HSBC and Mastercard Launch Mobile Virtual Corporate Cards in the UAE
HSBC has partnered with Mastercard to introduce a mobile virtual card solution for corporate clients in the UAE, expanding digital payment options for business spending and travel expenses. The new offering allows companies to embed tokenised virtual commercial cards directly into digital wallets, enabling contactless payments without the need for physical corporate cards.
The launch is powered by Mastercard In Control for Mobile Payments, with HSBC stating that it is the first global bank to bring mobile virtual cards to the Emirates. The solution is designed for corporate users who want a more secure and flexible way to manage business expenses through mobile devices.
According to the companies, the virtual card numbers are stored directly on devices, while businesses can complete a digital sign-up process through the Mastercard app before loading the cards into compatible digital wallets. Once activated, the cards can be used for tap-and-go payments at point-of-sale terminals, as well as for online and in-app purchases.
Security is a central feature of the new service. The cards use tokenisation, which replaces sensitive card details with encrypted digital credentials during transactions. This approach helps protect actual card numbers from merchants and reduces the risk of fraud and unauthorised payments.
The platform also gives administrators the ability to set spending controls and define how, when, and where employees can use the virtual cards. HSBC said this functionality can help finance teams keep employee expenditure within approved budgets while improving oversight of company spending.
For cardholders, the solution provides near-real-time visibility into balances, card limits, and transaction history through the mobile application. The companies said this level of access is intended to make business payments easier to monitor and manage across corporate teams.
Finali Fernando, Managing Director and Regional Head of Products at HSBC, said the UAE is a fast-growing market for digital payments and noted that businesses in the country are increasingly adopting mobile-first solutions. He added that HSBC remains focused on delivering innovative products that align with clients’ changing needs.
Gina Petersen-Skyrme, SVP and Country Manager for the UAE and Oman at Mastercard, said mobile-integrated virtual cards play an important role in making B2B payments simpler as business transactions become more digital. She said the mobile virtual card solution allows HSBC to deliver virtual cards to corporate customers in a secure and efficient way.
Industry Analysis
The launch reflects the continued shift toward digitised corporate payments in the UAE, where businesses are seeking tools that combine convenience, control, and security. By bringing virtual commercial cards into mobile wallets, HSBC and Mastercard are addressing demand for contactless payment methods that can also support stronger expense management.
It also highlights the growing role of tokenisation in corporate finance, particularly as organisations look to reduce reliance on physical cards and improve transaction visibility. For banks and payment providers, offerings like this may become an increasingly important differentiator in the regional business payments market.
