Digital Wallets and Virtual Cards: Contactless and Cardless Payments On the Go
Global demand for contactless payments rapidly grown last year due to the rising concerns of COVID-19. The pandemic has also led to a surge in e-commerce and accelerated digital transformation around secure online payments. Now with traveling becoming prevalent and offices beginning to open up, it may be time to shift to contactless payments where possible going forward. The most important reason being safety. Cash or physical cards passed between many hands can pick up bacteria and viruses. Handling point of sale (POS) terminals or picking up a pen to sign can hold equal risk in terms of hygiene. PEX offers multiple contactless and cardless payment products for cardholders to make purchases, in person or online, quickly and safely without ever having to compromise their card information.
Digital Wallet
Digital Wallet (Apple Pay, Google Pay, Samsung Pay and etc) is a way of paying for services or goods through a mobile phone app.
Cardholders must register before using digital wallets.
Admins can invite cardholders to register. Learn more.
Convenience You simply wave or tap your phone over a POS terminal and the transaction is completed within seconds with no need for a physical card and any contact. If you ever find yourself in a situation where you lost or forgot your wallet while traveling or heading into the office, you know you are covered with a secondary method of payment.
Control As an admin, you can easily use the PEX platform to control amount, merchant category, and state to prevent overspending.
Security Digital wallets utilize tokenization which creates a unique code whenever you make a purchase — the merchants will never see your account information. Your digital wallets are also locked behind facial recognition, fingerprint sensor, or password protection adding an extra layer of security.
Key Features
- Pay with a tap or wave of the phone
- Save your PEX card, membership cards, and others all in one place
- Protects your actual number from merchants through tokenization
Virtual Cards
Virtual Cards offer you a secure and easy way to make purchases online and manage subscriptions. Virtual cards have a unique 16-digit number that is automatically generated and can be used instantly without the need to wait for a physical card in the mail. In addition to being touchless, virtual cards have two major benefits: it streamlines reconciliation for both buyers and suppliers and it also makes the transaction more secure.
Convenience There is no need to wait a week for the card in the mail. If you are ever on the go and need to make a purchase or pay a merchant immediately, you can instantly activate and use a virtual card via the site or mobile app.
Control You can limit how much and how often merchants can charge each virtual card without affecting the usage of the primary card. Since the card is unique to each merchant, you can easily freeze or cancel a card without affecting payments with other vendors.
Security Virtual card generates a unique card number that you can use when making a purchase so the merchant will never have access to your primary card number. With the PEX platform, you can freeze and cancel cards with just a few buttons anytime and anywhere.
Key Features
- Unique card number per merchant
- Control how much merchants have access to
- Instant setup, funding, and usage of virtual cards
- Freeze and delete individual cards
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