Visa Integrates Virtual Corporate Cards With Digital Wallets

Visa’s suite of B2B payment solutions now enables financial institutions to add virtual corporate cards to the digital wallets of their clients’ employees.

This new digital wallet capability provides greater convenience, security and flexibility for corporate users, the digital payments company said in a Monday (Feb. 12) press release emailed to PYMNTS.

Offered through Visa Commercial Pay, Visa’s suite of B2B payment solutions were developed in partnership with payments platform Conferma Pay. These virtual corporate cards can be added to third-party wallets like Apple Pay and Google Pay, according to the release.

“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,” Gloria Colgan, senior vice president, global product at Visa Commercial Solutions, said in the release.

Integrating virtual cards with digital wallets gives chief financial officers the ability to control corporate spending, especially unplanned spending, Colgan and Conferma Pay CEO Jason Lalor told PYMNTS’ Karen Webster in an interview posted in August.

For example, within the travel vertical, a virtual corporate card can be provisioned directly to a digital wallet on an employee’s mobile phone, managed by the company and enabling contactless digital payments.

The first Visa collaborator to roll out the new capability for its treasury management customers is Regions Bank, which operates across the Southeast, the Midwest and Texas, according to the Monday press release.

“Visa understands financial service providers deliver greater value when they give clients more convenience, along with more intuitive, time-saving solutions,” David LaPaglia, head of commercial card product and strategy at Regions, said in the release. “We share in that vision, and by on our digital wallet capabilities, Regions is reinforcing its commitment to help our business clients grow and thrive.”

Visa also announced Monday that it will expand Visa Commercial Solutions to the Latin America and Caribbean region.

Already available in the Asia-Pacific, Europe, Middle East, Africa and North America, Visa Commercial Solutions will launch in Latin America and the Caribbean later in 2024, according to the release.

“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,” Colgan said in the release.

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