Corporate payment solutions provider WEX has collaborated with Mastercard to expand into the virtual payments space in the Middle East.
The tie-up enables WEX to issue virtual cards in the UAE. The move already secured the green light of the UAE’s central bank.
Commenting on the partnership, Mastercard general manager of UAE and Oman Girish Nanda said: “WEX’s capabilities harness the power of Mastercard’s renowned customer-centric B2B products and services.”
WEX said that through this move, travellers can settle in UAE dirhams with zero foreign exchange fees.
WEX vice president for EMEA and APAC Anant Patel said: “In partnership with Mastercard, we have been working to strengthen our offering across Europe, the Middle East and Africa (EMEA).
“We are delighted to offer our corporate payments solution to the UAE market, helping businesses to unlock new value from payments.”
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WEX caters to various sectors like fleet, travel and healthcare and has a presence in more than 10 countries.
The company’s fleet cards services 13.1 million vehicles, while the WEX Health financial technology platform supports 343,000 employers and over 28 million consumers. Last year, the purchase volume in its travel and corporate solutions is said to have reached $34.7bn.
Notably, WEX purchased electronic payments firm Noventis earlier this year.
Noventis focuses on bill payment delivery and commercial invoices.