Michael Galvin, Co-founder and CFO at Toqio, recently joined Paymentology’s 'The Issuer Academy' podcast to explore how embedded finance is transforming the way businesses interact with money. From tokenization to virtual cards and the power of daily platform engagement, Galvin unpacked why cards are no longer just about payments, they’re infrastructure.
Embedded finance: From consumer to B2B
While embedded finance has become commonplace in consumer contexts (think stored cards and Buy Now, Pay Later), Mike emphasizes that B2B is where the next big transformation is happening. In ecosystems with large merchant networks, card-based use cases are scaling fast: from supplier payments to digitized expense management. Mike points to industries like travel and retail as already mature adopters, with virtual cards playing a leading role.
The card is the glue
According to him, the humble card—especially when virtual—is the “glue” that holds embedded finance strategies together. It’s not just about paying; it’s about keeping users active within a platform. He explains that daily usage of cards drives engagement, automation, and ultimately revenue, especially through value-added services like lending, cross-border payments, and interest generation.
Lessons from Amazon, Shopify, and Toast
Mike shares how companies like Amazon and Shopify use embedded finance to create entire financial ecosystems. Amazon initially launched wallets but quickly realized that merchants withdrew funds to traditional bank accounts. To keep money circulating within their ecosystem, they added payments, cards, and lending. Today, Shopify and Toast generate over 75% of their revenue from financial services, enabled by embedded finance and cards.
Why cards unlock ecosystem stickiness
If companies don’t offer banking-like services—including cards—users cash out, and revenue opportunities disappear. Mike stresses that cards unlock both control and flexibility: businesses can apply MCC and geo-controls to prevent misuse while enabling seamless global payments. In NGO programs or sectors like food delivery, cards have reduced fraud, accelerated transactions, and even cut costs like parking fines.
Keeping value inside the platform
One of the podcast’s key takeaways: keeping funds within a platform fuels growth. He explains how businesses are moving from 1–2 user interactions per month to 2–3 per day, each one an opportunity for upselling or automation. By embedding cards and offering contextual financial tools (e.g., advance payroll, SaaS payments, or fleet management), platforms can personalize experiences and solve sector-specific challenges that traditional banks can’t.
Watch the full episode here: YouTube – Wallets Are Being Rewritten