PAYMENTS

“ Virtual cards generate unique , temporary card numbers for each transaction , minimising the risk of fraud and unauthorised charges ,” he says . “ This innovation ensures sensitive card details are not exposed during transactions , enhancing security .”

Popular for travel , single-use virtual cards are extending into various other industries , including insurance payments . By providing a secure and efficient way to handle transactions , virtual cards are reducing administrative burdens and improving the overall experience .

Eoghan believes that as the technology evolves , “ we can expect further innovations that will enhance convenience and security across a broader range of sectors , making virtual cards an increasingly integral part of the payment landscape ”.

Stuart Davenport , Chief Product Officer at Conferma , notes how virtual cards have taken off in the B2B payments industry , “ providing corporate account holders with flexibility to securely extend their credit line to more employees with strong payment controls , automated reconciliation and powerful data insights ”.

He continues : “ Corporates no longer need to worry about a shared ‘ office card ’, where multiple staff members have access to an open limit or force employees to use their personal cards to pay for business expenses . Recent

114 September 2024