New Ways to Pay

Technology is revolutionizing payment platforms, and the transformation is only beginning
If anything is assured in the world of payment processing, it’s ongoing change. While virtual card technology is no longer groundbreaking, things continue to evolve in the development of payment systems.

The security offered by virtual card numbers and digital wallets has been a welcome development, but it’s only a start. Now come concepts like cryptocurrencies and blockchain. And while mobile payment technology has arrived in the consumer space, it has a way to go before becoming standard in business travel.

“We expect what we want, when we want it in our personal lives, and it is not unreasonable for business travelers expect nothing less,” says Raj Gazula, head of commercial payments for SunTrust. “Mobile technology is critical to improving the traveler experience and matching that to our expectations as consumers.”

At the same time, global adoption of mobile payments has been slower than expected, according to Bradley Mathews, senior vice president, U.S. Bank Corporate Payment Systems. But it’s now picking up steam, he goes on to say. Last spring, his was the first financial institution to offer mobile payment for Visa travel card transactions, allowing business travel customers to make purchases with a phone via Apple Pay, Samsung Pay and Android Pay.

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