Mastercard launches mobile virtual card app

Mastercard launches mobile virtual card app

Live in Australia first, the app will simplify travel and business expenses

Mastercard has unveiled a new mobile virtual card app that enables virtual commercial cards to be added to digital wallets. 

The app is designed to offer financial institutions more choice in how they deliver "secure and sustainable" contactless payment solutions that companies increasingly expect.  

For over a decade, Mastercard has been working on virtual card solutions to simplify expense report and reconciliation processes for employees, contractors, recruits, and consultants.

With over two-thirds of millennials having adopted digital wallets1 , mobile technology is unlocking the next frontier of convenient contactless payments.   

“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,” said Chad Wallace, global head of commercial solutions of Mastercard. 

“With today’s launch, we’re providing innovative tech that digitizes business and travel expenses, while also empowering businesses with more control of and visibility into their finances.”  

Mastercard’s mobile virtual card app leverages its virtual card and tokenisation platforms. 

It has increased security with the ability to set up a biometric authentication and an added security measure using a PIN to view card details. Each virtual card is also tokeniaed, enabling the cardholder’s sensitive data to be replaced by a unique card number.

Organisations can stay compliant with expense policies using Mastercard’s transaction-level controls, which limit how, where, and when a mobile virtual card can be used. 

It has flexible integrations and other features including customised card art, a single interface to check the status of card balances and view pending and completed transactions, and is bank-agnostic, enabling users to access and manage virtual commercial cards issued by multiple participating financial institutions. 

For each mobile virtual card created, custom data elements are automatically captured and matched to the transaction, providing organizations with increased insights into spending and automatic reconciliation to optimize back-office processes. 

HSBC Australia and Westpac will be the first financial institutions to offer organisations and corporate customers mobile wallet functionality through the Mastercard app.   

“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,” said John Scott, head of global payments of HSBC Australia. 

“Mobile wallet usage is growing, with the Asia-Pacific region accounting for over half of the digital payment transactions globally2

"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. 

"HSBC has a history of delivering innovative digital solutions to our corporate clients, and we’re proud to add to that legacy with the launch of mobile wallet virtual cards in Australia. We plan to launch in other markets later this year.” 

Jeff Byrne, managing director of global transaction services of Westpac Institutional Bank, added: “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. 

Once registered for the app with an invitation code, users will find their commercial virtual cards automatically linked and ready to be added to select digital wallets for use across Mastercard’s trusted global network.