Mobile payments have moved far beyond consumer convenience. They’re now a key part of the payment process, used not just for consumers, but for business-to-business (B2B) payments, travel, healthcare, and more. As payment preferences shift toward mobile-first experiences, companies that adapt stand to gain in efficiency, security, and customer satisfaction.

Let’s break down mobile payment solutions, how they’re evolving, and what businesses need to know to stay ahead.

The rise of mobile payments

Consumer adoption of mobile payment solutions, such as mobile wallets, has grown steadily over the last decade, partly due to the global pandemic and the realization of the benefits of contactless payment solutions. Businesses are increasingly taking notice. Nearly two-thirds of the world’s population now use digital wallets like Apple Pay and Google Pay. As consumers get more comfortable using mobile wallets in their daily lives, that same shift is creating new opportunities for B2B payments to grow.

What’s driving this growth? It’s a combination of speed, convenience, and familiarity. Today’s consumers and business decision-makers expect transactions to be fast, intuitive, and secure. Mobile wallets check all those boxes.

Security and mobile payments: A double-edged sword

With growth comes risk. As mobile payments have increased, so have payment fraud tactics. Scammers use a range of tactics to try to infiltrate protected financial information, such as phishing attacks. According to the Association for Financial Professionals’ 2025 Payments Fraud and Control Survey, about 79% of organizations reported experiencing actual or attempted payments fraud in 2024. Checks were by far the most vulnerable payment method with 63% of attempted/actual fraud. Digital payment methods proved much more secure with virtual cards seeing 5% of fraud attempts and mobile wallets at 3%.

Fortunately, mobile wallets today come with built-in protections like tokenization, encryption, biometric or multi-factor authentication, and can be paired with virtual cards. Virtual cards are randomly generated numbers used in place of your sensitive financial information in a transaction. They also come with spending controls, allowing you to determine where, when and how the card is used. When linked to a mobile wallet, you get the added protection of virtual card security, combined with the convenience of mobile wallet transactions. 

For example, tokenization ensures that sensitive card data is never shared during a transaction. Instead, a one-time-use token replaces the card number. Combined with fingerprint, face recognition, or a security code to authorize the payment, the process becomes both secure and user-friendly.

The shift from consumer to business use

While mobile payments started in the consumer world, they’ve made their way into the B2B space. Today, more companies are exploring mobile payments not just for reimbursing employees or issuing travel per diems, but for paying vendors, issuing virtual cards, and streamlining accounts payable.

This shift makes sense. According to the U.S. Department of Labor, Millennials currently make up the most significant portion (36%) of the workforce in the U.S. with Gen Z rising (18%). Younger professionals who are now in decision-making roles are used to mobile-first experiences. They expect the same convenience in their business tools that they get from personal. 

And the benefits aren’t just about convenience. Mobile wallets integrated with virtual cards can help improve cash flow, enhance security, and enable better spend tracking — all things that matter in a tight-margin business environment.

Virtual cards: A key piece of the mobile payments puzzle

One of the biggest advantages of using mobile wallets in a business context is the ability to load and manage virtual cards. These are digital versions of physical credit or debit cards, often with added features that make them especially useful for businesses.

Unlike traditional cards, virtual cards can be issued instantly, used once or multiple times, and customized with spend limits and expiration dates. They’re ideal for managing vendor payments, employee travel expenses, or any situation where a physical card isn’t practical or secure.

When paired with a mobile wallet, virtual cards allow employees to make purchases on the go without needing a plastic card — cutting down on processing time and fraud risk. And because each virtual card generates detailed transaction data, reconciliation and reporting become much easier for finance teams.

Expanding mobile payments use cases across industries

Different industries are using mobile wallets in different ways. In retail, mobile wallets have become part of the checkout process, often integrated with loyalty programs and rewards. For healthcare, mobile payments support patient self-service and improve billing efficiency. In travel, mobile ticketing and mobile payments are streamlining the passenger experience.

Even in more traditional sectors like manufacturing or logistics, we’re seeing growth in mobile wallet use, especially when it comes to supplier payments and employee reimbursements. The ability to issue secure, mobile-friendly payments on demand is changing how these companies operate.

Why it matters for businesses

Adopting modern digital payment solutions can be the key to solving real business problems. Companies that embrace mobile wallets can:

• Speed up their payment processes: With instant card issuance and mobile-based approvals, payments can happen in real time.

• Improve cash flow: Faster payments and fewer processing delays mean better cash flow visibility.

• Reduce fraud: Virtual cards and tokenization significantly cut down the risk of misuse or data breaches.

• Streamline operations: Automation reduces manual tasks, and integrated data makes reconciliation faster and more accurate.

• Meet modern expectations: Employees and partners expect digital-first tools. Mobile wallets help meet that need without compromising control or security.

Where the market is headed

The future of mobile wallets looks even more connected and intelligent. Juniper Research forecasts a 15.3% growth in digital wallet adoption globally by 2029; up from 52.6% in 2024. Features like QR code payments and AI-powered fraud detection are pushing mobile wallets into new territory.

For B2B payments, expect mobile wallets to play a larger role in end-to-end payment automation. As embedded payments become more common in software platforms, mobile wallets will be the front-end tool for executing those payments in real time, securely and on the go.

Best practices for businesses adopting mobile payments

If you’re considering adding mobile payments to your payments mix, here are a few tips to get started:

• Assess your infrastructure: Make sure your Enterprise Resource Planning (ERP), accounting software, or payment gateway can support mobile wallet integration.
• Start with virtual cards: Use virtual cards inside mobile wallets to gain better control over spending and security.
• Educate your team: Ensure employees and vendors understand how to use wallets safely and effectively.
• Monitor key metrics: Track payment speed, fraud incidents, user adoption, and cost savings over time.
• Start small: Pilot mobile wallet use in one department or process before scaling company-wide.

Mobile payments aren’t just for consumers anymore. As technology advances and expectations shift, they’re becoming a valuable tool for businesses looking to modernize payments, improve cash flow, and protect sensitive information.

For more insights and updates on corporate payments, check out:

• Your guide to virtual card rebates
• 2025 payment trends
• Accounts payables: Terms you need to know

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The information in this blog post is for educational purposes only. It is not legal, tax or investment advice. For legal, tax or investment advice, you should consult your own legal counsel, tax, and investment advisers.