Visa and Mastercard have each launched corporate virtual credit card services in Taiwan, aiming to reduce corporate overhead management costs through digital means.
Strengthening internal write-off control within enterprises

Visa and Mastercard have respectively announced the launch of corporate virtual credit cards in the Taiwan market and with local operators, allowing companies to reduce labor costs through digitalization of internal expense management while also strengthening internal reimbursement control.

Compared with traditional internal write-offs, which require advance payment and completion within a certain period of time, they also require manpower to control, which can be quite troublesome for many companies.

Therefore, Visa and Mastercard have partnered with local businesses to provide corporate virtual credit cards, allowing businesses to use digital virtual credit cards to review their corporate credit limits through the bank. The businesses can also customize the types of consumption, transaction times, number of transactions, and limits. They can also generate transaction sub-cards immediately based on demand, and can also track spending in real time after the transaction. If there are any abnormalities, the card can be locked immediately.

Through digitalization, corporate expenses such as procurement and travel expenses can be accurately and effectively controlled, reducing the manpower and time costs that employees need to pay in advance, manage reimbursement time, and internal write-offs. It also allows companies to manage expenses more efficiently.

Visa is collaborating with COMMEET, along with E.Sun Bank, Bank SinoPac, and Cathay United Bank, to virtualize business cards and create a new digital corporate card. Through COMMEET's one-stop intelligent expense management system, businesses can more efficiently manage large and complex expense items. COMMEET also offers artificial intelligence OCR recognition technology, allowing paper receipts to be imported simply by taking a photo with a mobile phone, facilitating additional expense reimbursement needs while also providing businesses with more comprehensive control over expense details.

Mastercard has partnered with TapPay (Cherry Technology) to provide corporate virtual credit card services, allowing companies to manage their expenses digitally, thereby managing internal procurement, business travel expenses, and other expense reimbursement needs. It also emphasizes customized management, ensuring security, and convenient settlement.