Mastercard has unveiled significant upgrades to its virtual card number (VCN) platform, Mastercard In Control, enhancing security and scalability for enterprises and financial institutions. The enhancements include new issuer controls, improved clearing controls, and expanded embedded payments capabilities, allowing for better management of virtual card programmes across 43 countries and 174 currencies.
The platform’s new features aim to address the complexities of cross-border operations, particularly in the Asia Pacific region, which is a key trade corridor. Anouska Ladds, Executive Vice President of Commercial and New Payment Flows at Mastercard, highlighted the importance of virtual cards in managing supplier relationships and working capital without adding risk. “Virtual cards give finance and procurement teams a way to extend that flexibility without adding risk or friction to the supplier relationship,” she stated.
Mastercard’s collaboration with partners like Coupa and HSBC has already led to the first fully embedded finance virtual card transaction in Asia Pacific, demonstrating the growing role of virtual cards in streamlining payment workflows. The platform’s integration model reduces onboarding complexity, making it easier for issuers, platforms, and corporates to adopt.
The introduction of Issuer Enforced Controls and enhanced Clearing Controls further strengthens security, reducing fraud risk and ensuring compliant controls. Citi is set to be the first issuer to deploy these capabilities globally, reinforcing Mastercard’s leadership in secure B2B payments.
As virtual card adoption increases, Mastercard’s innovations provide a robust foundation for businesses to scale their payment solutions with greater confidence and efficiency.
