Virtual Credit Cards: The Next Best Practice For Corporate Travel?
One of the opportunities has been a new push for a touchless travel experience as businesses recognize their Duty of Care requirements to provide employees
October 2, 2020
Brings a fully integrated solution with virtual and tap to pay capabilities to commercial card issuers.
Fintech leader Conferma Pay has teamed up with Visa to integrate Visa virtual cards in the Conferma Pay mobile app. This solution is now globally available to Visa’s commercial bank clients, allowing them to bring the Conferma Pay app to their corporate customers as part of Visa’s broader technology offering.
Employees can now make virtual-card payments anywhere contactless payments are accepted, with a tap of a phone, using the Conferma Pay app to provision a virtual commercial card to their phone’s digital wallet. With Conferma Pay’s mobile app, the total spend will be captured in a single record, providing the commercial card program manager with complete visibility into an individual’s spend, eliminating the need for paper receipts or manually submitted expenses.
Simon Barker, CEO, Conferma Pay explained: “This is the first time that the benefits of virtual cards can be applied to commercial tap and go payments. Commercial card program managers will be able to see the rich data that a virtual card can deliver, together with a payment experience that’s as good as any in the consumer space”.
The collaboration between Conferma Pay and Visa creates an efficient and globally available mobile payment solution. Participating companies will now have the ability to grant controlled spending power to individuals without the need to issue physical cards. Additional benefits to businesses include:
- Avoids the need for employees to use their own money to pay for expenses, which amounts to $1.6 Billion a month in the U.S. alone (Conferma Pay)
- Gives managers the ability to access data and oversee costs incurred in real time
- Drastically improves the payment experience for employees by ensuring one payment method can be used for all spend requirements, incorporating tap to pay payment capabilities.
“Visa’s collaboration with Conferma Pay is another important initiative in greatly reducing friction in expense payments for businesses globally,” said Kevin Phalen, SVP, Global Head, Visa Business Solutions. “Conferma Pay is an innovative fintech partner that will help Visa’s commercial clients bring virtual-card innovation to their business clients worldwide.”
About Conferma Pay
Conferma Pay is a global financial technology company. We design and integrate virtual payment systems that provide a more efficient, seamless and secure way to pay for for businesses.
Travel Meets Payment
Conferma Pay was born in Manchester in 2005. Since then we have connected over 700 TMCs, and directly integrate with all the major GDSs and OBTs. Our roots lie in corporate travel payment integration.
We enable our payment providers to flow virtual cards into the preferred purchasing process of any business travel buyer. Crucial to this is our network of banking partners, who have issued virtual cards in over 200 countries, in 40 currencies with over 45 commercial banking partners via all major card networks.
Our ecosystem continues to expand to meet the growing requirements of our global customer base.
