HSBC has joined forces with Mastercard to unveil a mobile virtual card solution tailored for corporate clients in the UAE. This innovative offering integrates tokenized virtual commercial cards directly into digital wallets, streamlining the management of contactless business and travel expenses for companies. By leveraging the Mastercard In Control for Mobile Payments platform, HSBC has positioned itself as the first global bank to introduce mobile virtual cards in the Emirates, marking a significant advancement in corporate payment solutions. The integration allows secure virtual card numbers to reside directly on devices, eliminating the need for physical corporate cards altogether. Corporate users can easily load these cards into compatible digital wallets after completing a digital sign-up process through the Mastercard app, enabling seamless tap-and-go transactions at point-of-sale terminals and facilitating online and in-app corporate purchases. Security is paramount, with tokenization encrypting transactions to protect actual card numbers from merchants, thereby reducing the risk of fraud and unauthorized payments. Administrators can impose specific spending controls within the platform, ensuring that employee expenses remain within designated budgets, while users can monitor their balances, card limits, and transaction histories in near real-time via the mobile application. Finali Fernando, Managing Director and Regional Head of Products at HSBC, emphasized the UAE's rapid growth in digital payments and the bank's commitment to delivering innovative solutions that cater to evolving client needs. Gina Petersen-Skyrme, SVP and Country Manager for UAE and Oman at Mastercard, highlighted the importance of integrating virtual cards with mobile devices to enhance the simplicity of B2B payments.
Source: Fintech News ME
