(17 July 2024 – Australia) Westpac is releasing Dynamic Virtual Cards for corporate and government clients, enabling fast and secure ‘tap and go’ payments for greater control.
Customers can generate Dynamic Virtual Cards through Westpac’s integrated expense centre platform. Once generated, end users receive encrypted instructions inviting them to download an app which enables the virtual card to be added to the digital wallet on their eligible device. Westpac’s Dynamic Virtual Card can be used online as well as in-store via digital wallet tap and go transactions.
“Organisations using these cards will be able to tailor parameters for each card in the way they see fit, including by choosing who can use the card, where the card can be used, how much can be spent, how often it can be used and for how long” commented Westpac Managing Director, Global Transaction Services, Jeff Byrne.
“A great initiative with some excellent traction already with clients looking at radical changes to their procurement functions to drive down cost and reduce friction in the supply chain. Potential use cases for this digital solution are extensive and can range, for example, from a school using it to replace petty cash for daily incidental expenses, to a large corporate organisation hosting a conference or event and providing digital virtual cards to speakers or delegates as a cash alternative to cover their travel and related expenses.”