Finding The Right Paths To Corporate Card Adoption

As corporate card innovation accelerates, new paths to adoption emerge. This week’s Commercial Card Innovation Tracker explores how the industry is forging those new journeys: Visa, for instance, is embracing digital currency for corporate cards, while others like WEX and Conferma Pay explore the opportunities emerging in the virtual corporate card arena.

Visa To Support USDC Card Payments

In a partnership with Circle Internet Financial, the developer of Ethereum-based digital currency U.S. Dollar Coin (USDC), Visa is reportedly planning to support USDC payments via its corporate card products. Reports in Forbes said that their collaboration will enable businesses to send USDC payments across borders to other businesses within Visa’s network, with funds then converted back to local fiat currency. Following Circle’s graduation from Visa’s Fast Track program, Visa will issue corporate cards that facilitate USDC payments, with Visa’s Head of Crypto Cuy Sheffield saying, “This will be the first corporate card that will allow businesses to be able to spend a balance of USDC.”

Adflex Drives Card Adoption Within Supply Chains

In a new solution designed to streamline supply chain payments, Adflex has unveiled a tool to support card payment acceptance from their corporate buyers. The solution sees suppliers able to send a payment link via email or SMS to their business customers, who, in turn, are directed to the Adflex payment platform, where invoices can be paid via debit, credit or commercial card. Adflex noted that the solution eases the burden of card payments for suppliers that do not have to handle or store card information while supporting faster invoice payments.

CardUp Debuts B2B Card Payment Solution

With its launch in Hong Kong, Singapore’s CardUp has also rolled out a solution designed to promote commercial card use in B2B transactions. The technology allows businesses to use their often untapped credit lines to pay their vendors, so they can take advantage of early payment discounts and card rewards. The solution is made possible by CardUp’s status as a registered Visa Business Payment Solution Provider, the company said. “Many businesses often think of a credit card as nothing more than a payment method,” said Visa General Manager of Hong Kong and Macau Maaike Steinebach in a statement. “However, a business credit card can also double up as a planning and budgeting tool.”

WEX Eyes The Evolution Of Commercial Cards

In a recent interview with PYMNTS, WEX Senior VP of Product and Strategy Mark Aquilina said that innovation in B2B payments has historically focused on the buyer, not the supplier, creating chokepoints in the flow of funds. An example is the commercial card, which, while beneficial to the buyer, has added friction for vendors that lack the infrastructure and resources to accept cards. Increasingly, however, innovations in commercial card technology — including the rise of the virtual card — have expanded their focus to include the supplier.

Conferma Pay Explores Virtual Card Momentum

While virtual card innovation and issuance have accelerated in the consumer world, corporate virtual cards have so far lagged, according to Conferma Pay Director of Products David Wood. He spoke with PYMNTS during a recent Masterclass about the recent acceleration of corporate v-card issuance, in part driven by the pandemic and the need for remote spending solutions. Embracing virtual cards supported by mobile wallets can take this innovation a step further, he said, to strengthen security and convenience.

Virtual Cards Embrace Real-Time Spend Management

In its recent report, Enabling B2B Payments for the Virtual Workforce, PYMNTS explores the opportunity for virtual cards to support real-time spend management for organizations struggling to manage remote staff. In its feature story, the report highlights RLJ Financial’s Leader of Client Accounting Services Caleb Jenkins, who discusses how the drive toward real-time payments and real-time data is supporting the adoption of virtual cards for businesses. Its Deep Dive also explores the potential of the virtual commercial card as workforces continue to go virtual.