Visa (NYSE:V) announced expanded digital wallet capabilities under Visa Commercial Pay, a suite of B2B payment solutions created in partnership with Conferma Pay, a virtual payment technology provider, to revolutionize the way businesses manage transactions worldwide.
The innovation allows financial institutions to add virtual corporate cards to employees’ digital wallets – including third-party wallets such as Apple Pay and Google Pay – to improve convenience, security and flexibility for corporate users. It coincides with a significant expansion of Visa Commercial Pay across the Latin American and Caribbean region.
Visa Commercial Pay includes B2B virtual card payment solutions developed to improve cash flow for businesses and reduce outdated manual processes. Since its launch in 2020, it has helped companies move away from traditional business payment methods to more automated and secure processes.
The new and improved Visa Commercial Pay Mobile will provide a commercial token account with configured payment controls that enable an efficient payment experience across both POS and CNP payment methods. The transformative approach uses advanced tokenization technology to minimize the risk of fraud and provide a secure payment environment, while enabling businesses to seamlessly initiate transactions, enhancing overall financial flexibility.
“We’re empowering businesses with on-demand and secure payments, giving them the flexibility and mobility of virtual, mobile transactions that’s essential in today’s dynamic business environment,” said Gloria Colgan, Senior Vice President, Global Product at Visa Commercial Solutions. . “Our solutions are designed to meet the needs of businesses around the world, and by expanding into the Latin American and Caribbean region, we are providing these businesses with the tools to thrive in an increasingly digital business landscape. Together with our Conferma Pay partners, we are pleased to bring our enhanced capabilities to customers worldwide.”
Regions Bank will be the first Visa partner to deploy the enhanced digital wallet capability for its Treasury Management customers. Regions operates in high-growth markets in the Southeast, Midwest and Texas, with Commercial Banking clients that include a wide range of employers, each with their own unique payment and cash flow needs.
Following its successful launch in the Asia Pacific, Europe, Middle East and Africa and North America regions, Visa Commercial Pay will be available for customers in Latin America and the Caribbean later in 2024.