Today, Visa announced a new suite of payments capabilities called Visa Commercial Pay. This is a suite of B2B payments tools targeted at corporations.
Part of the product suite is the ability to add corporate virtual cards into employees’ digital wallets such as Apple Pay or Google Pay. This provides more granular control over employee spending as the virtual card can be provisioned for certain limits with specific merchants.
This is not a new idea, B2B payments companies like Ramp and Brex have developed the ability to issue virtual corporate cards like this but now Visa is providing this capability natively.
Their first bank partner for this technology is Regions Bank in the U.S. Visa is also rolling out these enhanced payments capabilities to the Latin American & Caribbean region.
While fintech has created a lot of innovation in the corporate spend space it is easy to forget that these capabilities have not been extended to traditional banks for the most part. Visa is looking to change that.
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> 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.
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