New service to simplify corporate payments

Leading European financial technology provider payabl. on Tuesday announced the launch of its Virtual Business Cards service.

According to the announcement, the new service enables real-time card issuance, customisable limits, and transparent transaction monitoring.

Furthermore, businesses can instantly generate cards, assign them to team members, set spending caps, and freeze or unfreeze them when needed, all from a single platform.

It is also mentioned that the virtual cards are particularly suited to e-commerce companies requiring stronger transaction security, start-ups managing supplier payments, and global teams dealing with travel and multi-currency expenses.

The offering is positioned as part of a broader strategy to simplify B2B payments.

The new product, as the company said, strengthens payabl.’s existing Business Accounts, which already allow clients to send, receive, and manage multi-currency payments 24/7, supported by dedicated client relationship managers and a unified dashboard.

In the statement, Group CEO Ugne Buraciene said that “with the launch of our virtual cards service, we’re making it easier for companies to take greater control of their payments.”

She added that from improved oversight of spending to budget-setting and enhanced security, “payabl. is removing the friction from payments so businesses can focus on what really matters, growing their businesses and better serving their customers and partners.”

The company cited growing merchant demand and wider market trends, noting that virtual card transactions are expected to reach 175 billion by 2028, up from 36 billion in 2023.

It also referenced data showing that 94 per cent of businesses using virtual cards say their transactions are faster, more detailed and more secure.

Head of Product Breno Oliveira said that “the virtual cards market is booming, with transactions now in the billions and set to rise significantly.”

While much of the focus has been on consumers, he added, “the value they can bring to businesses in cutting admin time spent on payments and boosting productivity is evident. And at payabl., we’re unlocking those benefits for more businesses.”

Finally, it is mentioned that card issuance now complements payabl.’s broader range of services, which includes card acquiring, local payment methods and POS terminals.