Managing business expenses has always been a challenge, from tracking receipts to reconciling accounts, the process can be tedious and time-consuming. However, as businesses continue to seek digital-first financial solutions, expense management cards are stepping in to solve many of these pain points. Once seen as a convenient alternative to petty cash, expense management cards are now a crucial financial tool, helping businesses streamline payments, control costs and improve financial oversight; and with corporate spending on the rise, their role is more important than ever.
The growing demand for smarter expense management
According to Datos Insights, global corporate card spending reached $3.7 trillion in 2022, highlighting the increasing reliance on digital payment tools for business transactions. Companies are moving away from outdated reimbursement models and opting for digital-first expense management solutions. These solutions not only provide real-time visibility into spending but also help enforce policy compliance, prevent fraud and optimise cash flow.
A smarter way to pay
Expense management cards, whether prepaid, debit or credit, allow businesses to issue spending limits, set merchant restrictions and gain immediate oversight into transactions. This eliminates the need for employees to use personal funds and wait for reimbursements, improving both operational efficiency and employee satisfaction. The benefits go beyond convenience. The Association of Certified Fraud Examiners (ACFE) reports that businesses lose an average of 5% of revenue to fraud each year, with poor expense management processes often being a contributing factor. With real-time tracking and automated controls, corporate cards reduce the risk of unauthorised transactions and misuse.
Mamo’s story: Powering SMEs with better financial tools
Small and medium-sized enterprises (SMEs) are particularly underserved when it comes to efficient financial management. Many still rely on outdated systems that don’t offer the flexibility or visibility they need to grow. That’s where fintech companies like Mamo are stepping in. The UAE-based financial technology company has partnered with Paymentology to provide virtual Visa prepaid cards that simplify expense management for SMEs.
Mamo’s platform consolidates payment collection, corporate card issuance and expense tracking into one seamless system, helping to eliminate the need for multiple financial service providers. The solution supports various payment channels, including WhatsApp, ecommerce, digital invoicing and direct vendor payments, saving finance teams valuable time in administrative duties every week.
What’s next for business expense management?
The future will likely bring multi-currency capabilities to support international transactions without hidden fees. AI-driven analytics have already started providing insights into spending patterns and recommend optimisations, while stronger fraud protection measures will be implemented through real-time monitoring and automated policy enforcement. Greater financial inclusion will also be a priority, ensuring that SMEs have access to the same high-quality financial tools as large enterprises.
To read more about how expense management cards are driving financial inclusion, check out Paymentology and Mamo Join Forces to Drive Financial Inclusion for SMEs across UAE.
