I’m sure that you’ve already heard or read (also in my blog) about the global pandemic being a catalyst for the development of the fintech environment. And the subject of today’s discussion isn’t an exception, as it fixes problems that have become especially relevant during the lockdown. Remote workers are turning to personal cards to pay for corporate expenses, buyers and suppliers need more efficient ways to pay and get paid, and businesses need to improve cashflow systems. We are used to fulfilling all these tasks “manually”, but the pandemic interfered with the usual work processes.
Visa Commercial Pay and virtual commercial cards
So, the Visa payment system in cooperation with the provider of virtual payments technology Conferma Pay have launched a product that includes three payment offerings for the financial institutions, as well as for their corporate customers. Visa Commercial Pay provides comprehensive card-program management capabilities, including on-demand virtual card issuance to employees’ mobile devices via an app.
Visa Commercial Pay Mobile is a mobile app, kind of a digital wallet, created for storing virtual Visa cards issued for corporate needs. The app provides businesses with the enhanced tools and features, helping them better manage and track spend, and also lessens the necessity to issue and spread physical cards. The app will host digitally-issued Visa virtual commercial cards on employee and contractors’ mobile devices. The employees will be able to pay work-related expenses both online and offline with the app.
Also the solution that enables businesses to centrally manage their business travel spend is included — Visa Commercial Pay Travel.The solution integrates into business travel reservation processes and delivers enhanced data, full spend visibility and automated expense reconciliation.
Visa Commercial Pay B2B is a platform that gives buyers and suppliers more options to pay and get paid . Companies can also manage cash flows better and capture enhanced data that can then be used for reconciliation and reporting capabilities. This solution can be integrated into third party procurement platforms.
Development prospects in Ukraine
It certainly seems promising. But will such a system catch on in Ukraine? On the one hand, yes. This is a useful program which gives businesses better control over their finances, that is very important for any modern business. Moreover, Ukraine is actively moving towards cashless and digitalization, and virtual cards experience is necessary and useful . But on the other hand, the large percentage of the population still prefers cash, the local advantages of which significantly outweigh the global ones, which were described above.
Either way, this is another positive step towards the fintech development and work processes optimization. This year had brought us a lot of new things and processes, something remained, something was changed, and something became a valuable experience.