Mastercard has recently announced a new mobile virtual card app as a way to streamline corporate travel expenses for companies. This app will allow companies to issue mobile virtual cards to employees for specific trips or periods of time, reducing the need for tedious expense reports and lengthy reimbursement processes. The app aims to provide a more convenient and efficient way for employees to manage their business travel expenses while also creating a clear virtual trail for reconciliation purposes.
The first financial partners to offer this wallet app are Australian banks, HSBC Australia and Westpac, as Mastercard aims to target the Asia-Pacific region where roughly half of the world’s digital wallets are based. With the increased demand for virtual cards in business travel, Mastercard plans to expand the availability of the app globally in the coming year. The growth in corporate travel post-pandemic has led to a 32% increase in business travel spending, making the need for efficient expense management solutions even more crucial.
Mastercard’s app integrates with expense management and booking software to generate cards at the point of booking. This collaboration will allow for the creation and closure of the mobile virtual cards right after their use, helping companies avoid excess spending. The app also provides security measures such as biometric authentication and personal identification numbers, as well as tokenized cards, to ensure the protection of the virtual cards and the data associated with them.
The launch of Mastercard’s new app signals the continued growth and adoption of virtual cards in the corporate travel industry. As more companies look for streamlined solutions for managing business travel expenses, mobile virtual cards are becoming a popular choice. The convenience and efficiency offered by these cards, combined with the security features provided by apps such as Mastercard’s, make them an attractive option for companies looking to simplify their expense management processes and improve overall travel experiences for employees.
