Mastercard and its partners, TSYS, a Global Payments company, and Extend have introduced a mobile virtual card solution.
The new solution enables virtual corporate cards to be loaded into a mobile wallet for contactless payments. It addresses the demand for digital, contactless commercial payments, which has been amplified by the changing nature of work and business expenses during the pandemic.
With this new solution, employees or contractors can load their virtual corporate card into their mobile wallet to initiate contactless payments with their mobile device. The solution uses Mastercard Digital Enablement Services (MDES) to tokenise virtual card numbers (VCNs). MDES turns card numbers into tokens that eliminate manually updating card numbers.
Businesses can use this solution to issue a single or multi-use virtual card to employees, supporting them to fund and manage authorised purchases. TSYS generates the virtual card number, which is accessed in the Extend app and then loaded into a mobile wallet.
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