Payment giant Visa has announced an expansion of its digital wallet services within Visa Commercial Pay. The enhancement, developed in collaboration with virtual payments technology provider Conferma Pay, aims to streamline how businesses handle their financial operations worldwide.

The service, initially launched in regions including Asia-Pacific, Europe, the Middle East & Africa, and North America, is set to be introduced to Latin American and Caribbean customers later in 2024.

This expansion allows financial institutions to incorporate virtual corporate cards into employees’ digital wallets, such as Apple Pay and Google Pay, offering increased convenience, security, and flexibility for corporate transactions.

Visa Commercial Pay focuses on virtual card B2B payment solutions that enhance cash flow and eliminate outdated manual processes. Since its inception in 2020, the program has supported corporations in transitioning from traditional payment methods to more secure and automated alternatives.

The updated Visa Commercial Pay Mobile introduces a commercial token account with tailored payment controls, streamlining payments across Point of Sale and Card Not Present (CNP) methods.

Leveraging advanced tokenisation technology, the service aims to reduce fraud risk and secure payments, facilitating seamless transactions and improved financial efficiency for businesses.

“We’re empowering businesses with on-demand and secure payments, giving them the flexibility and mobility of virtual, mobile transactions, which is essential in today’s dynamic business environment.

 

Alongside our partners Conferma Pay, we’re delighted to be taking our enhanced capabilities to customers globally.”

said Gloria Colgan, Senior Vice President, Global Product at Visa Commercial Solutions.