Visa, Yokoy Team on the B2B virtual debit card

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The expense management platform Yokoy collaborated with Visa on a new debit card for businesses for companies operating in Europe.

The company, which has offices in Zurich, Munich and Vienna, announced the launch of the card on its Blog Thursday, December 9, claiming its platform connects the card to expense management software and enterprise resource planning systems.

“Designed for all business-related expenses, the Yokoy Visa Business card is available as both a physical card and a virtual product,” writes the CMO. Melanie Gabriel. “It can be used worldwide and incurs no card fees, card account fees, transaction fees or foreign currency surcharges when used within the EU. “

The company argues that the traditional payment card, “usually offered in isolation”, is now seen as an outdated solution.

“But the landscape is changing, thanks to our platform, which seamlessly integrates corporate cards into customer ecosystems,” writes Gabriel.

Yokoy says its new card can be managed entirely digitally and also waives fees that would be charged for comparable cards.

When ordering cards, customers can choose a virtual or physical product and have their virtual cards delivered in seconds, ready for immediate use. Both versions of the card can be integrated into Yokoy’s expense management system, with the platform’s data exchange operating in real time.

The card is powered by the Marqeta card issuing platform, which works with companies such as Uber and Klarna.

Read more: 39% of businesses use virtual cards for B2B payments

PYMNTS research found that 39% of businesses now make B2B payments using virtual cards, according to Accelerating The Time To Realized Revenue, a survey of more than 400 executives in conjunction with Mastercard.

These companies claim that using virtual cards has generated an average of 3.4 financial or operational benefits, such as faster payments, more detailed transactions, and transactional security.

Other benefits cited include improved cash management, reduced processing exceptions, improved credit processing, access to credit and discounts, and meeting supplier and customer expectations.

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