PayMongo, Paymentology, Mastercard launch virtual cards for small businesses

PAYMONGO Philippines, Inc. has partnered with Mastercard and Paymentology Ltd. to launch a virtual prepaid card meant for small and medium enterprises (SMEs) that may not have access to more advanced financial services.

The pre-funded card launched this month has functions allowing businesses to have full control over their expenses and make digital payments to their suppliers and teams, it said in a statement on Monday.

Under the partnership, global card processing company Paymentology and Mastercard extend their license to PayMongo, providing the infrastructure to let PayMongo issue pre-funded business payment cards without holding a banking license themselves.

Merchants can onboard through PayMongo and fund their card through their PayMongo wallet. Once onboarded, a business can issue a card to use for their transactions.

“Unlike corporate credit cards, which require a bank-approved credit line and can take weeks to process, this is a pre-funded prepaid card. Businesses can load funds through their PayMongo wallet -— which takes under five minutes to set up — and spend directly from their own balance, giving them full control without taking on credit,” it said.

Business owners can set spending limits per card, track transactions in real time, and issue separate cards for different teams or purposes.

Existing PayMongo merchants do not need to switch platforms as the card is built into the same system already used to run their business.

The card runs on Paymentology’s globally licensed infrastructure, as well as Mastercard and financial technology company APATA’s guardrails, keeping fraud controls, transaction monitoring, and compliance up to enterprise standards.

PayMongo said the product aims to help Filipino SMEs in their shift towards digital commerce amid the lack of business-grade financial tools.

“We are giving Filipino entrepreneurs a real, honest shot at growing their business. We’re giving SMEs a financial tool they can control – one that enforces the discipline to spend only on what moves the business forward, and nothing else. The biggest motivation for any business owner is seeing their business actually grow. This is the tool that lets them see it, and build on it,” says PayMongo President and Chief Executive Office Elmer M. Malolos said.

“SMEs are operating in an increasingly digital economy, but access to modern payment tools has not always kept pace. Through our collaboration with PayMongo and Paymentology, Mastercard is helping expand access to secure and accessible virtual payment capabilities, enabling businesses to participate more fully in a more connected economy through the scale and reach of our global network,” Mastercard Philippines Country Manager Jason Crasto said.

“The Philippines is a market where small businesses power the majority of employment but have had almost no access to the card infrastructure that large enterprises do. Through our collaboration with PayMongo and Mastercard, we are changing that by bringing global-grade card issuance to every Philippine business, regardless of size,” Paymentology Head of Growth in APAC Minh Hua Truong said. — Aaron Michael C. Sy