Mastercard has collaborated with its partners, TSYS, a Global Payments company, for the introduction of a mobile virtual card solution that enables virtual corporate cards to be efficiently loaded into a mobile wallet for fast and secure contactless payments.
The new mobile virtual card solution seeks to address 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, one of the main barriers to wider adoption of virtual cards has been the inability to load them into a mobile wallet for use at physical point-of-sale terminals. 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.
Ron Shultz, executive vice president of New Payments Business, North America at Mastercard commented: “Now, more than ever, companies are looking for flexible, virtual payment solutions. 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 tokenise 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 authorised purchases. TSYS generates the virtual card number, which is accessed in the Extend app and then seamlessly loaded into a mobile wallet.