To add virtual commercial cards to digital wallets, Mastercard has released a new virtual card software for smartphones.
The app’s purpose is to give banking institutions more options for providing the “secure and sustainable” contactless payment solutions that businesses are coming to anticipate.
To make the expenditure report and reconciliation processes easier for staff members, independent contractors, new hires, and consultants, Mastercard has been developing virtual card solutions for more than ten years.
With digital wallet adoption rate among millennials at over two-thirds, mobile technology is opening up new possibilities for easy contactless payments.
“Businesses worldwide are seeking fast and secure payment experiences, where payments can be made with just a click or tap, and finance teams can experience automatic reconciliation,” said Chad Wallace, global head of commercial solutions of Mastercard.
“With today’s launch, we’re providing innovative tech that digitizes business and travel expenses, while also empowering businesses with more control of and visibility into their finances.”
The tokenization and virtual card platforms are utilized by Mastercard’s mobile application.
The option to configure biometric authentication and an extra security feature that requires a PIN in order to view card details have both improved security. Additionally, every virtual card is tokenized, allowing a unique card number to take the place of the cardholder’s private information.
By limiting the how, where, and when a mobile virtual card can be used, Mastercard’s transaction-level restrictions help organizations maintain compliance with their cost policies.
Along with customizable card art, a single interface for monitoring card balances and viewing pending and completed transactions, and bank-neutral functionality that allows users to access and manage virtual commercial cards issued by several participating financial institutions, it also boasts flexible integrations.
Custom data pieces are automatically collected and matched to each produced mobile virtual card transaction, giving enterprises more insights into their spending and automatic reconciliation to streamline back-office procedures.
The first banks to provide corporate clients and organizations with mobile wallet capability via the Mastercard app are HSBC Australia and Westpac.
“We’re pleased to partner with Mastercard to bring mobile wallet virtual cards to our Australian corporate clients, providing them with a smarter, safer, and faster way to pay,” said John Scott, head of global payments of HSBC Australia.
The Asia-Pacific area now accounts for more than half of all digital payment transactions worldwide, indicating a growing trend in mobile wallet usage2.
The increasing popularity of contactless payments underscores the need for corporate clients to have access to best-in-class payment solutions in order to safeguard their company and capitalize on the enhanced productivity provided by cutting-edge technologies.
“HSBC has a history of delivering innovative digital solutions to our corporate clients, and we’re proud to add to that legacy with the launch of mobile wallet virtual cards in Australia. We plan to launch in other markets later this year.”
“Westpac is pleased to be one of the first domestic banks in Australia to offer the new Mastercard mobile virtual card app to our corporate and commercial customers in addition to our existing virtual card capabilities,” said Jeff Byrne, managing director of global transaction services at Westpac Institutional Bank.
The mobile wallet solution, which combines digital innovation, real-time processing, and security through strong controls, is another method to assist your clients in this pivotal moment for the global payments sector.
Users having a commercial virtual card issued through an organization by a participating financial institution will be able to access the app in additional significant markets.
Users will find their commercial virtual cards automatically linked and prepared to be added to specific digital wallets for use throughout Mastercard’s reliable worldwide network once they have enrolled for the app with an invitation code.
Topics #Mastercard #Mobile Virtual Card App
