Fintech
TerraPay and Thredd collaborate to revolutionize global payment solutions
Trend towards B2B virtual cards
TerraPay’s partnership with Thredd targets a growing market for B2B virtual cards, a market expected to be worth $300 billion by 2027.
In fact, many partnerships such as TerraPay and Thredd have been signed or strengthened in recent months. In February this year, Revolut got its own collaboration with Saber to the next level, generating virtual cards within the Saber Virtual Payments platform, allowing customers to easily pay airlines, hotels and other travel providers with greater flexibility and security.
Elsewhere in the travel space, Nium announced the expanding its B2B travel payments business in APAC, launching new capabilities to solve the biggest challenges facing the industry. This was done in response to the growing demand for its virtual credit cards.
Outside of the travel industry, Mastercard has launched a new solution for the payment of claims for the B2B healthcare sector using virtual card technology. Announced in January 2024, this solution helps speed payments to healthcare providers and insurers.
Initially rolled out in India, this payment solution comes in partnership with Remedinet, a cloud-based healthcare technology platform with a mission to streamline the backend of cashless claims by connecting hospitals with third-party health insurers and administrators .
The B2B virtual card market is certainly on the rise, and TerraPay’s partnership with Thredd marks the next announcement of many as this vertical continues its rapid rate of growth.