B2B Payments

Australia Gets First Virtual Commercial Cards Via Mastercard, DiviPay

Expense management company DiviPay is rolling out what it says is Australia’s first Mastercard virtual commercial card for corporate payers, and the first solution in the country that combines payments with expense management automation.

Reports in Finder this week said DiviPay is launching its virtual card offering to help small and medium-sized companies (SMBs) automate their expense reporting and management processes. The solution enables employees to automatically generate a single-use virtual card for a designated dollar amount that is uploaded to their mobile or online wallet.

According to DiviPay CEO and Co-Founder Daniel Kniaz, the tool was designed to target the particular expense management pain points of SMBs.

“We built DiviPay specifically for the [SMB] market after discovering that many businesses in Australia don’t have the means to make business payments,” he said, according to reports. “Corporate card programs are costly, slow to set up and have stringent credit requirements. As a result, businesses either rely on their employees to pay for business expenses with their personal cards, or they share a manger’s credit card around the office, which presents a genuine security risk.”

The company claims its automated solution can save business professionals up to 30 hours per month on expense report generation and management. The virtual card can be used via Apple Pay, Google Pay and Samsung Pay, allowing employees to make in-store payments; transaction data is then automatically uploaded onto a firm’s accounting software, with DiviPay adding the data to generate expense reports.

“DiviPay is the first expense management tool to combine expense reporting automation with payment capability,” Kniaz added. “By issuing virtual Mastercards, managers can set very granular spending controls on a card-by-card basis, which means that payments can only be made if they are within the company’s spending policy. DiviPay’s card controls essentially allow you to control company spending before it even happens.”



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.