Global Commercial Payment Cards Market By Card Type (Purchase Card, Business Card, Travel and Entertainment Card), By Application (Small Business Card, Large Business Card) and by Region – Forecast from 2020 to 2029
30th March 2020
"Global Commercial Payment Cards Market” is the title of a published report offered by Marketresearch.Biz. The research study involved extensive usage of expert opinion using both primary and secondary data sources and efforts were not limited to only in-house analysis efforts. The research process involved the study of various factors positively or negatively impacting the industry and market. Factors considered included various government policies and mandates, market environment, competitive landscape, historical data, current and historical trends in the market, technological innovations, new solutions and modifications made to existing provisions, upcoming technologies and technical progress in related industries. Also, market risks, opportunities, growth market barriers and challenges, and future scenarios have been covered and details included in the report. The market has been segmented on the basis of card type, application, and regions and companies. Revenue from the global commercial payment cards market is expected to expand at a CAGR of 7.7% and is projected to reach at US$ 7,353.4 Bn in 2028. The market in Asia Pacific is projected to account for a significantly higher revenue share over the forecast period owing to increasing shift towards digitization and rapidly growing e-Commerce channels and platforms in countries such as China and India to name a few.
Commercial cards are credit cards that are issued by an employer to an employee for the purpose of making purchases on the company’s behalf. Such cards are issued as co-branded cards on in partnership with companies, and this enables making purchases from retailers. Commercial cards aid companies to manage their business expenses, and collection of all purchases made by employees efficiently and transparently. Commercial cards are issued through a financial institution, and such partnerships enable companies to earn rewards and discounts for purchases made. These cards also have features such as co-branding with the partnership firm. Variations of commercial cards include corporate credit card and small-business credit cards.
Report Coverage and Deliverables
Commercial payment solutions and products help large corporations, midsize companies, small businesses, and government entities manage purchases made by employees. Card providers have developed solutions that enable streamlining procurement and payment processes, managing information and expenses (such as for travel and entertainment), and enables reducing of administrative costs. Different types of card offerings include cards covering travel, small business debit and credit cards, purchasing, and other cards.
Initially, business payment cards were primarily used for entertainment and business travel (T&E) expenses. One popular solution introduced way back in the 1950s was the Diners Club card, which was a charge card company owned by Discover Financial Services. Over time, early adopters of commercial cards began using such cards for non-travel and entertainment purchases. Awareness and understanding that this trend was here to stay popular and expanding prompted existing and new payment card services providers and networks to develop and introduce variations on the original business payment card to cater to a rapidly evolving consumer base and growing market.
Drivers: Emerging markets such as India and China have favorable demographics, which is expected to support increasing online transactions, and in turn fuel growth of the global commercial payment cards market.
Restraints: Increased card frauds along with security breaches and identity theft are some major risks that might hamper the target market in the future.
Opportunities: Increasing popularity of other payment solutions as well as robust presence of digital commerce solutions and platforms are expected to boost market growth.
Trends: 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.
Regional Segmentation and Analysis:
The region-wise segmentation includes 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 countries in Southeast Asia steadily opening up to investments by international players. North America is expected to play a vital role, followed by the market in Europe. Increasing number of corporate card service providers in countries in Europe is among some of the major factors driving growth of the commercial payment cards market in countries in this region. The market for commercial payment cards in Asia Pacific is projected to be most lucrative for service providers.
Segmentation of Global Commercial Payment Cards Market:
Segmentation by Card Type:
- Purchase Card
- Business Card
- Travel and Entertainment Card
- Other Cards
Segmentation by Application:
- Small Business Card
- Large Business Card
Segmentation by Region:
- North America
- Asia Pacific
- South America
- Middle East & Africa
- 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.)
- HSBC Holdings plc
- Chapter 1 Global Commercial Payment Cards Market Insights
- 1.1 Introduction
- 1.2 Drivers of Global Commercial Payment Cards Market
- 1.3 Restraints of Global Commercial Payment Cards Market
- 1.4 Opportunities for Global Commercial Payment Cards Market
- 1.5 Trends of Global Commercial Payment Cards Market
- 1.6 Opportunity Map Analysis
- 1.6.1 Optimistic Scenario
- 1.6.2 Likely Scenario
- 1.6.3 Conservative Scenario
- 1.7 PEST ANALYSIS
- 1.8 PORTER'S Five Forces Analysis
- 1.9 Macro-Economic Factors
- 1.10 Market Investment Feasibility Analysis
- 1.11 Market Competition Scenario Analysis
- Chapter 1 Global Commercial Payment Cards Market Insights
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