Oceanpayment debuts virtual commercial card with Mastercard

By Gloria Methri

Oceanpayment, a global digital payment solutions provider, has partnered with Mastercard to launch its first virtual commercial credit card. Designed for cross-border merchants, the Oceanpayment Mastercard streamlines multi-currency transactions, reducing operational costs and improving conversion rates.

Merchants can quickly apply and set up the virtual card online, benefiting from enhanced efficiency in overseas B2B payments. The card ensures seamless, secure, and compliant cash flow management, simplifying international transactions.

According to the Virtual Card Benchmark Survey by RPMG Research, commissioned by Mastercard, 85% of bank executives globally believe virtual cards enhance efficiency, reconciliation, system integrations, and compliance. Additionally, 84% see them as a key tool for improving cybersecurity, reducing fraud, and strengthening data security.

With the new Oceanpayment Virtual Card, businesses can manage cross-border transactions, handle multiple currencies, and enable real-time payments, optimising financial operations while ensuring security and compliance.

Lanny Yang, Co-Founder and Chief Executive Officer of Oceanpayment, said, “Building on Oceanpayment’s extensive expertise and experience in the acquiring space and the deep integration with Mastercard’s capabilities in enabling virtual card issuance, we are excited to launch our new card product, completing our all-in-one fund management solution to streamline payment acceptance and disbursement. Tailored to meet our merchants’ needs with precision, this service simplifies money movement management and optimises business cash flow, ultimately boosting overall operational efficiency for businesses.”

Helena Chen, Managing Director, Hong Kong & Macau, Mastercard, said, “This partnership with Oceanpayment not only highlights Mastercard’s commitment to delivering innovative, seamless and secure payment solutions but also underlines the strength of its support for issuers. With B2B virtual card spending estimated to reach $1.3 trillion by 2028, Mastercard is pleased to be the preferred partner of choice for digital payments solutions, leveraging its expertise and experience in virtual cards, end-to-end support to issuers, as well as its global acceptance network.”

The Oceanpayment card eliminates transaction management and processing delays among consumers, merchants, international card schemes and issuing banks. It enables faster, safer and more stable payment interactions while improving merchants’ operational efficiency, transparency and predictability. This reduces dependency on traditional and inefficient processes, offering a streamlined and optimised payment workflow.

Furthermore, the new virtual card empowers cross-border merchants to achieve intelligent, integrated cash flow management systems and provides diverse commercial payment support for global operations. By incorporating issuing services, merchants can significantly enhance the efficiency of international payments in both online and offline scenarios, including advertising, subscriptions, consumption, procurement and business travel.

With Oceanpayment’s automated and embedded solutions, merchants gain complete control over their financial visibilities, effectively minimising operational friction.