Qashio has joined forces with global payments giant Visa

Qashio, a Dubai-based provider of spend management solutions, has joined forces with global payments giant Visa to launch an innovative B2B travel payments solution. The partnership, announced on January 6, 2025, aims to transform and digitize payments for online travel agencies and travel management companies across the UAE, Middle East and North Africa (MENA) region, Europe, and the United Kingdom.

The cornerstone of this collaboration is the introduction of the Visa Commercial Choice Travel program, which will be supported by a substantial investment of over AED 100 million (approximately USD 27 million) allocated by both companies over the coming years. This significant financial commitment underscores the partners' confidence in the potential of their solution to address the evolving needs of the travel industry.

At the heart of this new offering is a versatile payment system that allows travel companies to obtain Qashio cards capable of transacting in multiple currencies, including UAE dirhams (AED), Saudi riyals (SAR), U.S. dollars (USD), euros (EUR), and British pounds (GBP). This multi-currency functionality, with cards issued from the UAE, enables seamless payments and settlements across different regions, effectively eliminating many of the complexities associated with international transactions in the travel sector.

The Qashio and Visa solution goes beyond mere payment processing. It aims to digitize and automate payments within the travel sector, optimizing reconciliation processes and enhancing liquidity for travel companies. This is achieved through seamless integration with global travel management companies and their booking tools, including Global Distribution Systems (GDS). The result is a streamlined, secure system for travel bookings and payments that promises to reduce operational complexities and expenses for companies of all sizes.

One of the key features of the Visa Commercial Choice Travel program is its ability to provide real-time data insights and analytics. This capability allows for precise cash flow tracking and budgeting, giving travel companies unprecedented visibility into their financial operations. Furthermore, the solution offers an unlimited pool of customizable Qashio cards, granting companies complete control and visibility over their payments.

The partnership between Qashio and Visa comes at a crucial time for the travel and tourism industry. As the sector rebounds from the impacts of the global pandemic, there is a growing demand for digital solutions that can streamline operations and reduce costs. The MENA region, in particular, is seeing a significant shift towards digital payments in the travel sector. In July and August 2024, online travel payment transactions in the UAE and Saudi Arabia increased by 48% compared to the same period in 2023, highlighting the rapid digital transformation in the industry.

The broader context of this partnership is equally noteworthy. The expense management software market for the travel industry in the Middle East and Africa is projected to grow from USD 214.69 million in 2022 to USD 305.81 million by 2028. This growth is driven by factors such as e-commerce expansion, infrastructure development, and increasing international trade. Moreover, the MENA online travel sector reached USD 8 billion in 2021 and is growing at an impressive rate of 28%.

Armin Moradi, CEO and Co-Founder of Qashio, emphasized the importance of this initiative, stating, "We recognize that the Travel & Tourism industry is key in the region; however, the travel companies are underserved with strong technical payment solutions that work in their favor. We are creating a one-stop platform that simplifies the corporate travel experience for our clients, allowing them to focus on what truly matters – growing their businesses."

Salima Gutieva, Visa's VP and Country Manager for UAE, echoed this sentiment, highlighting the significance of the travel and tourism sectors in driving growth and diversification of UAE and the region's economies. She expressed Visa's enthusiasm for the partnership, stating, "Visa is delighted to partner with Qashio in bringing this innovative solution that leverages Visa's technology, extensive network, and data analytics. This partnership reflects our commitment to providing secure and seamless payment solutions that enable the digital transformation and improve efficiencies of travel and tourism companies."

The collaboration between Qashio and Visa represents a significant step forward in addressing the complex payment challenges faced by the travel industry. By leveraging Visa's secure payment infrastructure and Qashio's expertise in spend management, the partnership aims to provide a comprehensive solution that not only simplifies payments but also offers valuable insights and analytics to drive business growth.

As the travel industry continues to evolve and adapt to changing consumer behaviors and technological advancements, solutions like the Visa Commercial Choice Travel program are likely to play a crucial role in shaping the future of travel payments. The substantial investment by Qashio and Visa in this initiative demonstrates their commitment to driving innovation in the sector and their confidence in the growth potential of the travel and tourism industry in the MENA region and beyond.

The launch of this B2B travel payments solution marks an important milestone in the ongoing digital transformation of the travel industry. As companies increasingly seek ways to streamline their operations, reduce costs, and gain better control over their finances, solutions that offer comprehensive spend management capabilities, multi-currency support, and real-time analytics are likely to become essential tools for success in the competitive travel market.

In conclusion, the partnership between Qashio and Visa, backed by a substantial AED 100 million investment, represents a significant leap forward in travel payment solutions. By addressing the unique challenges faced by travel companies and leveraging the latest in financial technology, this collaboration has the potential to reshape the landscape of B2B payments in the travel industry, driving efficiency, security, and growth in the years to come.