The British multinational investment bank and financial services HSBC has reportedly rolled out virtual debit cards for UAE (United Arab Emirates) companies in a recent development that is considered to be a first in the Middle East banking sector.
The virtual debit card which operates on Visa platform will generate single-use card numbers or tokens for every transaction, with the debited payment going directly from the corporate cardholder’s current account.
Kailash Nair, The regional head of Commercial Cards, Middle East North Africa and Turkey, HSBC said:
“The pace of digital adoption by businesses in the UAE has accelerated over the past 12 months, with an increased demand for more flexible payment channels,”
“HSBC is investing to create a bank fit for the future and for us that means availing multiple digital options to suit the different needs of our diverse corporate client base,”
“Launching Virtual Debit Cards is a prime example of the bank’s digital upgrades in action, by which we are able to bring to our clients more choice in making B2B payments.”
The recent HSBC’s navigator survey of more than 100,000 companies around the world showed that improving digital banking services is the key to businesses succeeding as the world recovers from the pandemic.
32 percent of high growth firms expect technology-driven efficiencies to be the operator for their recovery. According to the results from the survey a third of banks have already innovated new products and services.
Shahebaz Khan, The general manger UAE Visa said
The company is witnessing strong demand for solutions that assist companies with more effectively handle cash flow.
