Fintech & Ecommerce

Mastercard Introduces Mobile Virtual Card App for Businesses

The new In Control Pay app from Mastercard enables virtual commercial cards to be added to digital wallets, simplifying business expense reports and reconciliation processes.

Mastercard Introduces Mobile Virtual Card App for Businesses

Mastercard has introduced a new mobile virtual card app with tokenized virtual cards for commercial use. Called In Control Pay, the app provides another convenient method for businesses to handle their corporate and travel expenses.

“Businesses worldwide are seeking fast and secure payment experiences, where payments can be made with just a click or tap, and finance teams can experience automatic reconciliation. With today’s launch, we’re providing innovative tech that digitizes business and travel expenses, while also empowering businesses with more control of and visibility into their finances.”

Chad Wallace, global head of Commercial Solutions, Mastercard

Among the benefits of the new app, one should mention biometric authentication and an added PIN security measure required to view card details, robust spending controls, flexible API-based integrations, access and management of virtual commercial cards issued by multiple participating financial institutions, and more.

For each mobile virtual card created, custom data elements are automatically captured in real-time. They are immediately matched to the transaction, giving organizations enhanced employee spending insights. The tool also enables automatic reconciliation to optimize back-office processes.

Upon registration for the app with an invitation code, users’ commercial virtual cards can be automatically linked to select digital wallets for use across Mastercard’s trusted global network.

HSBC Australia and Westpac are the first financial institutions to offer organizations and corporate customers the new mobile wallet functionality through the Mastercard app.

Launching mobile wallet virtual cards in Australia is a welcome addition to the row of innovative digital solutions for HSBC corporate clients. John Scott, Head of Global Payments at HSBC Australia, notes that mobile wallet usage is constantly growing, with over half of the digital payment transactions globally happening in the Asia-Pacific region.

Contactless tap-to-pay technology is especially popular among younger generations, with over two-thirds of millennials adopting digital wallets. By 2026, over 60% of the global population is forecast to use digital wallets.

Nina Bobro

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Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.