The new function allows load commercial virtual cards into mobile wallets
Mastercard unveils new mobile virtual card solution. Source: pexels.com
Mastercard and its partners, TSYS, Global Payments, and Extend, have unveiled a mobile virtual card solution. It allows to easily load virtual corporate cards into a mobile wallet for quick and safe contactless payments.
The new mobile virtual card solution is meeting the increasing demand for contactless commercial payments. Demand for this function is also increasing due to changes in the volume of work and business costs during the pandemic, as well as the growth of the work-from-home economy.
Prior to that, one of the main obstacles to the large-scale virtual cards launching was the incapability to load them into a mobile wallet for use in physical retail outlets. Besides this new function, employees or contractors can upload their virtual corporate card to their mobile wallet.
The feature uses Mastercard Digital Enablement Services (MDES) to tag virtual card numbers (VCN) for secure mobile payments. MDES converts card numbers into tokens. Then they become valueless to fraudsters and liquidate the need to manually update card numbers.
Companies can use this feature to issue a single or reusable virtual card to employees. This will enable them to finance and control authorized purchases. TSYS breeds a virtual card number (it’s available in the Extend app) and then easily downloads to a mobile wallet.
The new virtual card feature will make it easier to pay from a mobile device, simplify the virtual card edition, provide more regulation over expenses, and create new possibilities for issuing banks.
We’ve reported that Mastercard and Optus?have announced?cooperation to provide clients with an easier and safer way to prove their identity online and in-store.
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