The global digital payments giant Visa has expanded its digital wallet services to enable financial institutions to integrate virtual corporate cards into employees' digital wallets. This enhancement is developed under the firms' B2B services in partnership with Conferma Pay.

According to Visa, this enhancement on Visa Commercial Pay aims to transform how businesses manage transactions globally. The new platform incorporates Apple Pay and Google Pay.

Gloria Colgan, the Senior Vice President of Global Products at Visa Commercial Solutions, mentioned: "Our solutions are designed to meet the needs of enterprises across the world and in expanding to the Latin America and Caribbean region. We're providing these businesses with the tools to thrive in an increasingly digital business landscape. Alongside our partners, Conferma Pay, we're delighted to be taking our enhanced capabilities to customers globally."

Integration with Digital Wallet Platforms

According to Visa, this expansion of services for financial institutions enhances convenience and bolsters security and flexibility for corporate users. Visa Commercial Pay was initiated in 2020 to boost traditional business payment methods through automation.

Recently, Visa Canada partnered with global accelerator and the venture capital firm Plug and Play. This collaboration will create a platform that enhances fintech innovation in Canada. According to a statement issued by Visa, the partnership aligns with the expansion of the Canadian fintech sector.

Visa Sets Sights on Expanding Fintech Market

The Canadian fintech sector is projected to grow at an annual growth rate of 25% until 2029. Visa's collaboration with Plug and Play is expected to provide fintech companies with access to the scalability and security based on Visa's global network.

Additionally, Visa and Transak teamed up last month to facilitate instant conversions of digital assets into local fiat currencies. This partnership targets the growing demand for crypto-to-fiat transactions while overcoming compliance challenges and enhancing liquidity.

Transak's integration across 350+ Web3 wallets and platforms ensures widespread accessibility for users worldwide. From MetaMask to Coinbase Wallet, Transak's solution simplifies the conversion process, making crypto-to-fiat capabilities more accessible.

By integrating Visa Direct with Transak's infrastructure, users can swiftly convert crypto assets into fiat, improving liquidity and transaction speed. Additionally, Visa has ventured into the Web3 space by launching Visa Web3 Loyalty Engagement.