in

HSBC launches virtual debit cards for UAE business

HSBC has launched virtual debit cards for businesses in the Emirates. Its a move that is a banking first in the Middle East.

The launch reinforces HSBC’s commitment to pioneering digital enhancements to meet the high demand for more flexible payout solutions.

HSBC’s Virtual Debit Cards, which operate on the Visa platform, generate single-use card numbers, or ‘tokens’, for every transaction. With the payment debited directly from the cardholder’s current account.

Using Visa’s Payment Automation platform, a card is distributed electronically, protecting the primary card number and providing enhanced payment efficiency as well as security.

Regional head of Commercial Cards, Kailash Nair, Middle East North Africa and Turkey, HSBC, mentions. “The pace of digital adoption by businesses in the Emirates has increased over the past 12 months.

With an increased demand for more flexible payment methods. HSBC is also infusing to create a bank fit for the future. And for us that means availing various digital options to fit the different needs of our diverse corporate client base. Launching Virtual Debit Cards is a main example of the bank’s digital upgrades in action. By which we are able to bring to our customers more choice in making B2B payments.”

HSBC’s recent Navigator 2020 survey of more than 9,0000 companies around the globe. Which showed that digital is key to businesses succeeding as the world recovers from the COVID pandemic, with ‘high growth’ companies now making many of its sales online.

32% of high growth firms expect technology-driven efficiencies to be a main driver for their recoveryas well. More so than businesses with lower or no growth. As a result, 87%plan to infuse in digital tools and platforms in 2021 while a third have already innovated new products and services.

GM of UAE, Shahebaz Khan Visa, stated that: “With the fast adoption of digital B2B payments. We are seeing a huge demand for innovations that help businesses increase back-office efficiencies, better manage cash flow and pay suppliers easily and safely.

Further with the growth in remote working, businesses are looling forward for seamless, digital solutions to deliver directly to their employees’. Phone devices for immediate use. We are glad to expand our collaboration with HSBC and together launch Virtual Debit Cards. The 1st virtual commercial debit offering by a global bank, that will make it easy for businesses to make e-commerce payments to suppliers. While also enjoying the security of tokenisation technology.”

Virtual Debit Cards complement the existing HSBC Commercial Cards suite. Which also involves Virtual Credit Cards, giving clients a greater variety of business-to-business payment options.

Written by Martha Paul

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Sarah Al Amiri: Woman leading mission to Mars

What to expect throughout Hope Probe’s half an hour