Expensify has added unlimited virtual cards to its spend management platform.
With the new Expensify Visa Commercial Card, businesses can manage all their expenses across employees and merchants, including both one-time and recurring expenses, the company said in a Monday (May 13) press release.
“Managing costs is front and center for every business right now, so being able to manage both one-time and ongoing expenses such as subscriptions and memberships is crucial,” David Barrett, founder and CEO of Expensify, said in the release. “Expensify’s new unlimited virtual cards are a game-changer, offering our members unprecedented control and flexibility.”
This new feature allows customers to set fixed or monthly spend limits for each card, according to the press release. It can deliver fixed-spend cards for one-time purchases and monthly spend cards for recurring expenses.
The feature also allows customers to name their virtual cards, making it easy to assign them to specific accounts and gain a clear overview of expenses within the Expensify platform, the release said.
PYMNTS Intelligence has found that virtual cards are contributing to a new era of more secure electronic payment options in the B2B payment landscape.
Driven by a growing recognition of their simplicity and security compared to outdated methods like payment checks, the global value of virtual card transactions is expected to grow from about $2 trillion to $6.8 trillion by 2026, according to the “B2B Digital Payments Tracker®,” a PYMNTS Intelligence and American Express collaboration.
In another recent deployment of this payment method, Hong Kong-based global payment platform PhotonPay and Discover Global Network said Friday (May 10) that they are launching a multicurrency virtual card designed for cross-border businesses.
The new PhotonPay Commercial Card will enable cardholders to execute multicurrency transactions within seconds to merchants in more than 200 countries and territories that are on the Discover Global Network.
On May 2, Checkout.com and Mastercard said they teamed up to offer virtual cards to online travel agents.
With this partnership, customers of Checkout.com will be able to access the Mastercard Wholesale Program, which uses virtual card technology and an innovative pricing model to reduce costs for businesses.
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