Visa and Emirates NBD have collaborated to introduce a new commercial payment solution tailored for businesses in the United Arab Emirates. The initiative aims to provide small businesses and corporate clients with enhanced payment functionalities through Visa’s Commercial Pay Mobile module. This partnership is expected to contribute to digital payment adoption while offering companies greater control over financial transactions. The new tool integrates virtual card technology within mobile devices, enabling businesses to streamline payment processes securely and efficiently.
Visa had previously launched various digital payment solutions worldwide, but this marks the first time Emirates NBD is offering the Visa Commercial Pay Mobile module in the UAE. Virtual cards have gained traction in recent years, with many businesses adopting them for secure and flexible payment management. Financial institutions have increasingly integrated such technologies into their services to meet the evolving demands of businesses that seek improved expense management and working capital solutions.
How Does the Payment Solution Work?
The Visa Commercial Pay Mobile module allows employees of enrolled businesses to conduct transactions using Visa virtual cards via digital wallets. By leveraging tokenized credentials, the system enhances security, automation, and reconciliation in financial operations. Companies can monitor expenditures in real time, reducing the reliance on traditional payment methods such as cash and physical corporate cards.
What Are the Expected Benefits for Businesses?
Businesses adopting this solution can benefit from improved working capital management and the ability to conduct digital transactions more securely. The integration of virtual cards enables precise tracking of expenses, reducing fraud risks associated with physical card usage. Additionally, companies can optimize cash flow by leveraging digital payment methods that allow for better financial planning and decision-making.
Emirates NBD highlighted the significance of the initiative, stating:
“This initiative aligns with the UAE government’s vision of digitizing payments while at the same time providing a distinctive and unique proposition to Emirates NBD’s clients to enhance payment efficiencies enabling security, automation, and reconciliation through tokenized credentials.”
This move reflects the bank’s commitment to advancing digital payment solutions for its clients.
Visa emphasized the role of virtual cards in the broader financial landscape, stating:
“Emirates NBD and Visa’s virtual card capabilities are aimed at revolutionizing payments on card rails. These capabilities drive working capital benefits and tokenized solutions through secure channels. Additionally, they provide key insights for real-time decision-making, business planning, and enable mobile payments.”
This indicates a strategic effort to streamline business transactions using digital infrastructure.
The introduction of Visa Commercial Pay Mobile coincides with an increase in virtual card adoption, reflecting a shift in how businesses manage payments. Many middle-market firms view virtual cards as essential for financial flexibility, but adoption remains relatively low. With only 3.3% of North American middle-market firms currently utilizing virtual cards, there is significant untapped potential for growth in this sector.
As digital payment solutions continue to evolve, businesses are exploring alternatives to traditional financial tools to enhance efficiency. Virtual cards offer increased security, automation, and real-time tracking, making them an attractive option for corporate expense management. Companies looking to improve financial control and streamline operations may find such digital payment systems beneficial, particularly in regions where cashless transactions are expanding rapidly.
