CargoAi has launched a payment solution for air cargo called ‘CargoWALLET’.

It offers supply chain financing capabilities, allowing freight forwarders to make payments for their air cargo shipments directly within the ‘CargoMART’ booking flow.

CargoAi stated that benefits for freight forwarders would be streamlined booking and payment, allowing customers to search and book shipments instantly with no requirement for IATA Cass Number, AWB stock, or bank guarantees.

Additionally, freight forwarders would be able to manage cash flow effectively with extended payment terms. CargoWALLET also offers global reach, allowing air cargo to booked from anywhere in the world, with local payment in more than 30 currencies.

CargoWALLET started as a project two years ago and accelerated with the CargoTech partnership, undergoing months of successful testing.

CargoWALLET is embedded as part of CargoAi’s current booking solutions (CargoMART and CargoCONNECT booking flows). If a user has their CargoWALLET activated, they will be able to search all of the airline carriers’ capacities instantly and seamlessly pay for any booking using the digital wallet linked to their company account.

“We are excited about the exponential capabilities CargoWALLET brings to the industry,” said CargoAi’s CCO Magali Beauregard. “Not only does air cargo booking become more seamless, but the entire procurement from search, quote, booking, and now payment can be done within minutes on just one interface – CargoMART. Similar to our other products (such as Cargo2ZERO) we are helping not just the large industry players connect with each other in the digital air freight ecosystem, but ensuring stakeholders of all sizes get to stay ahead in the digital adoption as well.”

CargoAi’s CEO Matt Petot commented: “We are thrilled to be launching CargoWALLET, which brings the best practices from other industries to air cargo and enables a seamless process regardless of any freight forwarder’s import origin. By having multiple different functions within one digital solution, CargoWALLET is the first of its kind to having so many benefits for freight forwarders of all sizes. Our goal is to provide a secure and efficient platform, while maintaining the user-friendly and intuitive experience that CargoMART users praise, and we are confident that CargoWallet is just what the industry needs.”