Oceanpayment, a global digital payment solutions provider, and Mastercard today announced the launch of Oceanpayment’s first-ever payment card, a Mastercard virtual commercial credit card. The new product is designed to help cross-border merchants reduce the operational costs of multi-currency accounts while improving conversion rates. Merchants can rapidly apply for and set up the Oceanpayment Card online, as the virtual card offers higher efficiency in overseas B2B payments to ensure seamless, compliant and secure cash flow management.
Source：Oceanpayment
Simplifying financial management
According to the Virtual Card Benchmark Survey conducted by RPMG Research and commissioned by Mastercard, 85 percent of bank executives surveyed globally believe that virtual cards improve organizational processes including efficiency, reconciliation, system integrations and compliance. Furthermore, 84 percent of them believe that virtual cards enhance cybersecurity, reduce fraud and increase data security. Through the new virtual Oceanpayment Card, businesses can now more easily address common financial management challenges associated with traditional cross-border transactions, including handling multiple currencies and real-time payments among many others, further optimizing their operational management.
Lanny Yang, Co-Founder and Chief Executive Officer of Oceanpayment, said, “Building on Oceanpayment’s extensive expertise and experience in the acquiring space, and the deep integration with Mastercard’s capabilities in enabling virtual card issuance, we are excited to launch our new card product, completing our all-in-one fund management solution to streamline payment acceptance and disbursement. Tailored to meet our merchants’ needs with precision, this service simplifies money movement management and optimizes business cash flow, ultimately boosting overall operational efficiency for businesses.”
Helena Chen, Managing Director, Hong Kong & Macau, Mastercard, said, “This partnership with Oceanpayment not only highlights Mastercard’s commitment to delivering innovative, seamless and secure payment solutions, but also underlines the strength of its support for issuers. With B2B virtual card spend estimated to reach US$1.3 trillion by 2028, Mastercard is pleased to be the preferred partner of choice for digital payments solutions, leveraging its expertise and experience in virtual cards, end-to-end support to issuers, as well as its global acceptance network.”
Faster, safer, more stable payment without delays
The launch of a Mastercard Virtual Commercial Credit Card represents a key milestone in Oceanpayment’s global digital payment infrastructure. This marks a significant evolution from transaction capabilities to a holistic ecosystem that brings simplicity, security and efficiency of digital payments into merchants’ cash flow operations. By streamlining B2B payment processes and reducing transaction time, it empowers businesses to manage their working capital digitally.
The Oceanpayment Card eliminates transaction management and processing delays among consumers, merchants, international card schemes and issuing banks. It enables faster, safer and more stable payment interactions while improving merchants’ operational efficiency, transparency and predictability. This reduces dependency on traditional and inefficient processes, offering a streamlined and optimized payment workflow.
Source：Oceanpayment
Furthermore, the new virtual card empowers cross-border merchants to achieve intelligent, integrated cash flow management systems and provides diverse commercial payment support for global operations. By incorporating issuing services, merchants can significantly enhance the efficiency of international payments in both online and offline scenarios, including advertising, subscriptions, consumption, procurement and business travel. With Oceanpayment’s automated and embedded solutions, merchants gain complete control over their financial visibilities, effectively minimizing operational friction.
The new Oceanpayment Card can effectively address operational pain points in cross-border payments and meet the diverse needs of business payment scenarios by providing merchants with more precise solutions, including:
- Integrated Transactions for Efficiency: all-in-one solution that integrates acquiring and issuing services, enabling seamless fund connectivity and significantly enhancing cash flow management efficiency.
- Instant Activation with Comprehensive Features: such as instant card activation and quick transactions. This enables a full-suite, one-stop service with deeply integrated multi-functional capabilities.
- Versatile Payment Scenarios: empowers merchants with diverse payment scenarios, supporting aviation, advertising subscriptions, procurement management, logistics and education.
- Shared Card Limits for Global Reach: supports major settlement currencies including HKD and USD, along with over 140 transaction currencies. It facilitates multi-currency shared limits and streamlined foreign exchange processes for a seamless payment experience.
- Membership with Secure and Global Coverage: As a Mastercard issuer, Oceanpayment has successfully tapped into Mastercard’s global network, enabling extensive international payment coverage. It caters to merchants’ diverse business payment needs, focusing on convenience, security and efficiency.
Oceanpayment: Simplifying Global Payments
Over the past decade, Oceanpayment has dedicated itself to empowering global partners with professional expertise and exceptional services. It has continuously strengthened payment infrastructure by integrating open APIs and digital services, seamlessly connecting payment technology across all aspects of the cross-border payment ecosystem.
The company’s comprehensive solutions unlock a wide range of cross-border business scenarios, including global acquiring services, financial payment gateways, intelligent risk management and compliance operations. This holistic approach enables seamless integration of cross-border business models, technological innovation and product offerings, fostering the global expansion of cross-border merchants.
Looking ahead, Oceanpayment will continue to enhance its payment chain products and services through technological innovation. It is committed to providing cross-border merchants with a more convenient and secure “global payment” experience. The company aims to facilitate businesses’ digital and intelligent transformation to accelerate growth and foster high-quality development of global cross-border e-commerce.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions safe, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
References:
[1] Juniper Research, Virtual Cards, Strategy & Forecast, 2021-2026.
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