Philippine SMEs can issue virtual prepaid cards in five minutes

Paymongo provides the service whilst Paymentology and Mastercard provide the licensed framework.

Small and medium enterprises (SMEs) in the Philippines can now issue and use a business prepaid card in under five minutes with Mastercard, PayMongo, and Paymentology’s virtual prepaid card service.

Virtual Prepaid Card offers businesses a pre-funded card to pay suppliers and teams digitally.

Merchants can onboard through PayMongo and fund their card through their PayMongo wallet. Once onboarded, merchants can issue a card and pay for tools and vendors directly from their own balance.

Paymentology and Mastercard provide the licensed framework.

This is unlike corporate credit cards, which require a bank-approved credit line and can take weeks to process, the three companies said in a statement on 11 June 2026.