Mastercard and NatWest Launch Europe’s First Mobile Virtual Card for Business Payments

In a groundbreaking collaboration, Mastercard and NatWest have introduced a mobile virtual card solution for businesses, marking the first service of its kind in Europe. Announced on Tuesday (Nov. 5), NatWest’s Approval2Buy platform leverages Mastercard’s mobile virtual card technology to enable point-of-sale transactions directly from mobile phones.

“New payment technologies open fresh avenues for business growth,” commented Andrew Harrison, NatWest’s Managing Director for Customer Goals and Journeys. “With virtual cards, companies can streamline operations and extend payment capabilities to contingent or temporary employees who may only need access to funds for short-term projects.” This innovative tool allows businesses to issue virtual cards instantly for online purchases and Tap-and-Go payments through digital wallets, giving finance teams greater flexibility to control spending.

As North American businesses increasingly adopt virtual cards, PYMNTS Intelligence’s “2023-2024 Growth Corporates Working Capital Index” found a 54% rise in their use among middle-market firms. The cards are becoming popular as a working capital solution, especially among companies lacking the in-house resources to manage complex payables and receivables. Abhishek, Visa’s global head of B2B Acceptance, underscored this shift, stating, “Virtual cards should not only be viewed as a payment option but as a working capital tool.”

Mastercard and Visa continue to expand virtual card use across various sectors, including healthcare, where Mastercard’s Chad Wallace noted faster payment processes between insurance companies and providers. With businesses increasingly seeking integrated financial solutions, the mobile virtual card marks a significant step toward more flexible, efficient corporate payments.

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