(11 November 2024 – United Kingdom) NatWest has introduced a virtual card payment solution, Approval2Buy, aimed at streamlining business expenses by leveraging Mastercard’s virtual mobile card and tokenisation technology.
Approval2Buy allows companies to quickly generate virtual cards for online transactions and ‘Tap and Go’ payments via digital wallets. This service aims to offer business clients increased control and flexibility over corporate spending, with options to set budgets, time limits, and restrict usage to specific merchants or regions.
The virtual cards can also be used for equipping temporary staff, occasional travellers, and new recruits with a secure payment option for business travel, ad-hoc purchases, or unexpected supplier costs. This reduces reliance on personal cards or cash advances for business expenses.
The tool’s pre-populated expense data also minimises administrative tasks, simplifying the reporting and reconciliation of expenses for end-users and companies alike.
Andrew Harrison, NatWest’s Managing Director for Customer Goals and Journeys, highlights that new payment technologies are creating innovative growth opportunities for businesses.
“Virtual cards are a prime example,” Harrison explains. “Businesses can now conduct point-of-sale transactions via mobile phones, opening up a range of new applications. This feature will be especially useful for contingent workers, temporary employees, or any situation where a card is required for a specific period, whether a day, a week, or a month.”