HSBC and Mastercard Bring Virtual Commercial Cards to UAE Businesses
The move is part of the bank’s efforts to digitize its offerings and provide corporate customers with state-of-the-art technology tools.
HSBC and Mastercard jointly announced the launch of a mobile virtual card solution in the UAE that enhances commercial card programs with tokenized virtual cards accessible through digital wallets. The move is part of the bank’s efforts to digitize its offerings and provide corporate customers with state-of-the-art technology tools.
The new solution connects businesses to a comprehensive range of benefits through Mastercard’s mobile virtual card app, which enables virtual commercial cards to be effortlessly added to digital wallets and instantly used when making tap-and-go transactions for business and travel expenses.
The capability is powered by Mastercard In Control®, the company’s industry‑leading virtual card platform, leveraging Mastercard In Control for Mobile Payments to enable secure VCNs to be added into digital wallets. With the launch, HSBC is the first global bank to launch Mobile Virtual Cards in the UAE via Mastercard In Control for Mobile Payments.
The innovative proposition helps drive incremental spend and brings security to business-to-business (B2B) payments by enabling tokenized transactions at point-of-sale (POS) terminals as well as online and in-app purchases leveraging Mastercard’s innovative virtual card and tokenization platforms. These uniquely encrypted transactions keep real card numbers shielded from merchants, reducing misuse and unauthorized payments.
Cards are issued through a virtual card portal, while users can add them to compatible digital wallets with a simple sign-up process via Mastercard’s app. Digital issuance offers a seamless process, eliminating the waiting time to receive physical cards. Cardholders can enjoy quicker checkouts and instant payments through Mastercard’s global acceptance network.
Businesses can set spend controls that regulate how, when and where the virtual cards can be used and ensure users stay within the budget. Meanwhile, users can check the card limit, available balance and near-real-time transaction records on the app.
“The UAE is a fast-growing market for digital payments, with businesses increasingly adopting mobile-first solutions. At HSBC, we remain focused on delivering innovative solutions that meet our clients’ evolving needs. We are pleased to collaborate with Mastercard to launch mobile virtual corporate cards, combining the control of virtual cards with the convenience of mobile wallets.”
– Finali Fernando, Managing Director, Regional Head of Products, HSBC
“As business payments become increasingly digital, virtual cards that can be integrated with mobile devices play a vital role in bringing consumer-grade simplicity to B2B payments. Our mobile virtual card solution now allows HSBC to deliver virtual cards to their corporate customers easily and securely. We are confident the launch will contribute to accelerating the adoption of digital B2B payments in the UAE.”
– Gina Petersen-Skyrme, SVP & Country Manager, UAE & Oman, Mastercard
