US-based PNC Bank has introduced a new mobile payment app that allows its Visa commercial cardholders to carry out corporate purchases through Apple Pay, Android Pay and Samsung Pay using their smartphone or mobile devices.
The bank said that the new payments technology will enhance security and convenience for business’ travel related and in-store purchases while responding to changing demographics of US labour force.
When customers transacts through PNC’s mobile payment option, their commercial card numbers are not stored on the mobile device, instead a unique ‘virtual’ account number is assigned by the app for each transaction to ensure safety of sensitive date.
Additionally, account numbers are not shared with the merchant. While adding their commercial card, cardholders are authenticated through a two-step identification and verification process.
PNC Bank executive vice president and head of product management for treasury management Christopher Ward said: “Increased security, convenience and ease of reconciliation are critical to administrators who oversee commercial card programs. Companies also are focused on the changing demographics of the US labour force.
“Payment options for businesses today must keep pace with the technology available to individuals, who would like to give up the reach into their wallets for plastic cards in favour of pointing or waving a smartphone to complete a purchase.”
Visa global head of products and solutions Vicky Bindra said: “Visa’s collaboration with PNC is helping bring the convenience and security of mobile payments to their corporate cardholders and meet the growing demand for convenient business payments for everyone, everywhere.”