Thorough and in-depth research, study, and analysis has been conducted, using extensive primary, secondary, and paid databases and sources apart from other methods to generate the “Global Commercial Payment Cards Market” report. These methods, along with inputs from industry experts has been extremely crucial to arrive at the findings and data and information, which is provided in the report. The market has been segmented systematically to enable a clear understanding of the historical, estimated, and projected revenue for each region, country, and segment covered in the report. The global commercial payment cards market is expected to be valued at US$ 7,353.4 Billion in 2028, owing to revenue expansion at a CAGR of 7.7% from 2019 to 2029. Asia Pacific is projected to account for a significantly higher revenue share over the forecast period, as compared to markets in other regions, and this can be attributed to the ongoing shift towards digitization and rapidly growing e-Commerce channels and platforms in countries such as China and India to name a few.
Global Commercial Payment Cards Market: Introduction and Dynamics
Commercial cards are credit cards, and the purpose of these card is to be used by employees to make payments for a range of services or products availed or needed for official purposes. These cards are issued by the employer to an employee, and can be co-branded cards or in partnership with provider companies. Commercial payment cards aid companies in managing business expenses, and maintaining a record of all purchases made by employees efficiently and transparently. Commercial payment cards are issued through a financial institution, and through partnerships, enables companies to earn rewards and avail discounts for purchases made for official purposes.
Commercial payment solutions and products are designed to cater to needs of large corporations, midsize companies, small businesses, and government entities. Card providers have developed solutions that enable streamlining of procurement and payment processes, managing information and expenses, and reducing administrative costs. Types of cards include cards covering travel, small business debit and credit cards, for purchasing, and others.
Business payment cards were primarily used for entertainment and business travel (T&E) expenses initially. A well-known card introduced in the 1950s was the Diners Club card, and was offered by a charge card company owned by Discover Financial Services. Early adopters of commercial payment cards used such cards for non-travel and entertainment purchases and payments. The trend gained rapid traction and began to result in the introduction of variations on the original business payment card. The market in Asia Pacific is a major revenue contributor to the global market, supported by revenue contribution from markets in countries such as India and China. However, card fraud coupled with security breaches and identity theft are some major risks that can hamper growth of the target market in future. Increasing popularity however, of other payment solutions as well as robust presence of digital commerce solutions and platforms are expected to represent opportunities for players and boost market growth. Virtual Cards, also known as e-payables, are used as an alternative of commercial cards, offer another option for solving business travel issues and managing travel expenses, and is a key trend in the market currently.
Global Commercial Payment Cards Market: Segmental Snapshot
The market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Asia Pacific commercial card payment market is expected to account for a significantly high revenue share in the near future, with China, India, and others steadily opening up to investments by international players.
By Card Type: The business card segment is expected to register higher revenue share in the global market, followed by the purchase card segment.
By Application: The large business card segment is expected to account for higher revenue share than the small business segment over the forecast period.
Competitive Analysis: Global Commercial Payment Cards Market
The research report on the global commercial payment cards market include profiles of major players such as JPMorgan Chase & Co., Bank of America Corporation, Citigroup Inc., Wells Fargo & Company, Barclays PLC, Capital One Financial Corporation, U.S. Bancorp, Synchrony Financial, Discover Financial Services, American Express Company, Mitsubishi UFJ, Financial Group, Inc. (MUFG Bank, Ltd.), and HSBC Holdings plc.
“Global Commercial Payment Cards Market: Insights, Market Size & Share, Growth Rate, Ongoing Trends, and Market Forecast: 2020–2029” report has been produced based on deep market study and analysis, along with inputs from experts in the industry. The report includes present scenario and growth prospects for players in the market for 2019–2029.
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