Visa has released new capabilities in its bid to enable frictionless virtual card payments to be compatible with mobile wallets.
The card push-to-wallet feature will allow users to move its virtual cards to a designated mobile wallet, compatible with Apple Pay and Google Pay. The feature also comes with added control and security, allows for spending limits and monitoring transaction data.
Virtual cards can enhance operational efficiency by automating payment processes and reducing the administrative burden associated with traditional payment methods.
They have proved to be popular amongst customers, merchants and providers, and can facilitate improved working capital management by accelerating payment cycles and offering greater transparency into financial transactions, bolstering cash flow and financial planning.
Gloria Colgan, SVP and Global Head of Product for Visa Commercial Solutions, said: “These new capabilities underscore Visa’s commitment to innovating the B2B payment landscape, ensuring that businesses have access to secure and efficient payment solutions.
“By enabling push-to-wallet for virtual cards across our commercial products, we are making it easier for our clients to manage their finances in a digitally native environment.”
Visa is an early mover in virtual card push-to-wallet, citing the importance of creating seamless, digitally native B2B payment experiences. Virtual card transactions will exceed 121 billion globally by 2027, increasing 340% from 28 billion in 2022, according to Juniper Research.
Visa’s virtual card capabilities enable businesses of all sizes to utilise enterprise-grade payment solutions to seek better control, security and financial management.
As the use of virtual cards continues to accelerate, Visa stated it remains committed to driving innovation and providing tools that help businesses “navigate and thrive in the evolving financial landscape”.
