FRAUD & ID VERIFICATION
In an era where consumer payments have become increasingly seamless, commercial payments have lagged behind, creating inefficiencies for businesses worldwide.
Mastercard is tackling this challenge through its virtual card networks( VCNs), according to Raj Seshadri, Chief Commercial Payments Officer at Mastercard.
The stakes are substantial, with Mastercard targeting a US $ 120tn serviceable addressable market for commercial and new payment flows.
This strategy extends far beyond consumer transactions, with rapid expansion into commercial payments, money movement and bill pay services.
“ Virtual cards are very versatile and they’ re actually core to driving secular shift,” says Raj, who has been with Mastercard for nine years and previously headed the company’ s data and services franchise.
Digital transformation through virtual cards faces significant hurdles in the commercial space. An astonishing 95 % of business-to-business transactions still don’ t use card networks, instead relying on outdated payment methods.
“ We’ re targeting that 95 % in B2B payments that need to be digitised, streamlined and automated so the data travels with the payment,” says Raj.
A significant portion of these non-card transactions still use cash and cheques. These physical payment methods introduce delays, security concerns and reconciliation challenges for businesses of all sizes.
“ Virtual cards are very versatile and they’ re actually core to driving secular shift”
RAJ SESHADRI, CHIEF COMMERCIAL PAYMENTS OFFICER, MASTERCARD
42 June 2025