Just as Visa Inc. is expanding its Commercial Pay service to the Latin American and Caribbean region, it is making virtual card issuance for its commercial card clients a reality.
Visa says Commercial Pay clients, which have access to a host of B2B payment services, now can add virtual corporate cards into an employee’s digital wallet, including Apple Pay and Google Pay. Virtual cards stand in for the underlying parent card.
Visa debuted its Commercial Pay service in 2020. It includes services to help with supplier payments, corporate travel management, and for working with travel intermediaries. It works with U.K.-based Conferma Pay on elements of the service, an agreement that was extended by four years in 2023.
Specifically, the virtual card component includes a commercial token account that can be configured with unique payment controls for in-person and card-not-present payment methods.
Visa says Regions Bank, a unit of Regions Financial Corp. based in Birmingham, Ala., is the first Visa-issuing bank to participate. Visa says the product launches first in all global regions with Latin American and Caribbean availability later in 2024.
Visa is not the first to offer virtual card for corporate card users. BMO Commercial Bank, a part of BMO Financial Group, launched a virtual card service for its corporate card users that enables virtual version of its Mastercard-branded cards to be loaded into an employee’s mobile wallet.