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Mastercard launches mobile virtual card app to streamline business and travel expenses

The app will use Mastercard’s robust virtual card and tokenization technology to offer enhanced data security and spend control features, accessible via a consumer-like interface.

  • Editorial Team
  • April 22, 2024
  • 3 minutes

On Thursday (April 18), Mastercard announced the launch of a mobile virtual card app, designed to seamlessly integrate virtual commercial cards into digital wallets. This innovation is set to redefine the way we manage travel and business expenses, offering a secure, efficient, and flexible solution that aligns with the digital era’s demands. The app’s introduction is a response to the evolving payment landscape, particularly the shift towards digital wallets, especially among millennials.

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

Some of the key features and benefits of Mastercard’s mobile virtual card app include increased security, robust spending controls, flexible integrations, seamless payment experience, and real-time and enhanced data.

HSBC Australia and Westpac the first to launch

The first two banks to launch are HSBC Australia and Westpac (Australia, South Pacific). These partnerships are set to redefine the convenience of tap-to-pay transactions, providing users with enhanced security through biometric authentication and tokenization, spend controls, and seamless integration across various financial institutions.

“We’re pleased to partner with Mastercard to bring mobile wallet virtual cards to our Australian corporate clients, providing them with a smarter, safer, and faster way to pay. Mobile wallet usage is growing, with the Asia-Pacific region accounting for over half of the digital payment transactions globally. As contactless payments continue to surge, it’s important that corporate clients have access to best-in-class payment solutions to keep their businesses secure and take advantage of the increased efficiency offered by the latest technologies,” said John Scott, Head of Global Payments, HSBC Australia.

Jeff Byrne, Managing Director of Global Transaction Services at Westpac Institutional Bank, commended: “Westpac is pleased to be one of the first domestic banks in Australia to offer the new Mastercard mobile virtual card app to our corporate and commercial customers in addition to our existing virtual card capabilities. The global payments market is at an inflection point and the mobile wallet solution, combining digital innovation, real-time processing, and security through robust controls is another way we’re helping our customers.”

The app will be available in other key markets for users with a commercial virtual card issued through an organisation by a participating financial institution. After signing up for the app using an invitation code, users will discover that their commercial virtual cards are instantly connected and can be easily added to chosen digital wallets. These cards are then ready to be used anywhere within Mastercard’s secure worldwide network.