NAB has launched a new virtual corporate card that can help enterprises manage their employee expenses.
Executive for business everyday banking for products Shannon Peachey made the announcement on LinkedIn, saying the virtual cards could be used, for example, by “customers who want to give their employees real-time access to funds for a specific purpose – like travel or a trade show.”
“[The] NAB virtual corporate card is a plastic free digital corporate card that lives in your device wallet, supported in Apple Pay and Google Pay,” Peachey wrote.
According to Peachey, businesses can generate cards in real-time for employees, pre-approve spend limits, and have spend information automatically transfer across into expense management systems.
“It’s a first for a major Australian bank and we’re so proud of the work we’re doing to support Australian businesses,” Peachey said.
Peachey told iTnews that NAB partnered “with Visa, Apple and Google in bringing this functionality to life.”
NAB already offers virtual cards via the NAB Virtual Pay platform however, Peachey said this “could only be used for online and pay-by-phone transactions, and did not support digital wallet transactions via Apple Pay and Google Pay”.
“This new virtual corporate card also supports digital wallet transactions for in-store purchases,” Peachey said.
“This will enable more types of spend, such as a work dinner, taxi home and in-store purchases to also be charged to the customer’s virtual card.”
Peachey said customers “now have more options for how they pay for a purchase, as they can tap and pay in-store using Apple mobile, Apple Watch and Android mobile devices. This was not possible before.”
The digital corporate card can be accessed via the virtual card platform.
The product offering was first piloted in February 2023 with Peachey stating the capability “will compliment” NAB’s existing corporate card program.
“We’re already seeing strong demand from corporate clients, and are pleased to put this product into the hands of our customers”.