NEW YORK—A new report notes that in a continuation of the industry’s migration of business payments and expense management to digital platforms, Mastercard has announced it is bringing its commercial cards to mobile wallets.
“The move comes in the form of a mobile virtual card app engineered to provide financial institutions with options for delivering secure, contactless payment services--a demand increasingly voiced by the companies’ banking and corporate customers,” Pymnts.com stated in its analysis..
According to the report, the app will use Mastercard’s virtual card and tokenization technology to offer enhanced data security and spend control features, accessible via a consumer-like interface.
“It extends Mastercard’s commitment to business payments and management across various sectors, including healthcare, insurance, and corporate travel,” Pymnts.com reported. “It also comes at a time when business travel and expense management has changed with the advent of remote working and addresses the shifting payment preferences by younger demographic groups.”
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