With this move, Visa aims to deliver simplified issuance and deployments, advanced controls, and new efficiencies for the commercial solutions ecosystem. As of the announcement, users can securely push virtual cards to mobile wallet systems, including Apple Pay and Google Pay, with controls that enable precise spending limits and transaction monitoring. This focuses on reducing the risk of fraud and unauthorised expenditures.
As an early adopter of virtual card push-to-wallet, Visa mentioned that it recognises the importance of developing simplified, digitally native B2B payment experiences. Virtual cards have the ability to substantially augment operational efficiency by automating payment processes and minimising the administrative complexities that come with traditional payment methods. In addition, they can facilitate capital management by accelerating payment cycles and providing scaled transparency into financial transactions, allowing businesses to improve their cash flow and financial planning.
Moreover, Visa’s developments can support businesses in operating more efficiently and securely in the current digital economy. The company’s virtual card features can allow organisations of all sizes to leverage enterprise-grade payment solutions for increased control, security, and financial management. Considering that the use of virtual cards continues to accelerate, Visa expressed its commitment to advancing innovation in this sector and offering tools that assist businesses in navigating and expanding their operations in the evolving financial landscape.
Recently, Visa has been making several advancements in its development strategy, with the company focusing its efforts on mitigating fraud and launching additional payment solutions in partnership with other industry participants. For example, ClearBank and Visa entered into a collaboration to enable clients to process local and cross-border payments. The two organisations planned to work on Issuance and Money Movement services. ClearBank’s cloud-native banking infrastructure was set to support Visa in benefiting from real-time payment processing, improved transaction visibility, and a simplified reconciliation procedure when processing payments in the UK and Europe.
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