Visa to Add Tokenization and Digital Wallet Capabilities to Fleet Cards
Visa will soon add tokenization and custom provisioning for mobile transactions to its Fleet cards, enabling issuers and FinTechs to integrate encrypted and tokenized card information into Apple Pay mobile wallets.
With this capability, issuers and FinTechs will be able to provide a seamless and secure experience for commercial fleet drivers and fleet managers, Gloria Colgan, global head of products, Visa Commercial Solutions, wrote in an article posted Thursday (March 13) on LinkedIn.
These enhancements will allow fleet data tags to be provided during the token provisioning process so that they and the token payment data can be passed to the point of sale, and will enable digital credentials to be pushed into mobile wallets, card-on-file merchants and Click to Pay to reduce the time to market, according to the article.
The enhancements will be made generally available “soon,” per the article.
“This innovation solves for a clear pain point within fleet today and allows for a plethora of client benefits, including instant issuance, a more seamless user experience for drivers, and robust controls and provisions for fleet managers,” Colgan said in the article.
When the new enhancements were piloted from April to November, Highnote, a U.S.-based issuer-processor and program manager, participated and found that they help “put the power of payments into the hands of fleet drivers everywhere,” Highnote CEO and co-founder John MacIlwaine said in the article.
“The world of fleet payments has represented the biggest opportunity to benefit from modernization,” MacIlwaine said. “Thanks to the power of payments innovation that’s quickly changing.”
Digital wallets have introduced a more streamlined, secure and efficient way of conducting B2B payments.
The integration of virtual cards with digital wallets gives chief financial officers the ability to control corporate spending, especially unplanned spending. A virtual corporate card can be provisioned directly to a digital wallet on an employee’s mobile phone, managed by the company and enabling contactless digital payments.
“We have multiple tools in the toolkit, from an internal perspective, and as well as a partnership perspective, to expand acceptance on the commercial front,” Colgan told PYMNTS in an interview posted in August 2023.
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