First Abu Dhabi Bank, Mastercard introduce virtual corporate debit card

First Abu Dhabi Bank, Mastercard introduce virtual corporate debit card

UAE’s First Abu Dhabi Bank (FAB) has partnered with Mastercard to launch a new virtual debt card. The FAB Virtual Corporate Debit card will aim to facilitate issuance, maintenance and funding using the bank’s corporate electronic banking channel, available in dirham and dollar denominations. It will also help pre-set payment amounts as well as link them to payable invoices. The virtual cards can be created for single- or multiple-use, while usage limits can also be defined by way of transaction limit and count, date range, and merchant category code, among others, official news agency reported. The solution comes with a self-service portal for customers to manage the issuance and maintenance of the cards themselves. Online payments feature 3D secure OTP transaction authorisation, while in-person point of sale payments can be made by integrating the virtual card with digital wallets such as Apple Pay, Samsung Pay or Google Pay, the statement added. The proposition allows companies to pay vendors flexibly, while clients can also request for multiple virtual cards linked to their physical or virtual account, which can be assigned to specific units or individuals within an organisation for authorised business expenses. Gautam Dutta, head of global cash product management, GTB