Mastercard’s New Program To Bring Embedded Virtual Card Technology To Commercial Payments
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Payments giant Mastercard recently decided to launch a new program designed to bring embedded virtual card technology to commercial payments. In its announcement published on March 31, the company says that this is its way of modernizing commercial payments.
Starting in April, banks that use Mastercard’s Virtual Card Number (VCN) tech will be capable of enabling platform-partners, that have enrolled in the new program. This would accelerate the use of embedded consumer-like experience in commercial payments, according to reports.
The way this works is fairly simple — by embedding VCN tech into the system that corporate clients are already using, Mastercard will be able to make more efficient and streamlined payments.
It also says that the program will help slash long onboarding procedures, speed up VCN usage, and unlock efficiency for all VCN ecosystem participants in a massive serviceable market estimated to be worth over $80 trillion.
New Benefits For Banks, Platform Partners, and Corporate End-Users
Thanks to this move, banks and platform partners participating in the new program will no longer have to engage with each other directly. Once they are fully integrated, corporate end-users will have full access to the VCN technology inside tools that they already use regularly, on a daily basis.
This will help them reduce the number of clicks required to complete everyday tasks. Mastercard also says that banks will be able to benefit from the program by getting additional scalability, as well as access to more embedded payment opportunities.
Meanwhile, platform partners will get to offer embedded payments with reduced integration effort. Finally, there are corporate users who will get a consumer-like payments experience, which will be significantly improved in comparison to their current experience.
Mastercard noted: “Corporate employees increasingly expect the consumer-like payment experiences they are accustomed to when making payments in everyday life. Mastercard is meeting this demand by simplifying the process by embedding VCN technology into the systems that corporates are already using to make it more efficient and streamlined.”
