SMEs in the Philippines can now generate and deploy business prepaid cards in less than five minutes through a new virtual prepaid card service launched by Mastercard, PayMongo, and Paymentology.
The virtual prepaid card provides businesses with a pre-funded digital option to pay teams and suppliers. Merchants can onboard directly through PayMongo and fund the card using their PayMongo wallet balance. Once active, businesses can immediately use their funds to pay for tools and vendors. Under the hood, Paymentology and Mastercard provide the underlying licensed framework.
The three companies highlighted in an June 11, 2026 statement that this solution bypasses the lengthy processing times of traditional corporate credit cards, which require bank-approved credit lines and can often take weeks to secure.
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