ENETT International, a joint venture between Travelport and PSP International, will launch its vNett virtual card solution in Asia and the Middle East, after successful roll-outs in Europe and Australia.
The solution is backed by financial institutions such as Citibank, JP Morgan and Mastercard.
The UAE is on the cards in November, followed by Singapore, Hong Kong and India in the first quarter of 2012. eNett is also looking at Thailand, Malaysia and Indonesia.
Targeted principally at OTAs, traditional travel agents and TMCs, vNett allows these buyers to pay suppliers using a 16-digit single-use MasterCard virtual account number for a specific transaction. Agencies who sign up for vNett will also have access to feeNett, which enables clients to process service fees without the need for a point-of-sale terminal. Agencies can also use eNett’s capability to mitigate the cost of cross-currency exchanges through its desktop fx tool.
“There is no other virtual card supplier like us in Asia offering the tools we have to deliver seamless payments. vNett provides agencies with greater transparency and most importantly instantaneous data to understand exactly what is being charged – expenses are clearly itemised and they can be easily tracked,” explained Anthony Hynes, managing director and CEO, eNett. Another key advantage of the product is its easy set-up and integration with existing back-end systems and GDSs.
Hynes revealed that he was negotiating with various airlines in the Asia-Pacific region to accept vNett payments. He also mentioned that Carlson Wagonlit had signed up for vNett. However, he declined to elaborate who else had decided to adopt the payment platform.
When questioned, Hynes conceded that he was unfazed by the potential issue of resistance, particularly from traditional agents.
“We see enormous growth and opportunity in Asia, not just in terms of size, as we are working from a low base. It’s a market that has not been reached by other providers before and we expect firms to be receptive to our product as it is so easy to set up and use.”
