BMO launches mobile wallet with Mastercard and Extend

The Bank of Montreal (BMO) has launched a mobile wallet for virtual cards alongside Mastercard and Extend for its users across USA and Canada.

The move will give the Canadian organisation’s clients access to even greater payment management functionality with the launch of Extend for the BMO app.

The app features new functionality that will give cardholders the power to create and push virtual cards to their employees’ mobile wallets, enabling them to spend wherever contactless payments are accepted.

Derek Vernon, Head, Treasury and Payment Solutions (TPS) Product Management and Payments Modernisation, BMO Commercial Bank, said: “By offering mobile wallet functionality for physical cards and now virtual cards and contactless payments, BMO is equipping our Corporate Card clients with convenient tools to manage their businesses and make financial progress.

“We’re making banking faster and simpler for our clients by investing in sophisticated technology and partnering with organisations like Mastercard to deliver to customers the innovative, secure digital payment tools they have come to expect from a digital-first bank.”

The announcement means that BMO is the first global Mastercard issuer to offer contactless virtual cards through its cobranded Extend for BMO app – an expansion of the payments functionality BMO announced in 2022.

With the ability to create, send, and manage virtual cards that enable simplified payments online, in-app, and now in-store, BMO is empowering its Corporate Card clients to manage travel and business expenses on the go more easily.

Extend offers advanced virtual card app capabilities and enables clients to deploy virtual cards from their existing BMO Corporate Card program without any technical integration, and in as little as five minutes. The program leverages Mastercard’s mobile virtual card solution, which brings together its industry leading virtual card and tokenization platforms.

Extend CEO and co-founder Andrew Jamison said, “People expect to be able to make payments on the go, even when those payments are for business expenses.

“By enabling virtual cards in mobile wallets, we have traveled the last mile toward widespread adoption. The ability to empower an employee to securely make ad hoc in-store purchases using a virtual card should be the norm, and now it can be.”

BMO is paving the way as a digitally enabled, future-ready bank harnessing the potential of emerging technologies for real-time information and processing.

This agreement represents another milestone in BMO’s Digital First journey, and builds on the bank’s recently announced partnerships with FISPAN and Xero.

Keep up with all the latest FinTech news here

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.