Westpac is launching Dynamic Virtual Cards for institutional, corporate and government customers, enabling fast and secure ‘tap and go’ payments, giving them greater control.
Westpac’s Dynamic Virtual Card can be “used online as well as in-store via digital wallet tap and go transactions.”
Jeff Byrne, Managing Director, Global Transaction Services Westpac Institution Bank said:
“Administrators can now generate virtual cards while their people are on the go, removing the need to issue physical cards or cash while enabling control and transparency of spending. Organizations using these cards will be able to tailor parameters for each card in the way they see fit, including by choosing who can use the card, where the card can be used, how much can be spent, how often it can be used and for how long.”
As noted in the update:
“Potential use cases for this digital solution are extensive and can range, for example, from a school using it to replace petty cash for daily incidental expenses, to a large corporate organisation hosting a conference or event and providing digital virtual cards to speakers or delegates as a cash alternative to cover their travel and related expenses.”
As mentioned in the announcement:
“Virtual cards reduce administrative complexity for organisations by allowing them to set spending controls before cards are issued, removing the need for reimbursements and simplifying how allowances, incidentals and expenses are administered. And at any time, card settings can be updated in real time to meet changing business requirements.”
As explained in a blog post by Westpac, customers are able to “generate Dynamic Virtual Cards through Westpac’s integrated expense centre platform.”
Once generated, end users will reportedly “receive encrypted instructions inviting them to download an app which enables the virtual card to be added to the digital wallet on their eligible device.”
The solution is currently available for Westpac institutional and commercial clients.
