Chase partnered with fintech start-up Marqeta to begin issuing virtual credit cards on commercial accounts, CNBC reports. Companies typically have to add their employees on to their corporate card account and get them a physical card before they can begin expensing things to the company directly.
With this new feature, companies will be able to instantly issue digital credit cards to employees which can then be added to a mobile wallet like Apple Pay or Samsung Pay and used instantly. The increased work-from-home due to the pandemic has brought to the forefront the need for digital payment options for employees who may not be able to easily receive a physical card.
The new feature will be available in early 2021, and only for commercial cards. I assume this will only be offered on corporate card accounts, not small business card accounts which most of us have. In a related move, Chase lately has begun making new cards available instantly after card approval for consumers to add the card to their mobile wallet.
