Visa (NYSE:V), a global leader in digital payments, has unveiled an enhancement to its B2B payment solutions with extended digital wallet capabilities within Visa Commercial Pay.
Developed in collaboration with Conferma Pay, a leading provider of virtual payments technology, this innovation aims to revolutionize global transaction management for businesses.
Visa’s latest advancement enables financial institutions to integrate virtual corporate cards directly into employees’ digital wallets, including popular third-party platforms like Apple Pay and Google Pay. This move is designed to enhance convenience, security, and flexibility for corporate users, aligning with the growing trend of digital transactions.
Expansion of Visa Commercial Pay in Latin America & Caribbean
This development coincides with a significant expansion of Visa Commercial Pay across the Latin America & Caribbean region. This expansion reinforces Visa’s commitment to providing streamlined, secure, and efficient B2B payment solutions in a region known for its diverse and dynamic business landscape.
Visa Commercial Pay, introduced in 2020, encompasses virtual card B2B payment solutions aimed at improving cash flow for businesses while eliminating outdated manual processes. The platform has gained traction globally, facilitating the shift from traditional business payment methods to automated and secure processes.
According to a recent report by Juniper Research, global virtual card spend is expected to increase by 355% by 2028, reaching $3.1 trillion in 2023. Visa’s ongoing innovation in virtual card solutions positions the company at the forefront of this anticipated surge in digital transactions.
Enhanced Visa Commercial Pay Mobile: A Seamless Payment Experience
The improved Visa Commercial Pay Mobile introduces a commercial token account with configured payment controls, streamlining payment experiences across both Point of Sale and CNP (Card Not Present) methods. Leveraging advanced tokenization technology, this transformative approach minimizes the risk of fraud, ensuring a secure payment environment for businesses while enhancing financial agility.
Gloria Colgan, Senior Vice President, Global Product at Visa Commercial Solutions, highlighted the significance of empowering businesses with secure and on-demand payments. The enhanced capabilities aim to provide businesses with the flexibility and mobility essential in today’s dynamic business environment.
Regions Bank as the Pioneer Collaborator
Regions Bank is the first Visa collaborator to implement the extended digital wallet capability for its Treasury Management customers. Operating in high-growth markets across the Southeast, the Midwest, and Texas, Regions Bank caters to a diverse range of Commercial Banking clients, each with unique payments and cash-flow requirements.
David Lapaglia, Head of Commercial Card Product and Strategy for Regions, emphasized the importance of delivering a superior client experience. He stated that Visa Commercial Pay complements Regions Bank’s commitment to providing clients with convenience and intuitive, time-saving solutions, contributing to the growth and success of business clients.
After successful launches in the Asia-Pacific, Europe, Middle East & Africa, and North America regions, Visa Commercial Pay is set to be available for customers in Latin America & Caribbean later in 2024. The expansion aims to cater to the evolving needs of businesses in the region, facilitating digital transformation and efficient B2B transactions.
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