Mastercard, TSYS and Extend have introduced a mobile virtual card solution that enables virtual cards to load into a mobile wallet, resulting in secure, contactless payments, according to a press release.
The solution uses Mastercard Digital Enablement Services to tokenize virtual card numbers for secure mobile payments. TSYS generates the virtual card number, which is accessed in the Extend app and then seamlessly loaded into a mobile wallet. 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 authorized purchases.
“Now, more than ever, companies are looking for flexible, virtual payment solutions,” Ron Shultz, executive vice president, new payments business, North America at Mastercard, said in the release. “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.”