NatWest has partnered with Mastercard to launch a new mobile virtual card payment solution for business – Approval2Buy with Mobile Virtual Cards.

The new service is the first in Europe to use Mastercard's mobile virtual card app, enabling companies to provide virtual cards to their employees for use across the globe and eliminating the need for physical cards to make corporate payments, whilst providing businesses with increased flexibility, control, and security.

Virtual cards can be generated instantly to use for online and now also Tap and Go payments via digital wallets, meaning there is no waiting period for a physical card to arrive in the post. Finance teams can customise spending controls, for example by setting a budget, limiting the length of time the virtual card can be used for, and designating where the card can be used by specifying merchants or geographical locations.

Other popular uses of mobile virtual cards include equipping temporary workers, infrequent travellers and recruits with means of payment for corporate travel, as well as ad-hoc or unexpected supplier costs that are made on the go, avoiding the need to rely on personal cards or cash to pre-pay for business purchases.

The app will use Mastercard’s virtual card and tokenization technology – whereby a cardholder’s sensitive data is replaced by a unique card number so sensitive account details are not exposed to offer enhanced data security and spend control features, all accessible via a simple, easy to use interface.

For end-users (full-time, part-time or temporary workers) the virtual card added to digital wallets will provide convenient and quick checkout options, near-instant payments and immediate access to funds for urgent needs. End-users and companies will also benefit from reduced admin time spent reporting and reconciling expenses thanks to the pre-populated expense data feature.

Simon Forbes, President, UK and Ireland at Mastercard, comments: “The introduction of mobile virtual cards represents a step change in the corporate payments landscape. It will simplify, speed up, and bring flexibility to what has long been a cumbersome process for many businesses and their employees. Collaborating with NatWest to bring mobile virtual card payments to their business customers marks the start of a new era for business payments – one that we are proud to be powering.”

Andrew Harrison, MD Customer Goals & Journeys, NatWest comments: “New payments technology presents new ways for businesses to progress and grow. Virtual cards are a great example. Businesses can now use virtual cards for point of sale transactions using mobile phones. This additional feature has generated new use cases. It will also expand the market as it will be useful for contingent labour, temporary employees or where a card is needed for a specific period of time such as a day, week or month.

“The ability to use virtual cards for online and well as point of sales transactions with efficiency and financial control is a gamechanger.” 

Salim Secretary, Head of Payments Schemes and Partnerships at NatWest comments: “We know all about the power of collaboration. Whether that’s partnering with Mastercard to be the first in the region to offer this innovative virtual card product, or listening to our customers when they tell us what they need. These virtual cards will make business spending safer, faster and more convenient - wherever your employees might be.”