Mastercard and its partners, TSYS, a Global Payments company, and Extend, has launched a mobile virtual card solution that enables virtual corporate cards to be easily loaded into a mobile wallet for fast and secure contactless payments.
The card addresses the growing demand for digital, contactless commercial payments, which has been amplified by the changing nature of work and business expenses during the pandemic, and the rise of the work-from-home economy.
Previously, virtual card’s inability to load them into a mobile wallet for use at physical point-of-sale terminals was one of the barrier. With this new solution, employees or contractors can load their virtual corporate card into their mobile wallet to easily initiate contactless payments with their mobile device. Additionally, Companies can easily set controls, including specific time frames, amounts, and approved merchant categories.
“Now, more than ever, companies are looking for flexible, virtual payment solutions,” said Ron Shultz, executive vice president, New Payments Business, North America at Mastercard. “By providing a truly virtual end-to-end solution for generating virtual commercial cards and taking them mobile, we’re helping businesses streamline their expense processes while providing employees with fast, simple and secure ways to pay.
The solution uses Mastercard Digital Enablement Services (MDES) to tokenize virtual card numbers (VCNs) for secure mobile payments. MDES turns card numbers into tokens that become useless to fraudsters and eliminates the frustration of manually updating card numbers. Businesses can use this solution to issue a single or multi-use virtual card to employees, enabling them to fund and manage authorized purchases. TSYS generates the virtual card number, which is accessed in the Extend app and then seamlessly loaded into a mobile wallet.
“This solution provides a more secure, reliable product that will help financial institutions and businesses streamline B2B payments by increasing their flexibility to pre-approve and manage transactions on a much more granular level than before,” said Gaylon Jowers, president, TSYS Issuer Solutions and senior executive vice president, Global Payments. “From new employee onboarding to last minute or first-time travels, our unique ability to tokenize the virtual account number, combined with the technology and innovation of Extend and Mastercard, opens up a multitude of new use cases for virtual cards in corporate payments.”
“Over the last several years we’ve seen a tremendous uptick in virtual card interest across the industry, but until now, they were irrelevant for in-store purchases,” said Andrew Jamison, CEO, Extend. “This partnership with TSYS and Mastercard has really eliminated th
