NatWest, a prominent UK banking institution, and Mastercard, a global leader in payment solutions, have collaborated to introduce a mobile virtual card payment solution for UK businesses.
This innovative offering, known as Approval2Buy with Mobile Virtual Cards, leverages Mastercard’s cutting-edge technology.
The partnership aims to simplify and secure corporate payments, addressing the rising demand for virtual card solutions in business operations. This initiative reflects both companies’ commitment to enhancing payment efficiency and security for businesses of various sizes across the UK.
NatWest is a major player in the UK banking sector, offering a wide range of financial services to personal, business, and commercial customers. The bank focuses on innovations that enhance customer financial management and business growth.
The new mobile virtual card solution is the first in Europe to utilize Mastercard’s app, allowing for the instantaneous generation of virtual cards. These cards can be used globally for both online purchases and tap-and-go transactions via digital wallets. The system offers robust spend control features, such as customizable spending limits and merchant or location-specific usage.
The service targets a broad range of business needs, including providing payment solutions for temporary workers, infrequent travellers, and other ad-hoc business expenses. By eliminating the need for physical cards, the solution reduces administrative burdens and enhances the speed and flexibility of corporate transactions.
Mastercard President, UK and Ireland, Simon Forbes said, “The introduction of mobile virtual cards represents a step change in the corporate payments landscape. It will simplify, speed up, and bring flexibility to what has long been a cumbersome process for many businesses and their employees. Collaborating with NatWest to bring mobile virtual card payments to their business customers marks the start of a new era for business payments – one that we are proud to be powering.”
NatWest MD Customer Goals & Journeys, Andrew Harrison said, “New payments technology presents new ways for businesses to progress and grow. Virtual cards are a great example. Businesses can now use virtual cards for point of sale transactions using mobile phones. This additional feature has generated new use cases. It will also expand the market as it will be useful for contingent labour, temporary employees or where a card is needed for a specific period of time such as a day, week or month.
“The ability to use virtual cards for online and well as point of sales transactions with efficiency and financial control is a gamechanger.”
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