TECH - Mastercard's Latest Virtual Card App Move to Boost Contactless Payments; Analyst Eyes Substantial Growth Citing Advanced Security and Digital Innovations | Benzinga
Mastercard Inc. (NYSE:MA) launched a mobile virtual card application Thursday, changing the way virtual commercial cards integrate with digital wallets.
The innovation aims to provide financial institutions with diverse options for delivering secure, eco-friendly, and contactless payment methods that modern businesses demand.
The shift towards digital wallets, particularly among millennials, underscores the move towards more convenient contactless payments through mobile technology.
Also Read: Mastercard Revamps Structure for Growth, New Teams to Drive Core Payments and Services
The app capitalizes on Mastercard’s advanced virtual card and tokenization technology.
The application’s design emphasizes security, featuring biometric authentication, PIN-protected card detail access, and tokenization for enhanced data protection.
The app accommodates cards from multiple issuing financial institutions, ensuring a comprehensive management system for users.
HSBC Australia and Westpac will be the first to extend this mobile wallet functionality to their corporate customers through the Mastercard app.
Baird analyst David Koning maintained Mastercard with an Outperform rating and raised ...