BMO Commercial Bank has partnered with Mastercard to launch a mobile wallet for virtual cards through the Extend for BMO app.
The app allows its corporate card clients in the US and Canada to manage travel and business expenses by enabling them to create and send virtual cards to their employee’s mobile wallets.
BMO claims that clients using the virtual cards benefit from tighter spending controls along with streamlined receipt and reconciliation processes.
The company said it is the first global Mastercard issuer to offer contactless virtual cards through Extend and aims to increase the efficiency and security of virtual payments.
"By offering mobile wallet functionality for physical cards and now virtual cards and contactless payments, BMO is equipping our corporate card clients with convenient tools to manage their businesses and make financial progress," said Derek Vernon, head treasury and payment solutions (TPS) product management and payments modernisation, BMO Commercial Bank. "We're making banking faster and simpler for our clients by investing in sophisticated technology and partnering with organisations like Mastercard to deliver to customers the innovative, secure digital payment tools they have come to expect from a digital-first bank."
Last week Mastercard said that it had ended its crypto card partnership with Binance.
The card, currently available in Argentina, Bahrain, Brazil and Colombia, allows users to make payments in traditional local currencies funded by cryptocurrency holdings on the Binance exchange.
Mastercard has other partnerships with exchanges including Gemini, with Mastercard saying that the decision to drop Binance from 22 September will not impact any of its other crypto card programmes.
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