Denmark-headquartered Pleo, a smart payment card issuer, has confirmed that it’s introducing a new credit card by teaming up with Mastercard and J.P. Morgan, the largest bank in the US. Pleo’s management says that the new product offering is expected to replace the firm’s older prepaid cards with newly designed credit cards.
Pleo said that the new cards will offer several benefits such as greater acceptance than prepaid cards, more stability and greater uptime. The newly developed cards also feature a simplified and intuitive on-tap 3D Secure Payments. The firm is also planning to improve the management of its business processes by introducing spending with a new credit feature.
The feature allows account administrators to deposit money to a centralized wallet, which all Pleo users at the firm can access. Pleo is also planning to improve customer experience via instant connections to the bank’s platform and services, reduced waiting times and the option to quickly deposit money into wallets.
Tristan Attenborough, managing director at EMEA Wholesale Payments at J.P. Morgan stated:
“The technology and our co-development approach means Pleo is now better placed to serve European SMEs and help them manage their expenses through a powerful combination of automatic liquidity management, real-time payments and multi-currency credit cards.”
Pleo’s management notes that its credit card offering will allow clients to obtain quick approval without having to put up any personal guarantees, credit scoring or security deposits.
Founded in 2015, Pleo provides smart payment cards for workers in order to allow them to easily purchase products and services they might need while performing their job duties. Customers can do this while the company remains in full control of their spending. Pleo says it intends to transform traditional business spending by simplifying administrative processes, getting rid of expense reports and making bookkeeping a lot easier.
