Mastercard has unveiled a new mobile virtual card app that lets you add virtual commercial cards to your digital wallet.
The app is designed to give financial institutions more choice on how to deliver the “secure and sustainable” contactless payment solutions that businesses increasingly expect.
For over 10 years, Mastercard has been developing virtual card solutions to simplify the expense reporting and reconciliation process for employees, contractors, recruiters and consultants.
More than two-thirds of millennials have adopted digital wallets.One Mobile technology is opening new horizons for convenient, contactless payments.
“Businesses around the world want a fast, secure payment experience 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 at Mastercard.
“With today’s launch, we’re delivering innovative technology to help businesses gain more control and visibility over their finances while digitizing business and travel spending.”
Mastercard's mobile virtual card app leverages its virtual card and tokenization platform.
We've increased security by adding security measures such as the ability to set up biometric authentication and view card details using your PIN. Each virtual card can also be tokenized, replacing the cardholder's sensitive data with a unique card number.
Organizations can adhere to spending policies using Mastercard's transaction-level controls that limit how, where, and when mobile virtual cards can be used.
It features flexible integrations and other features, including custom card art, a single interface for checking card balance status, and viewing pending and completed transactions, and is bank-agnostic, allowing users to access and manage virtual commercial cards issued by multiple participating financial institutions. You can. .
For each mobile virtual card created, custom data elements are automatically captured and matched to the transaction, giving organizations improved insight into spending and automatic reconciliation to optimize back-office processes.
HSBC Australia and Westpac will be the first financial institutions to offer mobile wallet functionality to organizational and corporate customers through the Mastercard app.
“We’re delighted to be working with Mastercard to offer our Australian corporate customers a mobile wallet virtual card, giving them a smarter, safer and faster way to pay,” said John Scott, global head of payments at HSBC Australia.
“Mobile wallet usage is growing, with Asia Pacific accounting for more than half of global digital payment transactions.2.
“As contactless payments continue to surge, it is important that our corporate customers have access to best-in-class payment solutions to keep their business secure and take advantage of the increased efficiencies that emerging technologies offer.
“HSBC has a history of delivering innovative digital solutions to its corporate customers, and we are proud to add to this legacy with the launch of our mobile wallet virtual card in Australia, with plans to launch in other markets later this year.”
Jeff Byrne, Managing Director of Global Transaction Services at Westpac Institutional Bank, added: “Westpac is delighted 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, as well as our existing customers. Virtual card function.
“The global payments market is at an inflection point, and mobile wallet solutions that combine digital innovation, real-time processing and security with powerful control are another way we help our customers.”
The app is available in other major markets for users with commercial virtual cards issued through the organization by participating financial institutions.
After registering with the app using an invitation code, users will find their commercial virtual cards automatically linked and ready to be added to a digital wallet available on Mastercard's trusted global network.