Does BMO Bank Offer a Virtual Debit Card for Online Payments

BMO Bank offers a virtual debit card for online payments, which can be used for purchases and transactions on websites and mobile apps. This card is also known as a digital debit card or e-debit card.

The virtual debit card is a convenient option for making online payments without having to physically carry a card. It can be added to digital wallets or used directly in online checkout processes.

According to BMO Bank's online banking platform, the virtual debit card can be used to make purchases on websites, mobile apps, and online marketplaces.

BMO has teamed up with Extend and Mastercard to offer virtual card creation capabilities to its commercial bank customers in the U.S. and Canada.

The collaboration enables BMO clients to create and push virtual cards to employees' mobile wallets, allowing them to spend anywhere contactless payments are accepted.

People expect to be able to make payments on the go, even for business expenses, according to Andrew Jamison, Co-founder and CEO of Extend.

By enabling virtual cards in mobile wallets, businesses can manage spending more efficiently and enjoy streamlined receipt and reconciliation processes.

BMO is the first global Mastercard issuer to offer contactless virtual cards via its cobranded Extend for BMO app, an expansion of the payments functionality BMO introduced last year.

The integration of virtual cards into mobile wallets marks a significant stride toward digitization in business payments, with the ability to issue virtual cards translating into tighter expenditure controls and expedited receipt and reconciliation processes.

With the Extend for BMO app, cardholders can create and deploy virtual cards to their employees' mobile wallets, facilitating effortless contactless payments.

The virtual card deployment process is designed for maximum efficiency, allowing clients to issue virtual cards from their BMO Corporate Card program in just five minutes without requiring complex technical integration.

The program leverages Mastercard's mobile virtual card solution, which seamlessly combines tokenization and virtual card platforms to ensure robust security and convenience.

Andrew Jamison, CEO and Co-Founder of Extend, highlighted the increasing demand for mobile payments, even in the realm of corporate spending, noting that adding virtual cards to mobile wallets is the final step toward mainstream use.

BMO's commitment to staying at the forefront of digital innovation is evident through its adoption of emerging technologies for real-time information and processing.

The innovation promises to streamline expense management, enhance security, and provide unparalleled convenience to Commercial Card clients, setting a new standard for banking in the digital age.

BMO's partnership with Extend and Mastercard is a significant move in the virtual card industry, which is expected to reach the multi-trillion-dollar level in the coming years.

The worldwide value of virtual card transactions is expected to hit $6.8 trillion in 2026, up from $1.9 trillion last year, an indicator of the method's increasing importance for corporations in the business-to-business (B2B) payment world.

BMO has teamed up with Extend to offer clients virtual card creation capabilities, allowing them to create and push virtual cards to employees' mobile wallets like Apple Pay.

This collaboration lets BMO commercial bank customers in the U.S. and Canada create and send virtual cards to employees' mobile wallets for contactless payments.

BMO is the first global Mastercard issuer to offer contactless virtual cards via its cobranded Extend for BMO app.

With this partnership, BMO's corporate clients can extend benefits like streamlined receipt and reconciliation processes to new purchases, like contactless payments made during business travel.

The companies note that in-store contactless payments give businesses the chance to use virtual cards to manage spending more efficiently.

Virtual cards are quickly becoming the go-to payment method in a number of markets around the world as businesses go digital.

The worldwide value of virtual card transactions is expected to hit $6.8 trillion in 2026.

BMO says it is the first organization to work with Extend in Canada and will make Extend's tools available to all of its North American corporate card clients.

With Extend, these clients can deploy virtual cards from their card programs in as little as five minutes without technical integration.

The partnership arrives ahead of an expected boom in the virtual card industry, with transactions projected to reach the multi-trillion-dollar level in the coming years.

Toronto-based BMO says its clients can use virtual cards to simplify the expense process, giving customers robust controls, such as limits for an amount or a time period, allowing for even a single transaction.