Visa (NYSE:V), a global enabler of digital payments, announced extended digital wallet capabilities within Visa Commercial Pay, a suite of B2B payment solutions built in partnership with Conferma Pay, the provider of virtual payments technology, to enhance how businesses manage transactions globally.
The innovation enables financial institutions “to add virtual corporate cards into an employees’ digital wallet – including third-party wallets such as Apple Pay and Google Pay – to enhance convenience, security and flexibility for corporate users.”
It coincides with a significant expansion of Visa Commercial Pay “across the Latin America & Caribbean region, reinforcing Visa’s commitment to, and leadership in, enabling streamlined, secure and efficient B2B payments in a locality known for its diverse and dynamic business landscape.”
Visa Commercial Pay includes virtual card B2B payment solutions “developed to improve cashflow for businesses and reduce outdated manual processes.”
Since its launch in 2020, it has “helped corporates move away from traditional business payment methods to more automated and secure processes.”
Visa’s continued innovation and leadership in virtual card solutions “comes as a recent report from Juniper Research found that by 2028, global virtual card spend will have increased by 355%, up from $3.1 trillion in 2023.”
The new and improved Visa Commercial Pay Mobile will “provide a commercial token account with configured payment controls allowing for an efficient payment experience across both Point of Sale and CNP payment methods.”
The transformative approach utilizes advanced tokenization technology “to minimize the risk of fraud and provide a secure payment environment, while enabling businesses to initiate transactions seamlessly, enhancing overall financial agility.”
Gloria Colgan, Senior Vice President, Global Product at Visa Commercial Solutions, said:
“We’re empowering businesses with on-demand and secure payments, giving them the flexibility and mobility of virtual, mobile transactions, which is essential in today’s dynamic business environment. Our solutions are designed to meet the needs of enterprises across the world, and in expanding to the Latin America & Caribbean region, we’re providing these businesses with the tools to thrive in an increasingly digital business landscape. Alongside our partners Conferma Pay, we’re delighted to be taking our enhanced capabilities to customers globally.”
Regions Bank will be the first Visa collaborator “to roll out the enhanced digital wallet capability for its Treasury Management customers.”
Regions operate in high-growth markets “across the Southeast, the Midwest, and Texas, with Commercial Banking clients including a wide range of employers, each with its own unique payments and cash-flow needs.”
Following its launch in the Asia-Pacific, Europe, Middle East & Africa and North America regions, Visa Commercial Pay will be “available for customers in Latin American & Caribbean later in 2024.”