HSBC Australia Releases Mobile Virtual Cards for Businesses
(22 April 2024 – Australia) HSBC has launched mobile virtual cards in a significant boost to the group’s leading corporate card offering.
In an inaugural partnership with Mastercard, HSBC now offers mobile virtual corporate cards through Mastercard’s mobile virtual card app. Mastercard claims that its mobile virtual card app simplifies travel, entertainment (T&E) and business expenses for banks' commercial clients. The app uses Mastercard's virtual card and tokenisation platforms, enhanced data, security, and spend controls within a single interface. The launch represents a first within the HSBC Group globally.
The new functionality enables Australian enterprises (and anyone in their network) to execute secure, on-demand, contactless purchases and payments at any time.
“We’re proud to be one of the first banks in Australia to bring mobile virtual cards to Australian corporates. Now, businesses can provide employees, visiting executives, volunteers, and others with instant access to a virtual corporate card on their phone within popular digital wallets” stated HSBC Australia Head of Global Payments Solutions, John Scott.
“From providing visiting executives with funds to cover their expenses to purchasing urgent business supplies, mobile virtual cards open up a world of opportunity for Australian businesses.”
“HSBC has a history of delivering innovative digital solutions to our corporate clients, and we’re proud to add to that legacy with this launch. Our customers are already growing their use of virtual cards for online payments – and through the mobile wallet integration they can access safer, smarter and faster payments both online and offline. We plan to launch mobile wallet virtual corporate cards in other markets later this year” said HSBC Global Head of Commercial Cards, Brian Tomkins.
“Businesses worldwide are seeking fast and secure payment experiences, where payments can be made with just a click or tap, and finance teams can experience automatic reconciliation” commented Mastercard Global Head, Commercial Solutions, Chad Wallace.
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