Mastercard Launches Mobile Virtual Card App

Mastercard has introduced a new mobile virtual card app aimed at streamlining corporate payments by facilitating the seamless addition of virtual commercial cards to digital wallets.

This innovative app provides financial institutions with enhanced flexibility in delivering secure and sustainable contactless payment solutions, aligning with the evolving expectations of companies for efficient payment methods.

For more than a decade, Mastercard has been a leader in virtual card solutions, simplifying expense reporting and reconciliation processes for various stakeholders, including employees, contractors, and consultants.

With shifting 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, Mastercard’s global head of Commercial Solutions, emphasised the significance of this development, 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 digitises 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 tokenization platforms, offering enhanced data and robust spend controls within an intuitive interface. Key features include increased security with biometric authentication and tokenization, robust spend controls for compliance, and flexible integrations through APIs.

HSBC Australia and Westpac will be the initial 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 at HSBC Australia, expressed their enthusiasm for the partnership, highlighting the growing significance of mobile wallet usage in the Asia-Pacific region.

Jeff Byrne, Managing Director of Global Transaction Services at Westpac Institutional Bank, echoed similar sentiments, emphasising the importance of digital innovation and security in the global payments market.

The app is set to expand to other key markets, offering users with commercial virtual cards issued by participating financial institutions seamless integration with select digital wallets across Mastercard’s global network.

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