The WEX virtual card solution continues to make headway in the Australian market following its June launch with parent firm Wright Express now setting its sights on Asia.
The product, which enables retailers to transact with suppliers using single use virtual cards, is already used by Webjet and Wotif.
On a visit to Sydney to ink the latest deal, Wright Express International president David Maxsimic confirmed WEX will announce its third Australian partner next week.
He identified the key selling points of the virtual payment system as security and the efficiency it brings to the backroom of online travel agents.
In addition, he said it enables intermediaries to enhance revenue, cut costs and increase efficiencies.
“They are looking at this as a new line of profit.”
The elimination of fraudulent payments is also being welcomed by suppliers on the other side of the transaction, according to Maxsimic.
“The merchants like this product – their risk is gone,” he said.
Meanwhile, he revealed plans to start operations in Asia by the fourth quarter of the year, starting with Singapore.
Wright Express launched European operations last May and reported a good uptake of its product across the continent.
Four out of five of the "top five" US online travel agencies already use the payment solution, according to the firm.
Pictured from left: Peter de Maria, Head of Sales – Travel Payments, Wright Express Australia; David Maxsimic, President, Wright Express International; and Daniel Vukovac, Head of Business Development – Prepaid & VCC, Wright Express Australia.
