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DiviPay issues Australia’s first on-demand virtual Mastercard


Businesses can use digital cards to help manage expenses.

Expense management platform DiviPay has become the first company to introduce a virtual Mastercard for Australian businesses.

Designed to help small- and medium-sized enterprises manage company spending and automate expense reporting, the virtual card functions much like a regular business credit card but is loaded directly into an employee's smartphone or online wallet.

Daniel Kniaz, co-founder and CEO of DiviPay, says the card was designed with small business owners in mind. "We built DiviPay specifically for the SME market after discovering that many businesses in Australia don't have the means to make business payments. Corporate card programs are costly, slow to set up and have stringent credit requirements. As a result, businesses either rely on their employees to pay for business expenses with their personal cards, or they share a manager's credit card around the office which presents a genuine security risk," he said.

With two-thirds of SME owners reporting a lack of time as their biggest business issue, the DiviPay virtual card may help them save up to 30 hours per month on expense management reporting. The card can be loaded into any mobile wallet to cover in-store payments, which are automatically recorded and categorised in the company's accounting software.

This avoids the need for employees to produce time-consuming expense reports and potentially improve productivity. The virtual card can also be set with specific spending controls, such as budget limits, fund pools and time-locked payments, giving business owners greater control over company spending.

"DiviPay is the first expense management tool to combine expense reporting automation with payment capability. By issuing virtual Mastercards, managers can set very granular spending controls on a card by card basis which means that payments can only be made if they are within the company's spending policy. DiviPay's card controls essentially allow you to control company spending before it even happens," says Kniaz.

DiviPay's virtual card platform is currently open for registrations.

Picture: Shutterstock

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