Westpac will extend the rollout of its Dynamic Virtual Cards (DVCs) to its institutional, corporate and government customers, the bank has announced.

The new corporate DVCs can be used – including for staff or even business clients on a temporary basis – for online transactions as well as for in-store ‘tap and go’ payments via a mobile digital wallet.

These DVCs can be generated via Westpac’s integrated expense centre platform, and added to users’ digital wallets on their eligible device (end users receive encrypted instructions inviting them to download an app, which enables them to add the virtual card to their wallets).

“Administrators can now generate virtual cards while their people are on-the-go, removing the need to issue physical cards or cash while enabling control and transparency of spending,” said Jeff Byrne, managing director, global transaction services, Westpac Institution Bank.

He added: “Organisations using these cards will be able to tailor parameters for each card in the way they see fit, including by choosing who can use the card, where the card can be used, how much can be spent, how often it can be used and for how long.

Byrne confirmed that individual card settings can be updated in real-time, including spending controls.

DVCs effectively remove the need for reimbursements and simplify how allowances, incidentals and expenses are administered, he said.

Byrne cited two use cases for the DVC, including “a school using it to replace petty cash for daily incidental expenses”, or a “large corporate organisation hosting a conference or event and providing digital virtual cards to speakers or delegates as a cash alternative to cover their travel and related expenses”.