Contactless Trends in Corporate Cards and B2B Payments

Posted: September 10, 2020 | Updated: November 5, 2020

Both banks and B2B FinTechs are integrating vendor payments and employee expense management into the mobilization and digitization of the corporate card. With contactless payments accelerating among retail customers, commercial card innovation is following suit with card payment capabilities across a variety of scenarios.

  • Bank of America Expands Contactless Business Cards

First launching a mobile wallet solution for corporate customers in the U.S. and Canada in 2018, Bank of America is expanding mobile wallet capabilities for corporate clients across Europe, the Middle East, Asia, and Asia Pacific regions. With the speed, security, and efficiency of mobile, contactless payments, Bank of America allows it corporate travel and purchasing card customers to make payments with mobile wallets, including Apple Pay and Google Pay.

  • NatWest Brings Apple Pay to Business Credit Cards

Providing a safer, more secure, and more private way to pay, NatWest brings Apple Pay to its business credit card customers. Allowing customers to avoid handing their credit card to someone else, touching physical buttons, or exchanging cash, the Apple Pay contactless payment is now available to NatWest’s business and commercial banking customer base.

  • Emburse Enhances Virtual Card with Pre-Approval

Allowing employees to access a virtual or physical Expense Card, Emburse automatically enforces company spending policies with pre-approval capabilities. Upon use of the card, the employee is prompted to take a photo of the receipt to both record the transaction data and to integrate the data into its digital wallet for reporting and reconciliation.

  • DayTek Capital Enabled to Issue Prepaid Card & Accept Deposits

Instrumental in enabling DayTek to issue its prepaid Infinity card, the Australian Financial Services License also allows the FinTech to accept deposits. The Infinity card is a solution for small and medium sized businesses, as well as retail customers. This is the beginning of an array of offerings, including an AI marketplace to facilitate interactions between customers.

With near-real-time assessment of credit risk, machine-learning models can leverage new data streams to allow suppliers to quickly assess the credit risk of new buyers asking for trade credit. Plus, suppliers can get paid in the same manner as their B2C counterparts. The trends on the horizon are a game-changer in the world of B2B.

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