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Launch of ‘instant’ company card offers employers greater flexibility

by Benefits Expert
05/11/2024
Low pay, debt, credit cards
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Employers will be able to offer employees a virtual company card that can be generated “instantly”, as NatWest and Mastercard team up to launch a new digital payment service. 

Physical company cards can already be added to employees’ digital wallets, but typically someone will need to receive the physical card first. 

The launch of Approval2Buy with Mobile Virtual Cards, which is the first in Europe to use Mastercard’s mobile virtual card app, comes as the use of virtual cards is increasing. It also signals an end to waiting for a physical card to arrive in the post, which can be an issue if an employee needs it urgently. 

‘Cumbersome process’
Cards can be generated instantly for permanent or temporary staff and finance teams can set a budget, limit the length of time the virtual card can be used for, and decide where the card can be used by specifying merchants or geographical locations.

“The introduction of mobile virtual cards represents a step change in the corporate payments landscape,” said Simon Forbes, president, UK and Ireland at Mastercard.

“It will simplify, speed up, and bring flexibility to what has long been a cumbersome process for many businesses and their employees. Collaborating with NatWest to bring mobile virtual card payments to their business customers marks the start of a new era for business payments – one that we are proud to be powering.”

Andrew Harrison, managing director customer goals and journeys at NatWest, said: “New payments technology presents new ways for businesses to progress and grow. Virtual cards are a great example. Businesses can now use virtual cards for point of sale transactions using mobile phones. This additional feature has generated new use cases. It will also expand the market as it will be useful for contingent labour, temporary employees or where a card is needed for a specific period of time such as a day, week or month.

“The ability to use virtual cards for online as well as point of sales transactions with efficiency and financial control is a gamechanger.” 

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Seasoned professionals examine the challenges and innovations in today’s employee benefits, reward and HR sector. Every episode, they will unbox a key issue and unpack what it really means for employers and how they can tackle it.

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Return-to-office mandates are a topic that’s generating plenty of heat in the media, but how closely do the headlines match workplace reality? 

In this episode, one of a three-part series of 10-minute podcasts, hosts Claire Churchard and Steve Herbert discuss data that shows remote or home working is on the rise.

We look at what this means for HR, from balancing employee flexibility with business needs, to ensuring benefits packages remain fair and accessible. We discuss the pinch points, and the opportunities, in building the new normal of work.

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