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Special Report, Expense Management

Money on The Move

The future of travel payments includes mobile wallets, virtual numbers and lots of discarded plastic

Convenience and smartphones are consumers’ two big loves, and no one can argue with the benefits of using a device that’s already glued to our palms for all sorts of other purposes to pay for goods and services as well. So it’s no surprise that the popularity of mobile wallet apps – such as the ones by Apple, Samsung, and Google – seems predestined to grow.

But the advantages of mobile payments go beyond ease of experience. With added safeguards against fraud and the improvements in reporting they could make possible, corporations stand to benefit from mobile payments at least as much as consumers, and maybe more.

This new manifestation of the on-demand economy represents a significant change in expense management, but Lehi Mills, senior vice president of technology at Corporate Travel Management, says businesses would do well to invest in it. “I think companies need to get ahead of this,” he notes. “This is where business travel is going.”

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