Mastercard, TSYS and Extend Launch Mobile Virtual Card Solution for Commercial Payments

https://thefintechtimes.com/mastercard-tsys-and-extend-launch-mobile-virtual-card-solution-for-commercial-payments/
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Mastercard and its partners,
TSYS, a Global Payments company
and Extend, have introduced a mobile virtual card
solution that enables virtual corporate cards to be easily loaded
into a mobile wallet for fast and secure contactless payments.

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.
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.

The solution uses Mastercard Digital Enablement Services (MDES)
to tokenise virtual card numbers (VCNs) for secure mobile payments.
MDES turns card numbers into tokens that become useless to
fraudsters and eliminates the frustration of manually updating card
numbers.

Businesses can use this solution to issue a single or multi-use
virtual card to employees, enabling them to fund and manage
authorised purchases. TSYS generates the virtual card number, which
is accessed in the Extend app and then seamlessly loaded into a
mobile wallet.

“Now, more than ever, companies are looking for flexible,
virtual payment solutions,” said Ron Shultz,
executive vice president, New Payments Business, North America at
Mastercard. “By providing a truly virtual end-to-end solution for
generating virtual commercial cards and taking them mobile, we’re
helping businesses streamline their expense processes while
providing employees with fast, simple and secure ways to
pay.”

The new virtual card solution will:

  • Make paying with a mobile device easier: Users will be able to
    load the virtual card into their mobile wallet to easily pay with
    their mobile device for easy, secure transactions at contactless
    point-of-sale terminals.
  • Simplify issuing virtual cards: The program administrator can
    easily create and issue a virtual card to an employee or contractor
    via the Extend mobile app or web-based application.
  • Provide more control over spending: Companies will be able to
    easily set controls including specific time frames, amounts, and
    approved merchant categories.
  • Create new opportunities for issuing banks: Issuers are now
    able to offer mobile VCNs to their corporate clients for carded and
    non-carded employee use. They can also be instantly issued to an
    interview candidate for travel costs, or contract workers for the
    purchasing of supplies and materials.

“This solution provides a more secure, reliable product that
will help financial institutions and businesses streamline B2B
payments by increasing their flexibility to pre-approve and manage
transactions on a much more granular level than before,” said
Gaylon Jowers, President, TSYS Issuer Solutions
and Senior Executive Vice President, Global Payments. “From new
employee onboarding to last minute or first-time travels, our
unique ability to tokenise the virtual account number, combined
with the technology and innovation of Extend and Mastercard, opens
up a multitude of new use cases for virtual cards in corporate
payments.”

Andrew Jamison, CEO, Extend, said: “Over the
last several years we’ve seen a tremendous uptick in virtual card
interest across the industry, but until now, they were irrelevant
for in-store purchases. This partnership with TSYS and Mastercard
has really eliminated the last thing holding virtual cards back
from fully penetrating the market and showing us how much potential
they really have.”

The post
Mastercard, TSYS and Extend Launch Mobile Virtual Card Solution for
Commercial Payments
appeared first on The Fintech Times.

https://thefintechtimes.com/mastercard-tsys-and-extend-launch-mobile-virtual-card-solution-for-commercial-payments/