Visa, Yokoy Collaborate on Virtual B2B Debit Card

The spend management platform Yokoy has collaborated with Visa on a new debit card for businesses for companies operating in Europe.

The company, which has offices in Zurich, Munich and Vienna, announced the card launch on its blog Thursday (Dec. 9), saying its platform connects the card to spend management software and enterprise resource planning systems.

“Designed for all commerce-related expenses, the Yokoy Visa Business Card is available as both a physical card and a virtual product,” writes CMO Melanie Gabriel. “It can be used worldwide and attracts no card fees, card account fees, transaction fees or foreign currency surcharges when used within the EU.”

The company argues that the traditional payment card, “typically offered in isolation,” is now seen as an outmoded solution.

“But the landscape is changing, thanks to our platform, which seamlessly integrates corporate cards into customers’ ecosystems,” Gabriel writes.

Yokoy says its new card can be managed completely digitally, and also waives fees that would be charged for comparable cards.

When ordering cards, customers can choose a virtual or physical product and have their virtual cards delivered in seconds, ready to use immediately. Both versions of the card can be integrated into Yokoy’s spend management system, with the platform’s data exchange working in real time.

The card is powered by the card issuing platform Marqeta, which works with companies such as Uber and Klarna.

Read more: 39% of Firms Use Virtual Cards for B2B Payments

PYMNTS research has found that 39% of companies now make B2B payments using virtual cards, according to Accelerating The Time To Realized Revenue, a survey of more than 400 executives done in collaboration with Mastercard.

These firms say virtual card use has yielded an average of 3.4 financial or operational benefits, such as faster payments, more detailed transactions and transactional security.

Other benefits cited include improving cash management, reduced processing exceptions, enhanced credit processing, accessing credit and rebates and meeting the expectations of suppliers and customers.