“Global Commercial Payment Cards Market, by Card Type (Purchase Card, Business Card, Travel and Entertainment Card, Other Cards), By Application (Small Business Card, Large Business Card), as well as by Region – Global Forecast 2021 to 2028.”, which offers a comprehensive view of the global commercial payment cards market through systematic segmentation, covering every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this market is projected to be over USD $5,803.7 Mn, and is estimated to increase moderately over the latter part of the forecast period.
Commercial payment cards are credit cards issued by an employer, for their employees to make purchases on behalf of their company. Frequently issued as co-branded cards with retailers, commercial cards help businesses manage their expenses by collecting all charges made by their employees into a single location.
The steady rise in the levels of urbanization occurring across the world and the increasing prominence of digital commerce is a major factor that is anticipated to have a profound influence on potentially new opportunities for revenue growth over the aforementioned timeline that is being taken into consideration. Robust digitization has paved the way for improved operational efficiencies or practices which has resulted in a greater number of individuals opting to use digital commerce and other payment solutions, more so in the last few years. This is also a major factor that is slated to further compliment market growth for this global industry in the years to come. Moreover, the exponential increase in the number of corporate card service providers, particularly in regions such as Europe, the Asia Pacific, etc., is another primary factor that is expected to further augment additional opportunities for increased revenue growth over the next decade. Speaking of the Asia Pacific, countries such as China and India have exhibited favorable opportunities for market expansion, owing to a growing number of individuals taking up corporate and other urban-related occupations, thereby giving themselves the opportunity for increased exposure to non-conventional forms of financial transactions. These aforementioned factors are some of the most crucial elements that are anticipated to play a critical role in edging the projected revenue of the global commercial payment cards market to USD $7,353.4 Mn by 2028, at a CAGR of 8.3%.
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