Following this announcement, HSBC and Westpac are expected to be the first financial institutions to access the convenience, security, and overall efficiency of tap-to-pay transactions and payments. The mobile virtual card application was developed in order to enable virtual commercial cards to be added to digital wallets quickly and safely. In addition, it is set to offer financial institutions and partners more choices in the manner they deliver the sustainable contactless payment services that enterprises and businesses increasingly expect.
With this in mind, the launch focuses on meeting the needs, preferences, and demands of customers and collaborators in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry at the same time.
As multiple companies and firms navigate the process of changing payment preferences, particularly from the entry-level workforce, mobile technology and its development is set to deliver an optimised set of solutions for convenient contactless payments. Businesses around the world are seeking fast and protected payment experiences for their clients, where transactions can be made with a tap and finance teams can experience automatic reconciliation.
Mastecard’s product launch will focus on providing an improved technology that will digitise business and travel expenses, while also offering businesses the possibility to gain more control over their finances, as well as more visibility and transparency. The new application leverages the company’s virtual card and tokenisation platforms, optimised data, and a robust set of spend controls, all integrated within one interface.
Included in the key capabilities and benefits of the Mastercard mobile virtual app is the increased security of the solution, as the app offers the ability to set up a biometric authentication process, as well as an added safety measure using a PIN to see card details. The product will enable flexible integrations, as FIs will be allowed to get to market through Mastercard’s user interface or API-based integrations, as well as robust spend controls, where companies can stay compliant with expense policies.
In addition, the mobile virtual cards will provide real-time and optimised data, as for each mobile virtual card created, custom data elements will be automatically captured and matched to the transaction. This will offer businesses increased insights into spending and automatic reconciliation procedures, aiming to optimise back-office processes. Customers will be given the possibility to benefit from an improved payment experience, as the app provides a single interface to check the status of card balances and view pending and completed transactions.
The mobile virtual cards will be available for organisations spanning a range of sizes and industries, such as corporate travel, healthcare, insurance, fleet, and higher education.
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