Virtual payments • By Amon Cohen
but there are some important benefits, one being that biometric identification through fingerprints or facial recognition makes the technology more secure than Chip and PIN. “The combination of the convenience of mobile technology with enhanced security features suggests it has transformational potential,” says David Voss, head of commercial cards, global transaction services EMEA at Bank of America Merrill Lynch. American Express considers that potential is already being realised, thanks to shifting demographics. “Demand has become noticeably bigger as millennials make up a higher proportion of the business traveller sector, and expect to use these technologies in the same way, regardless of location or context,” says Simon Gilson-Fox, vice-president, global product management.
INVISIBLE PAYMENTS Finally, there is invisible payment, where the act of paying is minimal or non-existent. A typical example in busi- ness travel is Uber, where payment is deducted automatically from a card the user has stored on the app. Another is an app from Airplus International called Dine+go, where restaurant diners order their food through an app on their phone. Once they have eaten, they simply get up and leave because the app takes care of payment. “Where we see things really taking off
is invisible payments,” says Maria Parpou, product director for commerical card at Barclaycard. “I do think there is going to be an inflection point this year.” She believes invisible payments will prove to be vital support for travel managers as their supplier and distribution landscape fragments. “The proliferation of choices of supplier and ways to access those suppliers is a real challenge for travel
management because potentially not all bookings come through the online booking tool anymore,” she says. “Com- panies don’t want to be too rigid with their travel policies but they do want to maintain a level of control. The thread that pulls it all together is to have it all paid through corporate payments.”
FAVOURABLE OUTLOOK Gilson-Fox sees digital payments in the main as favourable to travel manage- ment. “These systems give the manager complete transparency over how the card is used and the ability to implement spending limits with much greater ease than on a regular card,” he says. “All of these measures combine to give the travel manager better visibility and more control over the corporate payments process. We’ve found that employees are more likely to spend in line with the company’s guidelines when using this kind of payment solution.” Mobile and invisible payments can be made either with a digitised version of a traveller’s regular plastic card, or with a unique virtual card for each
THERE IS GROWING AWARENESS OF WHAT VIRTUAL PAYMENT IS AND MORE CARD ISSUERS ARE OFFERING THESE PRODUCTS
In association with BBT CORPORATE CARDS SUPPLEMENT 2018 15
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