The companies have launched a Virtual Prepaid Card designed specifically for businesses, offering digital payment capabilities typically reserved for larger enterprises.
The pre-funded card allows SMEs to control spending, pay suppliers and teams digitally, and access payment infrastructure supported by Mastercard’s global network and Paymentology’s card processing platform.
The launch comes as businesses across the Philippines continue to adopt digital commerce and payment solutions. Despite growing digitalization, only 20 percent of business payments are currently made digitally, while roughly half of Filipino adults hold a formal financial account.
Access gap
Mastercard, PayMongo, and Paymentology said the new offering seeks to address the gap between increasing digital commerce activity and limited access to business-grade financial tools.
“SMEs are operating in an increasingly digital economy, but access to modern payment tools has not always kept pace,” said Jason Crasto, country manager for Mastercard Philippines.
“Through our collaboration with PayMongo and Paymentology, Mastercard is helping expand access to secure and accessible virtual payment capabilities, enabling businesses to participate more fully in a more connected economy through the scale and reach of our global network,” he added.
The companies said merchants can onboard through PayMongo and fund the card directly through their PayMongo wallet, creating a faster alternative to traditional payment processes.
Built for SMEs
Unlike consumer-focused payment products, the virtual prepaid card was developed around business spending and payment management needs.
Business owners can set spending limits for individual cards, monitor transactions in real time, and issue separate cards for specific teams, projects, or operational purposes.
The card can also be issued to freelancers and field personnel for immediate use, helping businesses avoid delays associated with traditional fund transfers.
Once onboarded, businesses can begin paying for software subscriptions, vendors, and other operational expenses immediately through the platform.
For existing PayMongo merchants, the prepaid card is integrated into the same ecosystem they already use to accept and manage payments.
The companies said every card issued through the program benefits from fraud controls, transaction monitoring, and compliance measures powered by Paymentology, Mastercard, and APATA.
No credit line
A key distinction of the product is that it operates as a prepaid card rather than a corporate credit card.
Traditional corporate cards typically require businesses to secure a bank-approved credit line and undergo a longer application process. In contrast, the new prepaid card allows businesses to load funds into their PayMongo wallet and spend directly from their available balance.
According to the companies, this provides greater spending control while eliminating the need to take on credit.
“We are giving Filipino entrepreneurs a real, honest shot at growing their business,” said PayMongo CEO Jojo Malolos.
“We're giving SMEs a financial tool they can control—one that enforces discipline to spend only on what moves the business forward, and nothing else,” he said.
The launch also aligns with broader efforts to accelerate digital payments in the country. The Bangko Sentral ng Pilipinas’ Digital Payments Transformation Roadmap achieved its target of making 50 percent of retail transactions digital by 2023, highlighting growing momentum toward cashless transactions.
Regulated framework
Paymentology said the initiative enables smaller businesses to access the same card infrastructure used by larger organizations.
“The Philippines is a market where small businesses power the majority of employment but have had almost no access to the card infrastructure that large enterprises do,” said Minh Hua Truong, head of growth for Asia-Pacific at Paymentology.
Through its collaboration with Mastercard, Paymentology extends its licensed card issuance framework to PayMongo, allowing Philippine businesses to access prepaid business payment cards without requiring a banking license.
The partners said the platform operates within a regulated framework, with PayMongo monitored by the Bangko Sentral ng Pilipinas and supported by PCI-DSS 4.0 and SOC 2 Type 2 certifications.
Mastercard, PayMongo, and Paymentology said the launch marks the first step in a broader card infrastructure roadmap aimed at expanding financial access and digital payment tools for Filipino businesses. —Ed: Corrie S. Narisma
