BMO Collaborates with Mastercard and Extend to Introduce Mobile Wallet for Virtual Cards

BMO Commercial Bank has taken a pioneering step in the financial industry by partnering with Mastercard and Extend to unveil a cutting-edge mobile wallet feature that allows clients to effortlessly generate and distribute virtual cards to their employees’ mobile wallets, according to Finextra.

In a remarkable development, BMO Commercial Bank has become the global trailblazer among Mastercard issuers, ushering in a new era of contactless virtual cards through its innovative cobranded Extend for BMO app.

This groundbreaking initiative particularly benefits corporate card clients, who can now seamlessly craft, transmit, and oversee virtual cards, streamlining payment processes across online, in-app, and in-store transactions.

Andrew Jamison, the CEO of Extend, commented on this transformative move, saying, «In today’s fast-paced world, individuals anticipate the convenience of conducting payments on the fly, a convenience that extends even to business-related expenditures. By introducing the concept of virtual cards within mobile wallets, we have successfully bridged the gap, marking a significant stride towards widespread acceptance.»

Jamison further emphasized the significance of empowering employees to confidently engage in impromptu in-store purchases using these virtual cards, highlighting that this advancement is poised to redefine the norms of business transactions.

With this monumental collaboration, BMO Commercial Bank, Mastercard, and Extend have collectively redefined the landscape of financial transactions. The introduction of virtual cards within mobile wallets not only enhances convenience but also exemplifies the progressive nature of modern banking.