NatWest has teamed up with Mastercard to introduce a new mobile virtual card solution for businesses, called Approval2Buy with Mobile Virtual Cards.
This service is Europe’s first to implement Mastercard’s mobile virtual card app, which allows businesses to issue virtual cards to employees for global use. Mastercard states that by eliminating the need for physical cards in corporate payments, it offers companies greater flexibility, control and security.
Virtual cards can be issued instantly for online purchases and Tap and Go payments through digital wallets. The app leverages Mastercard’s virtual card and tokenisation technology, which replaces sensitive account data with a unique identifier, aiming to enhance security and provide greater control over spending.
Andrew Harrison, MD Customer Goals and Journeys at NatWest, commented: “New payments technology presents new ways for businesses to progress and grow. Virtual cards are a great example. Businesses can now use virtual cards for point of sale transactions using mobile phones.
“This additional feature has generated new use cases. It will also expand the market as it will be useful for contingent labour, temporary employees or where a card is needed for a specific period of time such as a day, week or month.
“The ability to use virtual cards for online as well as point of sales transactions with efficiency and financial control is a gamechanger.”
Typical use cases for virtual cards include enabling temporary workers, occasional travellers and new hires to manage corporate expenses like travel and supplier payments. Additionally, finance teams can set custom spending controls, like budgets, usage timeframes and specific merchants or locations.
Salim Secretary, Head of Payments Schemes and Partnerships at NatWest, stated: “We know all about the power of collaboration. Whether that’s partnering with Mastercard to be the first in the region to offer this innovative virtual card product, or listening to our customers when they tell us what they need.
“These virtual cards will make business spending safer, faster and more convenient – wherever your employees might be.”
Virtual card adoption is on the rise, especially in the US. In April, Payhawk, a management solution provider, partnered with American Express to integrate virtual cards, enhancing control for business and corporate cardholders.
