First Abu Dhabi Bank, Mastercard introduce virtual corporate debit card

UAE’s First Abu Dhabi Bank (FAB) has partnered with Mastercard to launch a new virtual debit card.

The FAB Virtual Corporate Debit card will aim to facilitate issuance, maintenance and funding using the bank’s corporate electronic banking channel, available in dirham and dollar denominations. It will also help pre-set payment amounts as well as link them to payable invoices.

The virtual cards can be created for single- or multiple-use, while usage limits can also be defined by way of transaction limit and count, date range, and merchant category code, among others, official news agency WAM reported.

The solution comes with a self-service portal for customers to manage the issuance and maintenance of the cards themselves. Online payments feature 3D secure OTP transaction authorisation, while in-person point of sale payments can be made by integrating the virtual card with digital wallets such as Apple Pay, Samsung Pay or Google Pay, the statement added.

The proposition allows companies to pay vendors flexibly, while clients can also request for multiple virtual cards linked to their physical or virtual account, which can be assigned to specific units or individuals within an organisation for authorised business expenses.

Gautam Dutta, head of global cash product management, GTB at FAB, said, “FAB’s Virtual Corporate Debit Card in partnership with Mastercard is a tailored solution that solves immediate challenges that many businesses face. Working from home has resulted in companies increasingly sourcing from vendors online, and difficulty in accessing traditional payment systems during the pandemic has put a greater emphasis on straightforward, easy-to-manage payments.

“While many suppliers were previously unwilling to accept cards because they would incur processing costs compared with inter-bank payments, an increasing number are now appreciating the certainty and immediacy of payment that virtual cards can offer. Suppliers can also reach a wider pool of buyers by being more flexible in the range of payments they accept.”

“Digital payments have experienced the largest increase in business-to-business volumes since the start of the pandemic and this shift is undoubtedly permanent,” added Girsh Nanda, country manager – UAE and Pakistan, Mastercard. “Convenience and increased efficiencies for businesses will continue to fuel demand for innovation within this space and as a trusted technology partner, Mastercard is committed to bringing solutions that make commercial payments simpler, secure and seamless.”