US Bank corporate cardholders will be able to pay for transactions via Apple Pay, Android Pay, or Samsung Pay with their Visa cards, thanks to new functionality that makes US Bank the first financial institution to offer mobile payments for Visa commercial cards.
“More and more consumers are enjoying mobile payments in their personal life and expect to use the same easy ‘one-handed’ payment solution when they are working and traveling in their professional life,” says Vicky Bindra, Visa’s global head of products and services. And Jeff Jones, president of corporate payment systems at US Bank, explains, “Consumer use of mobile payments is growing every day. Launching a corresponding capability for business travelers is the next logical step.”
US Bank already offers a mobile app for both personal and corporate credit cardholders, which allows them to manage their accounts from their smartphones. Mobile payments via Apple Pay, Android Pay or Samsung Pay are “tokenized” to provide high security and ensure that account information is not compromised. Card numbers are not stored on the electronic device, or by the retailer. Checking out is often faster using the mobile payment app than they would be if the customer used a physical card.
Mobile payments getting more commonplace
When mobile payment technology first became available, many people were unsure whether it was safe, how to use it, and why it offered an advantage over more traditional payment methods. But gradually, it has taken hold and become more popular, especially among the tech-savvy younger generation. Near-field communication technology, or NFC, lets people leave their physical wallets at home and enjoy the freedom of a mobile wallet. This offers a convenient solution for those who want to go out to a club, the gym, or the beach without lugging along a lot of stuff.
Mobile wallets are also convenient for small business owners, who can now use their US Bank corporate Visa cards when entertaining clients, purchasing office supplies, or traveling for work. The ability to use their commercial credit card with their smartphone, in tandem with the US Bank mobile app, gives entrepreneurs increased flexibility and control over their funds.