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With this new virtual Visa card capability, City National commercial card clients can instantly send virtual credit cards to employees, contractors and vendors with enhanced digital capabilities, distinct spending limits and expiration dates, giving companies more oversight and control over how corporate cards are used. Once the cards are issued and enabled in the digital wallet, employees, contractors and vendors can use the cards for online purchases or use Apple Pay and Google Pay mobile wallets to make contactless payments at point of sale with a mobile phone, without having to wait for a physical card.
“Working with City National and Visa has been one of the most exciting opportunities of the last year,” said Andrew Jamison, CEO and co-founder of Extend. “This is a huge industry first. Until now, no one has been able to tokenize true virtual cards for mobile wallets, which brings virtual cards to the point of sale — a hurdle that has stood in the way of serious mass adoption. Now virtual cards can be used just like plastic cards. We’re very excited to see the new value it can create for City National and their business clients.”
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