Barclaycard Debuts New Virtual Card Platform
The offering is touted in the release as a way to offer “convenience, choice and flexibility” for remote workforces and help employers keep track of visibility for expense management through a mobile app. Visibility will be available as soon as a payment is made, as well, and users can upload receipts alongside the transactional information in the SNAP reporting program.
In addition, the new offering will help to save time. The release stated 63 percent of employees are responsible for filing their own expenses, according to Barclaycard research. The new program lets employees request cards to be sent to their mobile phone so they can make payments instantly, without having to enter an office or even be at their home desk. And, the virtual cards will be able to be issued seconds after being requested.
The service is available for both new and existing Precisionpay customers, according to the release. Precisionpay Go will also work to reduce environmental impact by using less plastic and paper with the implementation of virtual cards.
“As the world becomes more digital, so too must payment processes,” said Barclaycard Payments President Marc Pettican, according to the release. “The pandemic has reinvented the way businesses operate, with remote working now the norm for millions of staff across the U.K. Yet, many firms still use outdated systems that rely on paper-based reimbursement which is hugely time-consuming and often frustrating to use too.”
He said it is “more important than ever” for companies to save time and be resourceful as the world heads into the new year.
Barclaycard Chief Product Officer Maria Parpou told PYMNTS earlier this year that the time of physical-only offices and paper-only paperwork are likely coming to an end. She said the future would likely have more remote work and more virtual cards or other digital ways of keeping track of payments. Individuals spending more time working from home will probably have to have more ways to access company funds for work issues, particularly newer employees without as much expendable cash.