Businesses in the US can now issue their employees with virtual corporate cards that can be loaded into a mobile wallet and used to make payments at contactless point-of-sale terminals.
The digital corporate cards are being introduced by Mastercard in conjunction with Tsys and Extend and can be used for single or multiple transactions.
Companies are also able to set controls over how the virtual cards are used, including specific time frames, amounts and merchant categories.
“The new mobile virtual card solution addresses 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,” Mastercard says.
“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.”
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