Card processor TSYS is looking to heighten the security of mobile corporate payments.
The company announced Tuesday (May 30) that it is enabling tokenization across its North American commercial card program, allowing businesses to let their own cardholders pay with a mobile device. To do so, TSYS is linking its Enterprise Tokenization solution to commercial card issuers that support mobile payments made via Apple Pay, Android Pay or Samsung Pay.
“We are excited to be able to offer this capability to our Visa and Mastercard commercial issuers, enabling them to be first in market with a mobile solution for their cardholders,” said TSYS President and Chief Operating Officer Pam Joseph in a statement. “To do this across all of our U.S. platforms and to have clients in-market already today with these capabilities is further testament to our standing as the leader in the commercial payments market”
According to TSYS, U.S. Bank is the first commercial card issuing partner to enroll its corporate and small business customers with mobile payment-ready Visa corporate cards tokenized by TSYS. The company cited data from Business Insider, whose Mobile Payments Report last year forecasted the mobile payment space to see significant growth, hitting 150 million mobile payment users by 2020.
As that figure rises, the number of corporate mobile payers is also expected to increase.
TSYS’ announcement was made the same day new data from Capital One emerged that found a significant rise in demand for commercial card services. According to Capital One, 91 percent of corporate financial professionals expect to implement new commercial card tools in their companies this year.
That adoption rate is 36 percent higher than it was last year, researchers noted.
The survey, conducted by Capital One’s Commercial Card Group at the 2017 NAPCP Commercial Card & Payment Conference, also found that demand for mobile-friendly corporate card programs is increasing, with 88 percent of respondents saying they already have access to a commercial card mobile app — a 54 percent increase from 2016.