Mastercard has unveiled a new mobile virtual card app designed to facilitate seamless corporate payments by enabling virtual commercial cards to be easily added to digital wallets.
The innovative app offers financial institutions increased flexibility in delivering secure and sustainable contactless payment solutions, meeting the growing expectations of companies for efficient payment methods.
For over a decade, Mastercard has led the way in virtual card solutions, simplifying expense report and reconciliation processes for various stakeholders, including employees, contractors, and consultants.
With changing payment preferences, particularly among the entry-level workforce, where digital wallet adoption rates among millennials exceed two-thirds, mobile technology presents a new avenue for convenient contactless payments.
Chad Wallace, global head of Commercial Solutions, Mastercard, commented on the news, stating, “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. 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 app leverages Mastercard’s virtual card and tokenisation platforms, offering enhanced data and robust spend controls within an easy-to-use interface. Key capabilities include increased security with biometric authentication and tokenisation, robust spend controls for compliance, and flexible integrations through APIs.
HSBC Australia and Westpac will be the first financial institutions to offer mobile wallet functionality through the Mastercard app, providing their corporate clients with smarter, safer, and faster payment options.
John Scott, Head of Global Payments, HSBC Australia, said, “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. Mobile wallet usage is growing, with the Asia-Pacific region accounting for over half of the digital payment transactions globally.
“As contactless payments continue to surge, it’s important that corporate clients have access to best-in-class payment solutions to keep their business secure and take advantage of the increased efficiency offered by the latest 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,” continued Scott.
Jeff Byrne, Managing Director of Global Transaction Services at Westpac Institutional Bank, added, “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. The global payments market is at an inflection point and the mobile wallet solution, combining digital innovation, real time processing and security through robust controls is another way we’re helping our customers.”
The app will soon be available in other key markets, offering users with commercial virtual cards issued by participating financial institutions a seamless integration with select digital wallets across Mastercard’s global network.
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