HSBC launches mobile virtual corporate cards
In a first-to-market partnership with Mastercard, HSBC has enabled mobile virtual corporate cards through Mastercard’s innovative mobile virtual card app.
The launch of digital wallet compatibility expands virtual cards for use at physical point-of-sale terminals, as well as in apps and online. Once generated, mobile wallet virtual cards can be added to select digital wallets for immediate use.
This new functionality will empower Australian businesses, and anyone in their network, to make secure, on-demand, contactless purchases and payments at any time.
Unlike physical corporate cards, mobile virtual cards can be activated for a set timeframe. When expired, they are immediately deactivated from further use and users can view transaction history for up to 12 months in the Mastercard mobile virtual card app.
Virtual cards can also be limited with customised spending controls, including limits on budget, or use with specified merchant categories, such as restaurants, hotels, or airlines.
This provides businesses with greater protection from fraud or misuse, and saves time spent reconciling expenses and issuing physical cards.
Commenting on the launch – a first within the HSBC Group - John Scott, Head of Global Payments Solutions, HSBC Australia said: “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.
“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.”
Brian Tomkins, Global Head of Commercial Cards, HSBC said: “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.”
To find out more, visit: business.hsbc.com.au
HSBC Australia
In Australia, the HSBC Group offers an extensive range of financial services through a network of 33 branches and offices. These services include retail and commercial banking, trade finance, treasury and financial markets, payments and cash management and securities custody. Principal HSBC Group members operating in Australia include HSBC Bank Australia Limited (ABN 48 006 434 162 AFSL/Australian Credit Licence 232595) and The Hongkong and Shanghai Banking Corporation Limited (ABN 65 117 925 970 and AFSL 301737).
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$3,039bn at 31 December 2023, HSBC is one of the world’s largest banking and financial services organisations.