Tech News Summary:
- Mastercard and Billtrust have collaborated to create Mastercard Receivables Manager, a tool that simplifies the acceptance of virtual card payments by merchants.
- Virtual card payments are experiencing rapid growth globally, with an estimated annual transaction volume of 121 billion by 2027.
- Mastercard’s Receivables Manager aims to automate manual processes and streamline payment reconciliation procedures for accounts receivable teams, with plans to expand globally later this year.
Mastercard, the global payment technology company, announced today a game-changing technology that is set to revolutionize virtual card acceptance. This groundbreaking innovation is aimed at simplifying and enhancing the virtual card payment experience for both consumers and merchants.
The new solution, known as Mastercard Virtual Card Acceptance, utilizes cutting-edge technology to enable seamless, secure, and frictionless virtual card acceptance across a wide range of platforms and devices. This means that consumers can now make virtual card payments online, in-app, and through other digital channels with unprecedented ease and convenience.
One of the key features of this innovative technology is its ability to eliminate the need for physical card details during virtual card acceptance. Traditionally, consumers were required to enter their card information manually, including the card number, expiration date, and CVV code. With Mastercard Virtual Card Acceptance, this cumbersome process becomes obsolete.
Instead, users simply need to select the Mastercard option at the checkout page and authorize the payment with their chosen authentication method, such as biometrics or a one-time password. The innovative technology securely transmits the necessary payment details, ensuring a fast, secure, and seamless transaction.
For merchants, this technology offers a significant advantage by reducing cart abandonment rates and improving the overall user experience. With the elimination of manual card entry, consumers are more likely to complete their purchase, resulting in higher conversion rates for businesses.
Additionally, Mastercard Virtual Card Acceptance provides enhanced security features to protect both consumers and merchants against fraud and unauthorized transactions. The technology leverages Mastercard’s advanced fraud detection and prevention capabilities, ensuring that every transaction is secure and protected.
“We are thrilled to introduce this game-changing technology that will transform the way virtual card acceptance takes place,” said Randolph Smith, Chief Innovation Officer at Mastercard. “With Mastercard Virtual Card Acceptance, we are simplifying and enhancing the payment experience for both consumers and merchants, bringing unprecedented convenience and security to the digital world.”
This groundbreaking technology is set to reshape the landscape of virtual card acceptance, providing a seamless, secure, and frictionless payment experience for all parties involved. Mastercard’s commitment to innovation continues to drive the evolution of the payment industry, making virtual card acceptance easier, faster, and more secure than ever before.