End-users (full-time, part-time or temporary workers) can be provided with virtual cards, which eliminate the need for physical credit cards, instantly for online use and for tap-and-go payments via digital wallets. The virtual cards will provide convenient and quick checkout options, near-instant payments and immediate access to funds for urgent needs.
At the same time, Mastercard’s mobile virtual card technology allows finance teams to customise spending controls for their employees, for example by setting a budget, limiting the length of time the virtual card can be used for, and designating where the card can be used by specifying merchants or geographical locations. Companies, and end-users, will also benefit from reduced admin time spent reporting and reconciling expenses thanks to the pre-populated expense data feature.
The app will use Mastercard’s virtual card and tokenisation technology, whereby a cardholder’s sensitive data is replaced by a unique card number so that sensitive account details are not exposed.
Andrew Harrison, Managing Director of NatWest’s Customer Goals & Journeys team 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 such as a day, week, or month.”
“The ability to use virtual cards for online as well as point of sale transactions with efficiency and financial control is a gamechanger.”
Salim Secretary, Head of Payments Schemes and Partnerships at NatWest comments: “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.”
Simon Forbes, President UK and Ireland at Mastercard, said: “The introduction of mobile virtual cards represents a step change in the increasingly digitalised corporate payments landscape. 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 payment solutions – an era that Mastercard is proud to be powering.”
