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Mastercard has introduced two innovative solutions designed to enhance virtual card use, making it more efficient, secure, and cost-effective for businesses to accept. The company has launched “widescale global availability” of Mastercard Receivables Manager, an automated solution that streamlines virtual card payments and reconciliation.
According to Marc Pettican, global head of corporate solutions at Mastercard, “Businesses today expect simple, secure, and seamless ways to pay and get paid — with many turning to virtual cards to meet those expectations.” Mastercard’s new solutions aim to support businesses in their modernization journey, providing a simple path to receivables automation and fueling the consumerization of B2B payments globally.
Research shows a significant increase in the adoption of virtual cards, with 42% of US consumers using them in the prior six months, mainly for online purchases and subscriptions. Moreover, 65% of consumers reported that they were likely to use virtual cards in the coming year, indicating a growing appetite for payment tools that offer control, security, and flexibility.
Mastercard’s new solutions offer several benefits, including additional layer of security, reducing the risk of fraud and exposure, automated solutions streamline payment processes, reducing administrative burdens and improved relationships.
Mastercard Receivables Manager is now available globally, allowing acquiring partners to modernize supplier virtual card acceptance experiences across major card networks. This move is expected to drive the adoption of virtual cards and revolutionize the way businesses make and receive payments.
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