Thursday, June 29, 2017
PNC Bank is linking its corporate clients with a new mobile solution that links users of its Visa commercial cards into mobile wallet solutions Apple Pay, Android Pay and Samsung Pay.
The bank said in news Monday (June 19) that supporting use of a mobile wallet solution for corporate payers can help business travelers streamline transactions with online payments and expensing while boosting security. But the move is also part of a broader effort to keep corporate payments up to speed with consumer payment innovation, the financial institution said.
“Increased security, convenience and ease of reconciliation are critical to administrators who oversee commercial card programs,” said PNC Bank Executive Vice President and Head of Treasury Management Christopher Ward in a statement. “Companies also are focused on the changing demographics of the U.S. labor force. Payment options for businesses today must keep pace with the technology available to individuals, who would like to give up the reach into their wallets for plastic cards in favor of pointing or waving a smartphone to complete a purchase.”
PNC Bank noted that these mobile wallet solutions enable corporate payers to use their commercial cards without having their card numbers stored on a mobile device. Instead, the mobile pay app creates a virtual card number unique to each transaction. The apps deploy two-step identification to verify users when they add their commercial card to a mobile wallet, and all transactions are monitored by PNC Bank in the same way they would be when transactions are made with a physical card, the bank said.
In another statement, Visa Global Head of Products and Solutions Vicky Bindra said corporates are increasingly turning their attention to mobile pay and wallet technologies.
“Businesses recognize the growing need to make payments fit the new ‘digital-first’ lifestyle of their corporate cardholders,” Bindra said. “Visa’s collaboration with PNC is helping bring the convenience and security of mobile payments to their corporate cardholders and meet the growing demand for convenient business payments for everyone, everywhere.”
U.S. Bank became the first in the nation to link its Visa commercial cards to the online payments solutions Apple Pay, Android Pay and Samsung Pay earlier this year. Meanwhile, in 2015 American Express became the first major credit card issuer to link its commercial cards into Apple Pay.
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