Mastercard Releases a New Mobile Virtual Card for Digital Wallets

Card payments giant, Mastercard, has announced releasing a new mobile virtual card that allows people to add virtual commercial cards to digital wallets.

This innovative digital app seeks to give financial institutions more flexibility in delivering secure and sustainable contactless payment solutions. The card payments giant seeks to make the process of reporting and reconciliation easy for consultants, contractors, employees, and recruits.

Mastercard plans that these virtual cards will come in handy for companies that are navigating the changing payments industry. With more people having digital wallets and mobile technology boosting the convenience of contactless payments, Mastercard seeks to fill the gap.

Mastercard Launches a Virtual Card App

The global head of Commercial Solutions at Mastercard, Chad Wallace, noted that businesses were looking for fast and secure payment solutions. Businesses can make payments easily with just a click, with finance teams working on automated reconciliation. Virtual cards met this demand.

“With today’s launch, we’re providing innovative tech that digitizes business and travel expenses, while also empowering businesses with more control of and visibility into their finances,” Wallace said.

The virtual card app will leverage the offerings of Mastercard’s virtual card and tokenization platforms. It will also improve data and set up robust spending controls through an easy user interface. Users can access the Mastercard mobile virtual card using the app, allowing users to access the benefits of tap to pay.

These virtual cards can also be used by organizations of all sizes and from different industries. This offering seeks to make the card flexible and allow everyone to access its capabilities and benefits.

The virtual card will offer a wide range of benefits to users including enhanced security, robust spending controls, flexible integrations, seamless payment experiences, and real-time data.

Westpac and HSBC Australia to Leverage Offering

Westpac and HSBC Australia will be the first financial institutions to provide corporate customers and employees access to mobile wallet functionality using the Mastercard app.

The Head of Global Payments at HSBC Australia, John Scott, noted that Mastercard would bring mobile wallet virtual cards to corporate clients in Australia to give them access to smart, safe, and fast ways of making payments.

Scott also noted that the offering would meet growing demand as the use of mobile wallets was growing in the Asia-Pacific region. Mobile wallets now account for more than half of digital payment transactions globally.

The Managing Director of Global Transaction Services at Westpac, Jeff Byrne, also noted that the bank would be among the first domestic banks in Australia to make the Mastercard mobile virtual card available to corporate and commercial customers.