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Visa, a global leader in digital payments, has announced the extension of digital wallet capabilities within Visa Commercial Pay. This suite of B2B payment solutions, developed in partnership with Conferma Pay, aims to revolutionize how businesses manage transactions globally.
According to BusinessWire, Visa's recent innovation enables financial institutions to add virtual corporate cards to employees' digital wallets, including popular third-party wallets like Apple Pay and Google Pay. This enhancement aims to provide corporate users convenience, security, and flexibility.
Visa Commercial Pay Expansion in Latin America & Caribbean
Visa's commitment to enabling streamlined, secure, and efficient B2B payments is further reinforced with the expansion of Visa Commercial Pay across the Latin America & Caribbean region. This expansion is in response to the locality's diverse and dynamic business landscape.
Visa Commercial Pay offers virtual card B2B payment solutions that help businesses improve cash flow and reduce outdated manual processes. Since its launch in 2020, it has empowered corporates to transition from traditional payment methods to more automated and secure processes.
A recent report from Juniper Research highlights the increasing adoption of virtual card solutions. By 2028, global virtual card spending will increase by 355%, reaching $3.1 trillion in 2023. Visa's continued innovation and leadership in this space position them at the forefront of the industry.
Enhanced Payment Experience with Visa Commercial Pay Mobile
The new and improved Visa Commercial Pay Mobile introduces a commercial token account with configured payment controls. This advancement allows for an efficient payment experience across both point-of-sale and Card-Not-Present methods. Advanced tokenization technology minimizes the risk of fraud, providing a secure payment environment.
Electronic Payments International reported that Regions Bank is set to become the first Visa collaborator to roll out the enhanced digital wallet capability for its Treasury Management customers. With a strong presence in high-growth markets across the Southeast, the Midwest, and Texas, Regions Bank serves a wide range of employers with diverse payment and cash-flow needs.
Following successful launches in the Asia-Pacific, Europe, Middle East & Africa, and North America regions, Visa Commercial Pay will soon be available for customers in Latin America & Caribbean. This expansion further solidifies Visa's commitment to transforming B2B payments worldwide.
Photo: CardMapr.nl/Unsplash
