Emirates NBD Adopts Visa’s Mobile Commercial Payments Tool

Visa and Emirates NBD, a bank located in Dubai, collaborated to establish a commercial payment system.

Through the cooperation, Emirates NBD is now the first bank in the United Arab Emirates to provide its corporate and small company clients with access to Visa's Commercial Pay Mobile module. According to a statement, Visa Commercial Pay Mobile enables employees to use Visa virtual cards on their mobile devices using digital wallets, helping small companies and large customers control their spending.

According to the release, this initiative supports the UAE government's goal of [digitizing] payments while also offering Emirates NBD's clients a special and unique way to improve payment efficiencies by enabling security, automation, and reconciliation through tokenized credentials. The collaboration coincided with a rise in the issuing of virtual cards, a development that highlights how the cards are influencing the development of new corporate and consumer transaction ecosystems.

Since cards and credentials are supplied instantly, the continued adoption of credentials and program management, which platforms use to control risk and compliance, keeps the enablers growing.

The advantages are becoming more widely acknowledged. 56% of executives at middle-market companies, which are defined as businesses with yearly sales between $50 million and $1 billion, stated that flexible working capital solutions, such as virtual cards, are crucial for managing cash flow in uncertain times. However, as just 3.3% of middle-market businesses in North America utilize virtual cards, the industry remains essentially unexplored.