Q&A: Virtual Card Technology Drives Consumerisation of Corporate Payments

As corporate organisations seek to catch up with the consumer payment experience, Simon Barker, co-founder and chief executive of travel fintech Conferma Pay, reveals how virtual card numbers are transforming the way employees spend company money

How has the nature of money changed amid advances in technology and changes in consumer attitudes?

Consumers, particularly newer generations of corporate travellers, want ease of use, a seamless experience and control of their spending. Cash doesn’t give you this and bank transfers are just clunky and difficult to manage in real time. So consumers are turning to mobile wallets and contactless payments. Meanwhile, the new leaders on the supplier side of the payments industry, the likes of Uber and Amazon, have been successful because they’ve made payments invisible and seamless. It’s just so easy to buy through them and that’s why consumers love them. The only way you can do this is to make sure you have really granular control, visibility and accountability of each payment. If people don’t trust Amazon, they’re not going to use it. Companies like Amazon have created a one-to-one match between all the data from the product you want to buy and then from your profile and payment method.

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About Conferma Pay

Conferma Pay is a global financial technology company. We design and integrate virtual payment systems that provides 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.

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