Payments specialist Modulr and travel technology firm Paxport have teamed up to create a new payments product for online travel agencies and tour operators.
The move sees Modulr’s API digital payment service being integrated into Paxport’s search and booking software, which is used by more than 80 airlines and 250 travel firms.
This partnership allows transactions made through Paxport’s new Pax2Pay platform to be paid using multiple payment methods and currencies, as well as offering options such as virtual cards and faster payments.
Paxport’s chief executive Tony Barker said: “Payments should be simple – they’re the lifeblood of any business. Each year we process over £300 million of travel commerce transactions and it’s important we remain at the forefront of faster, easier and more reliable payments by partnering with a Financial Conduct Authority (FCA)-regulated payments provider.
“Modulr is not burdened by legacy systems, meaning we receive a range of benefits that other financial technology companies simply cannot provide in one place."
Myles Stephenson, Modulr’s chief executive, added: “The world-travel industry generates $1.4 trillion in revenue annually. However, the movement of money between the different travel companies is far from smooth.
“Our quick, easy and secure digital payment services will help Paxport to improve their customer experience by offering a choice of real-time payment methods.”