Employers will be able to offer employees a virtual company card that can be generated “instantly”, as NatWest and Mastercard team up to launch a new digital payment service.
Physical company cards can already be added to employees’ digital wallets, but typically someone will need to receive the physical card first.
The launch of Approval2Buy with Mobile Virtual Cards, which is the first in Europe to use Mastercard’s mobile virtual card app, comes as the use of virtual cards is increasing. It also signals an end to waiting for a physical card to arrive in the post, which can be an issue if an employee needs it urgently.
‘Cumbersome process’
Cards can be generated instantly for permanent or temporary staff and finance teams can set a budget, limit the length of time the virtual card can be used for, and decide where the card can be used by specifying merchants or geographical locations.
“The introduction of mobile virtual cards represents a step change in the corporate payments landscape,” said Simon Forbes, president, UK and Ireland at Mastercard.
“It will simplify, speed up, and bring flexibility to what has long been a cumbersome process for many businesses and their employees. Collaborating with NatWest to bring mobile virtual card payments to their business customers marks the start of a new era for business payments – one that we are proud to be powering.”
Andrew Harrison, managing director customer goals and journeys at NatWest, said: “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.”
