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HSBC will offer Extend solutions to its commercial card clients in the U.S. to help companies manage spending with the flexibility and control of virtual cards. Using their HSBC business cards, joint customers can simplify essential processes – like closing the books at the end of the month – and instantly empower anyone, anywhere, to make business payments.
The worldwide value of virtual card transactions is expected to reach $6.8 trillion in 2026, compared to $1.9 trillion last year, an indicator of the payment method’s growing value for corporations in the business-to-business (B2B) payment world. Speaking to PYMNTS recently, Gökhan Nazenin, European vice president of sales for banking and payments at FIS, said a lot of that business will happen in the U.S., as companies begin to digitize workflows and automate paper-based processes. These cards also offer a secure way for buyers to pay suppliers instantly while gaining time to pay outstanding credit card balances, Nazenin said. He added that virtual cards also give businesses a means to earn added income with interchange revenue.
https://www.pymnts.com/partnerships/2022/hsbc-teams-with-extend-to-offer-virtual-cards/
