NatWest has announced its partnership with Mastercard in order to launch a mobile virtual card offering for UK companies and their employees. Following this announcement, the new solution was entitled Approval2Buy with Mobile Virtual Cards, and it was developed to use Mastercard’s mobile virtual card application.

This will enable companies to provide virtual cards to their employees for use across the world, as well as allow the need for physical cards in order to make corporate payments, whilst offering firms increased flexibility, control, and safety. In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industries as well. More information on the Mastercard x NatWest collaboration Throughout this launch, the virtual cards can be generated instantly to be used for online and Tap and Go payments via digital wallets, meaning there will be no waiting period for a physical card to arrive in the post.

Finance teams will have the possibility to customise spending controls, for example by setting a budget, limiting the overall lengths of time the virtual card can be used for, as well as designing where the card can be leveraged by specific merchants or geographical locations. Other popular uses of mobile virtual cards can include equipping temporary workers, infrequent travelers, and recruits with means of payment for corporate travel, and ad-hoc or unexpected supplier costs that are made on the go. This will avoid the need to rely on personal cards or cash to pre-pay for business purchases.

The application will use Mastercard’s virtual card and tekorenisation technology, whereby a cardholder’s sensitive data is replaced by a unique card number. This process will make sure that sensitive account details are not exposed to offer optimised data security and spend control features, all being accessible via a simple, secure, and easy-to-use interface. At the same time, for end-users, the virtual card added to digital wallets is set to provide convenient and quick checkout options, near-instant payments, and immediate access to funds for urgent needs.

In addition, clients and businesses will also benefit from reduced admin time spent reporting and reconciling expenses through the use of the pre-populated expense data feature. .