The card was designed to help cross-border merchants manage multi-currency accounts more efficiently and streamline international transactions. The virtual format allows businesses to apply and activate the card online, facilitating overseas B2B payments while maintaining compliance and security standards.
A survey conducted by RPMG Research for Mastercard found that 85% of bank executives globally believe virtual cards improve operational efficiency, compliance, and system integration. Additionally, 84% indicated that virtual cards enhance cybersecurity, mitigate fraud risks, and strengthen data security. Oceanpayment’s new card aims to address financial management challenges in cross-border transactions, such as handling multiple currencies and enabling real-time payments.
In the company press release, officials from Oceanpayment stated that the new card leverages the company’s experience in payment processing and integrates with Mastercard’s virtual card issuance capabilities. They emphasised that the solution is designed to help merchants manage cash flow more effectively by simplifying fund movement and payment acceptance.
In turn, Mastercard representatives noted that the partnership reflects Mastercard’s focus on secure and efficient digital payment solutions. They highlighted the growing adoption of B2B virtual card payments, which are projected to reach USD 1.3 trillion by 2028, and described Mastercard’s role in supporting issuers through its global acceptance network.
The introduction of the Mastercard Virtual Commercial Credit Card represents an expansion of Oceanpayment’s digital payment offerings. The card is intended to improve transaction efficiency by reducing processing delays and enhancing cash flow management. It supports businesses in managing working capital digitally, replacing traditional payment methods with a more streamlined alternative.
The virtual card aims to enable merchants to manage financial transactions with greater transparency and predictability, reducing reliance on conventional banking processes. It is designed to facilitate payments in various commercial settings, including advertising, procurement, subscriptions, and travel.
In recent years, Oceanpayment has expanded its financial technology services by incorporating open APIs and digital solutions into its payment infrastructure. The company continues to focus on advancing its payment processing capabilities to support the growth of cross-border ecommerce.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now