert like WEX allows them to make the travel experience even smoother for their large network of hotels and travelers.
Dealing with multiple currencies, countries, and time zones is not easy, but WEX’s ability to handle different currencies helps make it simpler.
As travel continues to pick up again, collaborations between financial technology companies that make booking and paying easier will be important.
This expanded partnership between WEX and Booking.com puts both companies in a strong position to provide advanced travel payment solutions to meet the changing needs of customers around the world.
