New card solution helps SMEs go cashless

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

June 14, 2026 | 12:00am

MANILA, Philippines — Small and medium enterprises (SMEs) in the Philippines can now access business payment cards without opening a bank account, as Mastercard, PayMongo and Paymentology launched a virtual prepaid card aimed at helping businesses make digital payments.

The companies said the Virtual Prepaid Card with business functions allows SMEs to issue and use a pre-funded business card in under five minutes, without a branch visit or a bank-approved credit line.

The product is designed for businesses that need better control over operating expenses but may not have access to corporate credit cards or traditional banking services. Merchants can onboard through PayMongo, fund the card using their PayMongo wallet and use it to pay suppliers, freelancers, field teams and other business expenses.

Unlike corporate credit cards, which typically require a bank-approved credit line and may take weeks to process, the new card uses funds already loaded into a merchant’s PayMongo wallet. This allows business owners to spend only from their available balance and avoid taking on credit.

“SMEs are operating in an increasingly digital economy, but access to modern payment tools has not always kept pace,” Mastercard Philippines country manager Jason Crasto said.

“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 said.

The card allows business owners to set spending limits per card, monitor transactions in real time and issue separate cards for different teams or purposes. It also gives existing PayMongo merchants access to the service through the same platform they already use to run their business.

PayMongo CEO Jojo Malolos said the product gives entrepreneurs a tool that can help them manage expenses more tightly while supporting growth.

“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,” Malolos said.

The companies said the card runs on Paymentology’s globally licensed infrastructure, with Mastercard providing its network and fraud protection capabilities.

Paymentology is a global issuer processor that works with fintechs, digital banks and retail banks to launch and manage card programs. Through its collaboration with Mastercard, Paymentology extends its licensed framework to PayMongo, allowing Philippine businesses to access pre-funded business payment cards without requiring PayMongo to hold a banking license.

“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. Through our collaboration with PayMongo and Mastercard, we are changing that by bringing global-grade card issuance to every Philippine business, regardless of size,” Paymentology head of growth in APAC Minh Hua Truong said.

The companies said the launch forms part of a broader card infrastructure roadmap aimed at closing the financial access gap for Filipino businesses.