Westpac is launching Dynamic Virtual Cards for institutional, corporate and government customers, enabling fast and secure ‘tap and go’ payments, giving them greater control.
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.
Go deeper with GlobalData
“Organisations 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.”
Westpac’s Dynamic Virtual Card can be used online as well as in-store via digital wallet tap and go transactions
“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.
“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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCustomers can generate Dynamic Virtual Cards through Westpac’s integrated expense centre platform. Once generated, end users 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.
Westpac recently stepped up its fight against scammers by launching new security features for consumer and small business customers on Westpac Verify.
