MasterCard said last week that Hana Tour, the largest travel agency in Korea, will begin offering its Purchase Control solution for each individual hotel booking, allowing the agency to control and manage every aspect of the reservation process.
MasterCard Purchase Control provides B2B financial transactions using virtual card numbers that increase transaction security. The solution can be integrated into existing corporate infrastructure to help hotels and travel agencies improve efficiency and reduce the risk of fraud.
“MasterCard’s Purchase Control solution will enable us to make real-time payments with virtual card numbers to hotels and other partners across the world and will provide more robust data with each transaction to help further automate payment reconciliation and other time-intensive back-end processes,” Sang-Yoon Park, the general manager of the hotel team at Hana Tour, said. “At the same time, we needed to ensure that we implemented a secure payment solution to protect both Hana Tour and our clients. MasterCard’s Purchase Control provides all of these benefits.”
Ed Glassman, the group executive of global commercial products and solutions at MasterCard, said international transactions are growing rapidly, due in part to non-face-to-face purchasing activities.
“With it is a significantly increased demand for secure and efficient transactions and payment solutions,” Glassman said. “Companies who have experienced the inefficiencies and risks of checks and POs can benefit from Purchase Control’s security, compliance and analytics, which allow them to control spending and might even result in savings from efficiencies.”