Natwest has rolled out a virtual card payment tool, Approval2Buy, for business expenses, using Mastercard’s mobile virtual app card and tokenisation technology.
With Approval2Buy, firms can instantly generate virtual cards for online use, as well as for ‘Tap and Go’ payments via digital wallets.
The new service gives business customers more flexibility and control over corporate card usage, with the ability to set a budget, set a time limit, and to designate where employees can use the card by specifying particular merchants and geographical locations.
The cards can also be used to equip temporary workers, infrequent travellers and recruits with a way to pay for corporate travel, as well as ad-hoc or unexpected supplier costs that are made on the go, avoiding the need to rely on personal cards or cash to pre-pay for business purchases.
End-users and businesses will also benefit from reduced admin time spent reporting and reconciling expenses thanks to the pre-populated expense data feature.
NatWest managing director for customer goals and journeys Andrew Harrison, says new payments technology presents new ways for businesses to progress and grow.
“Virtual cards are a great example," he says. "Businesses can now use virtual cards for point-of-sale transactions using mobile phones. This additional feature has generated new use cases. It will also expand the market as it will be useful for contingent labor, temporary employees or where a card is needed for a specific period of time, such as a day, week or month.”