HSBC has launched virtual cards for its corporate customers in Egypt. The card service solution give businesses the ability to generate single or multiple-use virtual card numbers to make bill payments or pay suppliers, without the need for a physical card.
HSBC’s Regional Head of Global Liquidity and Cash Management, Middle East, North Africa and Turkey, Noor Adhami, said that virtual cards give businesses increased visibility and accuracy of actual spending, on an easy to use platform, with minimum changes to their existing processes.
Country Head of Global Liquidity and Cash Management, Ahmed Badawi, said that this is an exciting opportunity to invest in digital banking for our customers in Egypt, as the country eagerly embraces new technologies. “We are delighted to be able to offer virtual cards, which will make banking simpler, better, and faster for our customers,” he added.
To process a virtual card payment, an employee simply needs to log into the HSBC Mastercard virtual card platform, and enter their payment details. This generates a unique, single, or multiple-use card number to pay their bills, or suppliers without the need for a physical card.
The key benefits include fraud prevention, as users need to pass a secure sign-in process to make payments, enhanced security as card details can’t be reused, greater control as spending limits or need for additional approval can be set on certain employees and particular items, improved transparency as each item of spending is tracked using unique card codes, and easier accounting as the system seamlessly integrates with bookkeeping software.
