Mastercard Unveils Virtual Card App For Simplified Expense Management
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Westpac and HSBC Australia have become the inaugural banks to join a new Mastercard application allowing digital commercial cards to be integrated into digital wallets. Mastercard stated that its mobile virtual card application will boost business and travel expenditures for banks’ commercial customers.
The App Utilizes Mastercard’s Digital Card And Tokenization System
The global head of commercial solutions at Mastercard Chad Wallace, stated that businesses around the world are seeking secure and fast payment experiences. Companies are aiming for payment experiences that enable transactions to happen seamlessly with a simple click or tap, and finance departments can benefit from automatic reconciliation.
The app leverages Mastercard’s digital card and tokenization infrastructure, security, advanced data, and spending controls within one interface
The head of global payments at HSBC Australia, John Scott, stated that there is an increasing adoption of Mobile wallets, with the Asia-Pacific area making up more than 50% of the virtual payment transactions worldwide.
He further stated that as contactless transactions continue to gain popularity, corporate customers must have access to high-quality payment solutions. These solutions will safeguard their business and they can capitalize on the boosted efficiency provided by the advanced technologies.
Mastercard Has Been Publicly Listed On The Stock Exchange Since 2006
Mastercard is a US-based international Payment card issuer corporation with its headquarters located in Purchase, New York. It provides a variety of payment transaction processing and additional payment services like travel transactions and bookings.
Its main function is to facilitate transactions between merchant’s banks and the card-issuing institutions or credit unions of customers who use Mastercard-branded prepaid, credit, or debit cards for transactions. Mastercard has been listed on the stock exchange since 2006.
It was formed through the partnership of various banks and district bankcard associations in reaction to the issuance of BankAmericard by Bank of America. Later on, BankAmericard evolved into Visa and is still Mastercard’s main competitor. Before its IPO, Mastercard Worldwide was a company owned by over 25,000 financial entities that distribute its branded cards.
Mastercard, together with Visa, participated in organized parallel exclusion against American Express In the 1980s and 1990s.
Mastercard deployed exclusivity terms in its agreements and blacklists to hinder banks from collaborating with American Express. These exclusionary provisions and other documented evidence were utilized by the United States Department of Justice in legal actions against Visa and Mastercard.
Both Visa and Mastercard have each paid about $3 billion in compensation as a result of class-action litigation initiated in January 1996 over the fixing of debit card swipe fees. The legal action involves several retail leaders as plaintiffs, including Safeway, Roebuck & Co., Sears, and Wal-Mart.
