Travel technology company Amadeus has agreed to extend a global collaboration on payments with Mastercard for another five years.

As part of the renewed partnership, the two companies agreed to work on increasing access to virtual card payments across the travel ecosystem.

The use of virtual cards reduce default risks and increases back-office efficiency.

The existing partnership enables transactions through Amadeus’ B2B Wallet payment platform using Mastercard Wholesale Program’s virtual payment technology.

Particularly designed for travel industry, the solutions increases visibility for transactions between travel agencies and their suppliers.

Amadeus managing director payments Bart Tompkins said: “The way travel agencies make payments to suppliers is changing. Virtual card payments help agencies respond to the challenges of Covid-19 by protecting cashflow, reducing risk, and improving back-office efficiency, whilst also improving settlement terms for suppliers.

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“We’re pleased to continue our longstanding partnership with Mastercard. Our commitment is to ensure our customers can access a wide range of virtual card payment methods from the Amadeus B2B Wallet.”

Mastercard Travel and Enterprise Partnerships director Kevin White said: “Mastercard has long pioneered virtual card innovation and remains committed to helping the travel industry benefit from greater payment protection and enhanced transaction visibility through the Mastercard Wholesale Program.

“We’re thrilled to extend our partnership with Amadeus, a collaboration committed to leveraging expertise and innovations from both organisations to support recovery and growth for the travel sector.”

Recently, payment and commerce-enabling platform Payoneer partnered with Mastercard to provide digital solutions for small and mid-sized businesses (SMBs).