Mastercard, TSYS and Extend Launch Mobile Virtual Card Solution for Commercial Clients
November 30 2020 - 7:00AM
Business Wire
New solution enables commercial virtual cards
to be seamlessly loaded into mobile wallets
Mastercard and its partners, TSYS, a Global
Payments company, and Extend, today introduced a mobile virtual
card solution that enables virtual corporate cards to be easily
loaded into a mobile wallet for fast and secure contactless
payments.
The new mobile virtual card solution addresses the growing
demand for digital, contactless commercial payments, which has been
amplified by the changing nature of work and business expenses
during the pandemic, and the rise of the work-from-home economy.
Previously, one of the main barriers to wider adoption of virtual
cards has been the inability to load them into a mobile wallet for
use at physical point-of-sale terminals. With this new solution,
employees or contractors can load their virtual corporate card into
their mobile wallet to easily initiate contactless payments with
their mobile device.
The solution uses Mastercard Digital Enablement Services (MDES)
to tokenize virtual card numbers (VCNs) for secure mobile payments.
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. TSYS generates the virtual card number, which
is accessed in the Extend app and then seamlessly loaded into a
mobile wallet.
"Now, more than ever, companies are looking for flexible,
virtual payment solutions,” said Ron Shultz, executive vice
president, New Payments Business, North America at Mastercard. “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.”
The new virtual card solution will:
- Make paying with a mobile device easier: Users will be
able to load the virtual card into their mobile wallet to easily
pay with their mobile device for easy, secure transactions at
contactless point-of-sale terminals.
- Simplify issuing virtual cards: The program
administrator can easily create and issue a virtual card to an
employee or contractor via the Extend mobile app or web-based
application.
- Provide more control over spending: Companies will be
able to easily set controls including specific time frames,
amounts, and approved merchant categories.
- Create new opportunities for issuing banks: Issuers are
now able to offer mobile VCNs to their corporate clients for carded
and non-carded employee use. They can also be instantly issued to
an interview candidate for travel costs, or contract workers for
the purchasing of supplies and materials.
Click on the link to learn how to use this new solution:
https://www.paywithextend.com/app
Quote sheet
"This solution provides a more secure, reliable product that
will help financial institutions and businesses streamline B2B
payments by increasing their flexibility to pre-approve and manage
transactions on a much more granular level than before," said
Gaylon Jowers, president, TSYS Issuer Solutions and senior
executive vice president, Global Payments. "From new employee
onboarding to last minute or first-time travels, our unique ability
to tokenize the virtual account number, combined with the
technology and innovation of Extend and Mastercard, opens up a
multitude of new use cases for virtual cards in corporate
payments."
“Over the last several years we’ve seen a tremendous uptick in
virtual card interest across the industry, but until now, they were
irrelevant for in-store purchases,” said Andrew Jamison, CEO,
Extend. “This partnership with TSYS and Mastercard has really
eliminated the last thing holding virtual cards back from fully
penetrating the market and showing us how much potential they
really have.”
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all. www.mastercard.com
About Global Payments
Global Payments Inc. (NYSE: GPN) is a leading pure play payments
technology company delivering innovative software and services to
our customers globally. Our technologies, services and employee
expertise enable us to provide a broad range of solutions that
allow our customers to operate their businesses more efficiently
across a variety of channels around the world.
Headquartered in Georgia with nearly 24,000 employees worldwide,
Global Payments is a member of the S&P 500 with worldwide reach
spanning over 100 countries throughout North America, Europe, Asia
Pacific and Latin America. For more information, visit
www.globalpaymentsinc.com and follow Global Payments on Twitter
(@globalpayinc), LinkedIn and Facebook.
About Extend
Extend Enterprises Inc, a Mastercard partner since joining the
Mastercard Start Path program in 2018, builds digital payment
infrastructure for trusted financial institutions to enable modern
card experiences. Leading banks, businesses, and other innovators
can now access the full power of virtual cards for their business,
products, and clients. Extend’s core virtual card platform gives
cardholders full power over the virtual card lifecycle via a sleek,
easy-to-use web and mobile app, and a suite of normalized APIs
across virtual card providers. Extend’s API Gateway offers a range
of capabilities, including an industry-first tokenization service,
and aims to facilitate streamlined partnership integrations between
leading issuers and fintech service providers. Extend was founded
in 2017 by industry veterans with decades of experience at Fortune
500 companies, including American Express and Capital One. For more
information visit paywithextend.com LinkedIn.
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Sandra Benjamin +1 (416) 365-5567
Sandra.Benjamin@mastercard.com
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