PURCHASE, N.Y.—Mastercard has introduced a new mobile virtual card app that it says enables virtual commercial cards to be easily added to digital wallets.
According to the company, the “innovative app” is designed to offer financial institutions more choice in how they deliver the secure and sustainable contactless payment solutions that “companies increasingly expect.”
‘The Next Frontier’
“As companies navigate changing payment preferences particularly from the entry-level workforce – with over two-thirds of millennials having adopted digital wallets– mobile technology is unlocking the next frontier of convenient contactless payments,” Mastercard said.
The company said the app leverages Mastercard’s virtual card and tokenization platforms, enhanced data, and spend controls all within one easy-to-use interface.
Key Benefits
According to Mastercard, key capabilities and benefits of Mastercard’s mobile virtual card app include:
- Increased security. “The app offers 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 tokenized, enabling the cardholder’s sensitive data to be replaced by a unique card number so sensitive account details are not exposed.”
- Robust spend controls. “Organizations can confidently stay compliant with expense policies using Mastercard’s transaction-level controls, which limit how, where, and when a mobile virtual card can be used.”
- Flexible integrations. “Financial institutions can quickly get to market through Mastercard’s user interface or flexible API-based integrations, and offer unique features such as customized card art.”
- Holistic and seamless payment experience.
“The app provides 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.”
- Real-time and enhanced data. “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,” the company said.
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