Mastercard claims that its virtual card app for mobile devices will make travel and business spending easier for commercial clients of banks.

According to Chad Wallace, global head of commercial solutions at Mastercard, "businesses worldwide are seeking fast and secure payment experiences, where payments can be made with just a click or tap and finance teams can experience automatic reconciliation."

Through a single interface, the app leverages Mastercard's virtual card and tokenization platforms, improved data, security, and spend restrictions.

John Scott, Head of Global Payments at HSBC Australia, highlights the growing usage of mobile wallets. He notes that the Asia-Pacific region accounts for over half of the digital payment transactions globally.

With the surge in contactless payments, ensuring corporate clients have access to best-in-class payment solutions is crucial. This access allows businesses to maintain security and capitalize on the enhanced efficiency provided by the latest technologies.