TripActions, Visa Partner Amid Travel Spending Bounce-Back
TripActions has signed a new strategic partnership with Visa, in what the travel and expense management specialist described as the “natural next step” in its alliance with the payment giant, whose network already supports transactions made via TripActions’ Liquid card.
TripActions and Visa will collaborate on purpose-built products, and the pact also gives TripActions the ability to leverage tools and services Visa has developed on its own, and access to the payment mainstay’s global partnership network, said TripActions Liquid general manager Michael Sindicich.
“We’ll be doing things on the marketing side and the technology side and growing our businesses together,” Sindicich said, identifying broad-based B2B spending as a mutual area of interest for the companies.
One particular area of focus for TripActions and Visa is the digital payment channel, including virtual cards, which TripActions sees as playing a major role in corporate travel spending post-Covid-19 due to advantages including spending controls, ease of issuance and contactless payment capabilities amid heightened hygiene concerns, Sindicich said.
The deal comes amid what Sindicich called resurgent travel-related spending by Liquid users, as activity ramps back up as Covid-19 vaccination levels increase in the United States.
“Travel spending volume [via Liquid] is growing 50 percent month over month” thus far this year, said Sindicich “It’s very clear that as vaccines roll out, people are becoming more and more comfortable.” The recovery has been broad-based, with the number of companies returning to travel as well as travelers and bookings per company all on the rise, he added.
After several years of carving out market share in the travel management space, TripActions ventured into payments with the February 2020 launch of the Liquid card. The company earlier this year landed a $155 million investment round, citing the continued enhancement of its payment offerings among the planned uses of that financing.