Outpayce plans to issue virtual prepaid cards so that travel services can be purchased more easily within booking systems. This follows the issuance of an Electronic Money Institution License (EMI) by the Bank of Spain.
As a licensed e-money issuer, Outpayce will be able to offer regulated payment services in Spain. This includes accepting customer funds, issuing prepaid debit cards and offering money transfers to a payment account. Future plans include launching a passport for its services across the European Union.
Outpayce intends to use these new capabilities to simplify travel payments in multiple areas.
For example, it will soon be possible to use Outpayce-issued virtual prepaid cards in travel agency booking systems and corporate self-booking tools to pay providers such as airlines and hotels. In addition, the virtual cards allow business travelers to pay for travel expenses such as taxis or meals using their digital wallets.
By issuing prepaid debit cards, Outpayce simplifies the payment experience. And it will ensure tighter integration with travel booking systems while providing travel companies with greater choice.
The e-money license complements Outpayce’s open payment platform
David Doctor, CEO of Outpayce, said: “Becoming a licensed business is an important step in our journey to simplify payments across the travel industry. We don’t just have the green light to issue cards. We are already building a modern fintech stack natively in the Microsoft Azure cloud. And we plan to work with a larger number of leading financial institutions and innovative start-ups. This move complements Outpayce’s open payment platform. This allows any fintech company to easily connect with Amadeus travel customers. With core banking in the cloud and the eMoney license, we are one step closer to Outpayce’s vision of providing travelers with a seamless and connected travel payment experience.”
“Outpayce Grants Electronic Money License to Offer Regulated Payment Services” was originally created and published by Electronic Payments International, a brand owned by GlobalData.
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