Philippine small and medium-sized enterprises (SMEs) can now issue a business payment card in less than five minutes without opening a bank account, as fintech company PayMongo, payments technology company Paymentology, and Mastercard expand access to digital financial tools.
The new Virtual Prepaid Card allows businesses to fund and manage spending directly from their PayMongo wallet, without the need for a traditional bank-issued corporate credit card.
“SMEs are operating in an increasingly digital economy, but access to modern payment tools has not always kept pace,” said Jason Crasto, country manager, Philippines, Mastercard. “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.”
The prepaid card is designed specifically for business use. Companies can set spending limits, monitor transactions in real time, create separate cards for teams, and issue virtual cards to freelancers or field workers for immediate use.
Unlike corporate credit cards that require a bank-approved credit line and often take weeks to process, the virtual card uses funds already loaded into a PayMongo wallet. Businesses spend only what they deposit, helping owners manage cash flow while avoiding debt.
“We are giving Filipino entrepreneurs a real, honest shot at growing their business,” said Jojo Malolos, CEO of PayMongo. “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 offering also aligns with the Bangko Sentral ng Pilipinas’ push for digital payments. The BSP’s Digital Payments Transformation Roadmap reached its target of making 50% of retail payments digital by 2023, but many smaller businesses still lack access to business-grade payment tools.
“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 in APAC, Paymentology. “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 provides the card-processing infrastructure and licensing framework, while Mastercard supplies the payment network and fraud protection capabilities. PayMongo’s operations are monitored by the BSP, and the platform complies with PCI-DSS 4.0 and SOC 2 Type 2 security standards.
The companies said the virtual prepaid card is the first step in a broader roadmap to provide more card-based financial tools for Filipino businesses.