PayMongo, Paymentology, MasterCard launch virtual cards for small businesses
PAYMONGO GROUP has partnered with Mastercard and Paymentology Ltd. to introduce a virtual payment card for small and medium enterprises (SMEs) that may not have access to more advanced financial services.
The pre-funded card introduced this month has functions that allow businesses to fully control their expenses and make digital payments to their suppliers and teams, said a statement on Monday.
Under the partnership, global card processing company Paymentology and Mastercard are extending their license to PayMongo, providing the infrastructure to allow PayMongo to issue pre-funded business payment cards without having a bank license itself.
Merchants can onboard with PayMongo and fund their card through the PayMongo wallet. Once logged in, the business can issue a card that will be used for its transactions.
“Unlike corporate credit cards, which require a bank-approved line of credit and can take weeks to process, this is a prepaid prepaid card. Businesses can load funds into their PayMongo wallet -— which takes less than five minutes to set up — and apply directly to their balance, giving them complete control without taking out credit,” it said.
Business owners can set usage limits for each card, track transactions in real time, and issue different cards for different groups or purposes.
Existing PayMongo merchants do not need to switch platforms as the card is built on the same system they already use to run their business.
The card works with the globally licensed infrastructure of Paymentology, as well as the APATA guidelines of the Mastercard company and financial technology, which maintains fraud controls, transaction monitoring, and compliance with business standards.
PayMongo said the product aims to assist Filipino SMEs in their transition to digital commerce amid a lack of business-grade financial tools.
“We give Filipino entrepreneurs a real, honest picture of how to grow their business. We give SMEs a financial tool they can control – that enforces the behavior that they should spend only on what drives the business forward, and nothing else. The biggest motivator for any business owner is to see their business really grow. This is a tool that allows them to see it, and build on it,” said PayMongo President and CEO Elmer.
“SMEs operate in an increasingly digital economy, but access to modern payment tools has always been a constant. Through our partnership with PayMongo and Paymentology, Mastercard is helping to increase access to secure and accessible virtual payment capabilities, enabling businesses to fully participate in the highly connected economy by leveraging the scale and reach of our global network,” said Mastercard Philippines Country Manager Jason Crasto.
“The Philippines is a market where small businesses power the majority of employment but have little access to the card infrastructure that large businesses do. Through our partnership with PayMongo and Mastercard, we are changing that by bringing world-class card issuance to all Philippine businesses, regardless of their size,” said APAC Head of Payments Growth Minh Hua Truong. – Aaron Michael C. Sy
