American Express and Extend plan to add Amex virtual Cards to mobile wallets to make in-store purchases
American Express and Extend, a New York City-based fintech specializing in virtual cards, announced their partnership to expand virtual Card solutions for US businesses.
It means that US companies with an eligible American Express Business Card can now enroll and create virtual Cards, as known as tokens. They will be able to do that through Extend’s app or desktop login in 5 minutes using their existing American Express Card account, according to the press release.
In addition, businesses will be able to create virtual Cards to track spending on different projects or types of expenses, or to send virtual Cards to employees, contractors, or vendors all within the Extend platform.
Besides, the new offering allows them to set spending limits, expiration dates, automatic refills, reoccurring payments, merchant category restrictions, and turn Cards on and off as needed.
The news partnership also enables an added layer of security through the token technology and eliminate the need to share primary Business Card numbers with anyone.
Along with that, US businesses would categorize expenses and tag virtual Cards and transactions with general ledger codes to automate reconciliation, integrate with expense and reporting software, and reduce time spent on expense reports and reimbursements.
Automated virtual Card issuing is possible as well: they can connect directly to Extend’s APIs to automate virtual Card creation without having to log into the Extend app.
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