Virtual Credit Cards Offer Businesses Worldwide Security
By Steven Gibbs
September 5, 2009
One thing that any and every business or corporation needs and wants is a secure way to make and control purchases. Without it, a company could quickly find themselves in a position that they don’t want to be or even worse, out of business. That is why CitiGroup has partnered with MasterCard to offer companies a payment solution known as “Citi Virtual Card Accounts”.
I know that some viewers may say that this is nothing new, and many credit card issuers offer the same solutions when it comes to payment options. In many cases you are correct, but Citi has added a feature that sets themselves apart from their competitors. That feature, multicurrency capabilities. Made possible by having a large market in the credit card space, Citi is able to issue accounts in local currency regardless of location.
Many experts believe that virtual cards will be the next big move companies shift toward, and this market is expected to grow tremendously over the next three to five years. We should see more headlines in the future with credit card issuers coming out with products to capitalize on this growth.