Mastercard Introduces a Virtual Card Application to Streamline Business and Travel Expenses

Mastercard has unveiled a new app designed to streamline travel and business expenses, with HSBC Australia and Westpac being the first banks to offer this service, according to Finextra. The app allows virtual commercial cards to be seamlessly added to digital wallets, providing convenience and efficiency for banks’ commercial clients.

According to Chad Wallace, Mastercard’s global head of commercial solutions, the app responds to the increasing demand for fast and secure payment experiences. Wallace stated, «Businesses worldwide are seeking fast and secure payment experiences, where payments can be made with just a click or tap, and finance teams can experience automatic reconciliation.»

The app leverages Mastercard’s virtual card and tokenization platforms, offering enhanced data, security, and spend controls within a single interface. John Scott, head of global payments at HSBC Australia, emphasized the importance of mobile wallet solutions in today’s digital landscape. He highlighted the growing trend of mobile wallet usage, particularly in the Asia-Pacific region, which accounts for over half of global digital payment transactions.

Scott noted, «As contactless payments continue to surge, it’s important that corporate clients have access to best-in-class payment solutions to keep their business secure and take advantage of the increased efficiency offered by the latest technologies.»

With its focus on simplicity, security, and efficiency, Mastercard’s new virtual card app is set to revolutionize the way businesses manage their travel and business expenses.

Other articles
Ottu and Keyloop Unite to Revolutionize Automotive Payment Solutions
AI in Finserv: Driving Predictive Analytics and Inclusive Banking
Turning Payments Into Deposits: The New Frontier in Embedded Banking
NextGen: AI – Unpacking the Transformative Power of Generative AI in Financial Services
Affirm Brings Pay-Over-Time Options to the UK Market
Banks as Essential Catalysts for the Auto Sector Transformation
AI’s Role in Banking: The Future of Financial Services or a Passing Fad?
Real-Time Payments from FedNow Versus The Clearing House: Where Does Request for Payment Fit?
The Future of Finance: Atomised, Embedded, and Real-Time
Using AI Technology to Increase Compliance Management Efficiency
The Rise of In-Car Payments: A New Opportunity 
Mastercard Expands Platform to Accelerate Fintech Card Programs
Real-Time Payments Drive Economic Growth and Financial Inclusion, Report Finds
How Artificial Intelligence Improves Real-Time Data for Investors
AI and Gen AI: A Disruptive Force Across Global Industries