SINGAPORE: The new Mastercard mobile virtual card app was launched on April 18 to provide contactless payment solutions tailored to businesses.
Fintech News Singapore reports that the app enables adding virtual cards directly to digital wallets, marking a significant stride in secure and sustainable payment solutions.
Crafted with decade-long expertise in virtual card solutions, this development aims to equip financial institutions with versatile options to meet evolving consumer needs.
It’s a win for millennials and others who used to rely on personal cards or cash for work expenses, making tracking costs much simpler.
Mastercard’s app leverages tokenisation technology and virtual card platforms. It ensures robust security measures while fostering seamless spend management; all wrapped up in a user-friendly interface.
From healthcare to corporate travel, the app caters to diverse industries, enabling swift integration of virtual cards into digital wallets for hassle-free contactless payments.
It also boasts features like biometric authentication and PIN security, empowering organisations to enforce expense policies effectively.
The app also offers real-time data capture and transaction matching to boost financial reconciliation efforts, offering valuable insights into spending habits.
HSBC Australia and Westpac are the first financial institutions to offer this mobile wallet functionality, and they plan to expand into other key markets.
The app will expand to other markets, allowing users with a commercial virtual card from a participating financial institution to access it.
Upon registering for the app with an invitation code, users will find their commercial virtual cards automatically linked and ready to use in select digital wallets across Mastercard’s global network.
Mr Chad Wallace, Mastercard’s global head of commercial solutions, expressed excitement over the launch, 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.” /TISG