POS Solutions

Mastercard, TSYS and Extend Introduce Mobile Virtual card Solution to Support fast and secure Contactless Payments.

Mastercard and its partners, TSYS, a Global Payments company, and Extend, today presented a mobile virtual card solution that empowers virtual corporate cards to be handily stacked into a mobile wallet for quick and secure contactless payments.

The new mobile virtual card solution tends to the developing interest for digital, contactless business payments, which has been intensified by the changing idea of work and business costs during the pandemic, and the ascent of the work-from-home economy. Already, one of the fundamental hindrances to more extensive appropriation of virtual cards has been the failure to stack them into a mobile wallet for use at actual point-of-sale terminals. With this new solution, representatives or temporary workers can stack their virtual corporate card into their mobile wallet to effortlessly start contactless payments with their mobile gadget.

The solution utilizes Mastercard Digital Enablement Services (MDES) to tokenize virtual card numbers (VCNs) for secure mobile payments. MDES transforms card numbers into tokens that become futile to fraudsters and takes out the disappointment of physically refreshing card numbers.

Businesses can utilize this solution to give a solitary or multi-utilize virtual card to workers, empowering them to support and oversee approved buys. TSYS creates the virtual card number, which is gotten to in the Extend application and afterward consistently stacked into a mobile wallet.

The new virtual card solution will:

Make paying with a mobile device easier: Users will be able to load the virtual card into their mobile wallet to easily pay with their mobile device for easy, secure transactions at contactless point-of-sale terminals.

Simplify issuing virtual cards: The program administrator can easily create and issue a virtual card to an employee or contractor via the Extend mobile app or web-based application.

Provide more control over spending: Companies will be able to easily set controls including specific time frames, amounts, and approved merchant categories.

Create new opportunities for issuing banks: Issuers are now able to offer mobile VCNs to their corporate clients for carded and non-carded employee use. They can also be instantly issued to an interview candidate for travel costs, or contract workers for the purchasing of supplies and materials.

About Mastercard

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

About Global Payments

Global Payments Inc. is a leading pure play payments technology company delivering innovative software and services to our customers globally. Our technologies, services and employee expertise enable us to provide a broad range of solutions that allow our customers to operate their businesses more efficiently across a variety of channels around the world. Headquartered in Georgia with nearly 24,000 employees worldwide, Global Payments is a member of the S&P 500 with worldwide reach spanning over 100 countries throughout North America, Europe, Asia Pacific and Latin America.

About Extend

Extend Enterprises Inc, a Mastercard partner since joining the Mastercard Start Path program in 2018, builds digital payment infrastructure for trusted financial institutions to enable modern card experiences. Leading banks, businesses, and other innovators can now access the full power of virtual cards for their business, products, and clients. Extend’s core virtual card platform gives cardholders full power over the virtual card lifecycle via a sleek, easy-to-use web and mobile app, and a suite of normalized APIs across virtual card providers. Extend’s API Gateway offers a range of capabilities, including an industry-first tokenization service, and aims to facilitate streamlined partnership integrations between leading issuers and fintech service providers. Extend was founded in 2017 by industry veterans with decades of experience at Fortune 500 companies, including American Express and Capital One.

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