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BMO launches mobile wallet for virtual cards with Mastercard & Extend

By Gloria Methri

August 29, 2023

  • BMO App
  • BMO Commercial Bank
  • Canada
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BMO Commercial, Mastercard, Extend, Virtual Cards, FinTech, USBMO Commercial Bank has joined forces with Mastercard and Extend to enable its clients to create and push virtual cards to their employees’ mobile wallets. The bank is the first global Mastercard issuer to offer contactless virtual cards through its cobranded Extend for BMO app.

Corporate card clients can create, send, and manage virtual cards that enable simplified payments online, in-app, and in-store. This helps the clients to manage travel and business expenses on the go more easily.

For businesses, in-store contactless payments represent an opportunity to use virtual cards almost anywhere to manage spending more efficiently. BMO clients using Extend for BMO to issue virtual cards also benefit from tighter spending controls, along with streamlined receipt and reconciliation processes.

“By offering mobile wallet functionality for physical cards and now virtual cards and contactless payments, BMO is equipping our Corporate Card clients with convenient tools to manage their businesses and make financial progress,” said Derek Vernon, Head, of Treasury and Payment Solutions (TPS) Product Management and Payments Modernization, BMO Commercial Bank. “We are making banking faster and simpler for our clients by investing in sophisticated technology and partnering with organizations like Mastercard to deliver to customers the innovative, secure digital payment tools they have come to expect from a digital-first bank.”

“Enabling virtual cards for use in mobile wallets is the next frontier for the digitization of business payments,” said Marie Elizabeth Aloisi, Executive Vice President, of US Commercial Payments/Acceptance & Healthcare Solutions, Mastercard. “In collaboration with BMO and Extend, Mastercard is delivering a simple, secure, and seamless payment experience for commercial banking customers wherever digital payments are accepted.”

Extend offers advanced virtual card app capabilities and enables clients to deploy virtual cards from their existing BMO Corporate Card program. The program leverages Mastercard’s mobile virtual card solution, which brings together its virtual card and tokenization platforms.

Extend CEO and Co-Founder Andrew Jamison said, “People expect to be able to make payments on the go, even when those payments are for business expenses. By enabling virtual cards in mobile wallets, we have traveled the last mile toward widespread adoption. The ability to empower an employee to securely make ad hoc in-store purchases using a virtual card should be the norm, and now it can be.”

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