Hong Kong-based global payment platform PhotonPay and Discover Global Network have partnered to launch a new commercial card designed for cross-border businesses.
With this collaboration, the new PhotonPay Commercial Card can be used on the Discover Global Network, providing cardholders with seamless B2B and B2C payment solutions, the companies said in a Thursday (May 9) press release.
“We have noticed that the awareness and demand of cross-border enterprises in the payment sector are continuously increasing,” Lewison Chen, founder and CEO of PhotonPay, said in the release.
The PhotonPay Commercial Card will meet this demand with a solution that can adapt to diverse payment scenarios, simplify expense management and enhance security, Chen said.
As a multicurrency virtual card designed for cross-border businesses, it 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, according to the release.
Any cross-border business can apply for the commercial card online through the PhotonPay platforms or application programming interface (API), the release said.
Businesses can access single- or multiple-card solutions for business owners and employees, set transaction limits based on currency and merchant type, ensure risk control and transparency, and manage expenses via real-time tracking of transactions, per the release.
“Considering the recent momentum in the global eCommerce industry, Discover Global Network is dedicated to actively supporting regulated payment services such as PhotonPay in introducing innovative solutions that will enhance the cross-border payment experience and elevate global businesses to the next level,” Chris Winter, managing director and head of Asia Pacific Region at Discover Global Network, said in the release.
Despite innovative payment solutions such as QR code and digital wallet transactions taking place outside the traditional payment networks, card schemes like Discover Global Network can still play a significant role in facilitating these transactions, Winter told PYMNTS in an interview posted in February.
“A lot of networks often provide the originating funding mechanism for the wallets, often in preference to direct banking accounts or in terms of being able to fund the wallet in a relatively secure way,” Winter said.
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