New capabilities enable seamless issuance and deployment; provide robust controls and unlock new efficiencies
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 29, 2024--
Visa (NYSE:V), a global leader in digital payments, announced new capabilities that enable frictionless, provisioned virtual card push-to-wallet experiences. Users can now seamlessly push virtual cards to mobile wallet ecosystems including Apple Pay and Google Pay, with control and security that allows for precise spending limits and monitoring of transactions, thereby minimizing the risk of fraud and unauthorized expenditures.
Visa is an early mover in virtual card push-to-wallet, recognizing the importance of creating seamless, digitally native B2B payment experiences that mirror the consumer ones we have all come to expect. Virtual card transactions will exceed 121 billion globally by 2027, increasing 340% from 28 billion in 20221, according to Juniper Research. Virtual cards can significantly enhance operational efficiency by automating payment processes and reducing the administrative burden associated with traditional payment methods, and they can facilitate improved working capital management by accelerating payment cycles and offering greater transparency into financial transactions, empowering businesses to optimize their cash flow and financial planning.
"These new capabilities underscore Visa's commitment to innovating the B2B payment landscape, ensuring that businesses have access to secure and efficient payment solutions,” said Gloria Colgan, SVP and Global Head of Product for Visa Commercial Solutions. “By enabling push-to-wallet for virtual cards across our commercial products, we are making it easier for our clients to manage their finances in a digitally native environment."
These advancements empower businesses to operate efficiently and securely in today's fast-paced digital economy. Visa’s sophisticated virtual card capabilities enable businesses of all sizes to utilize enterprise-grade payment solutions for better control, security and financial management. As the use of virtual cards continues to accelerate, Visa remains committed to driving innovation and providing tools that help businesses navigate and thrive in the evolving financial landscape.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
________________
1 “Virtual Cards: Sector Analysis, Competitor Leaderboard & Market Forecast 2022-2027,” Juniper Research, 2022.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029676816/en/
David Thum
dthum@visa.com
Source: Visa Inc.