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BMO Commercial Bank launches mobile wallet for virutal cards with Mastercard

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Bank of Montreal (NYSE:BMO) said on Monday its Commercial Bank has launched the Extend for BMO app to allow U.S. and Canadian clients to create and push virtual cards to their employees’ mobile wallets.

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BMO (BMO) is the first global Mastercard (NYSE:MA) issuer to offer contactless virtual cards through its cobranded Extend for BMO app. The virtual cards can be used wherever contactless payments are accepted, it said.

The function is intended to help Corporate Card clients manage travel and business expenses more easily. It also helps with tighter spending controls and streamlined receipt and reconciliation processes.

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“By offering mobile wallet functionality for physical cards and now virtual cards and contactless payments, BMO is equipping our Corporate Card clients with convenient tools to manage their businesses and make financial progress,” said Derek Vernon, head of Treasury and Payment Solutions Product Management and Payments Modernization at BMO Commercial Bank (BMO).

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