Mastercard, Extend and TSYS launch mobile virtual card solution
Virtual cards continue to be an attractive segment in commercial payments and with their growing popularity, card giants and their fintech partners have started to add more features with enhanced security to attract customers.
This week, Mastercard and its partners, TSYS and Extend have launched a mobile virtual card solution which would enable virtual corporate cards to be loaded into a mobile wallet for contactless payments.
According to Mastercard, one of the barriers to broader adoption of virtual cards has been the inability to load them into mobile wallets and the new solution launched addresses the demand for digital and contactless commercial payments.
The new solution uses ‘Mastercard Digital Enablement Services (MDES) to tokenize virtual card numbers (VCNs) for secure mobile payments’. TSYS generates the virtual card number, which is accessed in the Extend app and then seamlessly loaded into a mobile wallet, the press release noted.
“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,” said Ron Shultz, executive vice president, New Payments Business, North America at Mastercard.
The solution will provide mobile wallet support, create and issue virtual cards via the Extend mobile app or web application and control overspending by time frames and amounts.