SAN FRANCISCO – Visa Inc . (NYSE:), a prominent player in digital payments, has enhanced its Visa Commercial Pay offering with new digital wallet features, in collaboration with Conferma Pay. This development aims to streamline corporate expense management by integrating virtual corporate cards into employees’ digital wallets, including third-party platforms like Apple (NASDAQ:) Pay and Google (NASDAQ:) Pay.
The update to Visa Commercial Pay, which initially launched in 2020, provides businesses with a tokenized payment system designed to bolster security and improve cash flow. Tokenization technology minimizes fraud risks and simplifies the transaction process, enabling secure and efficient payments both in-person and online.
Visa’s commitment to the digital payments space is further underscored by its expansion into the Latin America & Caribbean region, a move that seeks to cater to the diverse and dynamic business environment there. This expansion aligns with a Juniper Research report predicting a 355% increase in global virtual card spend by 2028, rising from $3.1T in 2023.
Gloria Colgan, Senior Vice President at Visa Commercial Solutions, highlighted the importance of providing businesses with secure and flexible payment options, especially in a rapidly evolving business landscape. Visa’s partnership with Conferma Pay is set to bring these enhanced capabilities to a global customer base.
The first institution to adopt the improved digital wallet feature is Regions Bank, which serves a variety of commercial banking clients in the Southeast, Midwest, and Texas. David Lapaglia, head of Commercial Card Product and Strategy for Regions, emphasized the bank’s focus on delivering a superior client experience through convenient and time-saving solutions.
Visa Commercial Pay’s availability in Latin America & Caribbean is anticipated later in 2024, following successful launches in the Asia-Pacific, Europe, Middle East & Africa, and North America.
This article is based on a press release statement from Visa Inc. For additional information on Visa Commercial Pay, interested parties can contact Visa directly via email.
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