NatWest has introduced Approval2Buy, a mobile virtual card payment tool designed to streamline business expenses. Powered by Mastercard’s virtual card and tokenisation technology, Approval2Buy allows companies to instantly generate virtual cards for online payments and ‘Tap and Go’ transactions via digital wallets.
This new solution provides businesses with greater control over corporate card usage. Companies can set spending limits, time frames, and designate specific merchants or geographic locations for card use. It’s particularly beneficial for temporary workers, occasional travellers, and recruits, helping to eliminate the reliance on personal cards or cash for business-related purchases.
Approval2Buy also simplifies the process of expense management by reducing the administrative burden of reporting and reconciling expenses, thanks to pre-populated expense data.
Andrew Harrison, NatWest’s managing director for customer goals and journeys, highlighted the transformative potential of virtual cards: “Businesses can now use virtual cards for point-of-sale transactions on mobile phones, providing flexibility and expanding the use cases for contingent workers and temporary employees.”