Visa has extended its digital wallet capabilities within Visa Commercial Pay to allow financial institutions add virtual corporate cards into an employees’ digital wallet, the company has announced.
The upgrade includes third-party wallets such as Apple Pay and Google Pay and is aiming to improve convenience, security and flexibility for corporate users.
Simultaneously, Visa Commercial Pay, a suite of B2B payment solutions built in partnership with Conferma Pay, will undergo significant expansion across the Latin America & Caribbean region, the company said. Its virtual card B2B payment solutions had been launched in 2020 to help corporates move away from traditional business payment methods to more automated and secure processes.
Following its launch in the Asia-Pacific, Europe, Middle East & Africa and North America regions, Visa said it expects the service to be made available for customers in Latin American & Caribbean later in 2024
A recent report from Juniper Research found that by 2028, global virtual card spend will have increased by 355%, up from $3.1 trillion in 2023. The enhanced Visa Commercial Pay Mobile will provide a commercial token account with configured payment controls designed to improve payment experience across both Point of Sale and CNP payment methods.
By using advanced tokenization technology the company is seeking to minimise the risk of fraud and provide a more secure payment environment for businesses to seamlessly initiate transactions.
“We’re empowering businesses with on-demand and secure payments, giving them the flexibility and mobility of virtual, mobile transactions, which is essential in today’s dynamic business environment,” said Gloria Colgan, Senior Vice President, Global Product at Visa Commercial Solutions.
“Our solutions are designed to meet the needs of enterprises across the world, and in expanding to the Latin America & Caribbean region, we’re providing these businesses with the tools to thrive in an increasingly digital business landscape. Alongside our partners Conferma Pay, we’re delighted to be taking our enhanced capabilities to customers globally,” she added.
