HSBC and Mastercard have introduced Hong Kong’s first mobile virtual corporate card for their business clients.
As of June 19, 2025, HSBC commercial customers enrolled in the bank’s Virtual Mastercard Programme can use their virtual cards with compatible digital wallets. This new feature allows businesses to instantly issue virtual cards through a dedicated portal, which users can then add to their digital wallets for immediate use via the Mastercard In Control Pay mobile app. Both companies emphasized that these mobile virtual cards can be activated or deactivated anytime, anywhere.
Yvonne Yiu, HSBC’s Head of Global Payments Solutions, Greater China, stated, “This solution elevates the benefits of virtual cards by integrating them with the simplicity and convenience of mobile payments, enabling effortless transactions for both online and in-store purchases as well as supplier payments.” This aligns with a broader trend: Mastercard reported that in the first quarter of 2025, over 83% of its global in-person card transactions (excluding the U.S.) were contactless.
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