First virtual prepaid business card for Philippine SMEs
Paymentology, PayMongo and Mastercard have announced the launch of a new Virtual Prepaid Business Payment Card designed specifically for Philippine small and medium-sized enterprises (SMEs). The solution is the first virtual prepaid card in the market to combine prepaid functionality with business-focused payment capabilities, giving SMEs access to tools that help them manage spending, control expenses and operate more efficiently.
The launch comes as SMEs continue to face limited access to business-grade financial tools despite accounting for the majority of businesses in the Philippines, employing 63% of the workforce and contributing up to 40% of GDP.
Businesses using the new PayMongo platform can onboard and access a virtual prepaid card in less than five minutes, providing fast access to payment tools designed specifically for the needs of growing businesses.
The solution has been purpose-built around the operational needs of SMEs, enabling businesses to:
● Set spending limits and issue separate cards for teams or purposes
● Track transactions in real time
● Enable freelancers and employees to access funds without requiring personal bank accounts
● Access and manage payments through the existing PayMongo workflow
● Benefit from enterprise-grade fraud monitoring, compliance and transaction security powered by Paymentology and Mastercard infrastructure
Jojo Malolos, CEO at PayMongo said: “”We are giving Filipino entrepreneurs a real, honest shot at growing their business. We’re giving SMEs a financial tool they can control – one that enforces the discipline to spend only on what moves the business forward, and nothing else. The biggest motivation for any business owner is seeing their business actually grow. This is the tool that lets them see it, and build on it.”
The initiative also reflects broader momentum within the Philippine payments landscape, following the Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap target of achieving 50% digital retail transactions by 2023.
Every card issued through the programme runs on Paymentology’s globally scalable issuer-processing infrastructure and Mastercard’s payments network, providing built-in fraud controls, transaction monitoring and compliance standards. The PayMongo platform is also PCI-DSS 4.0 and SOC 2 Type 2 certified.
Minh Ha Truong, head of growth APAC at Paymentology commented: The Philippines is a market where small businesses power the majority of employment but have historically had limited access to business-focused payment tools. Through our partnership with PayMongo and Mastercard, we are helping make modern card-based financial services more accessible to Philippine SMEs, regardless of size. This launch demonstrates how issuer processing can help unlock practical, scalable payment solutions for businesses that have traditionally been underserved.”
The partnership also represents an important step in PayMongo’s broader vision to build a comprehensive suite of card-based financial tools for Philippine businesses, with additional innovations planned in the future.