The global commercial/corporate card market is anticipated to grow at a considerable CAGR of 7.5% during the forecast period. A commercial card is a card issued by the company to an employee for purchases on the company’s behalf. This card can be used to pay for travel expenses, equipment rentals, and office supplies. Commercial cards are offered in the form of corporate cards, small business cards, purchase cards, or travel and entertainment cards, among others. A corporate card is a card issued by a corporation to an employee which can also be used by a corporation for making a business purchase. It looks similar to the credit or debit card.
Hence, the significant increase in the card payments to buy goods and services is the major factor bolstering the growth of the market. According to the Reserve bank of India (RBI), debit card and credit card payments in India have grown at a considerable rate of 7.3% and 8.5% from 2017 to 2020, respectively. Further, the payments landscape across the globe is developing at a rapid pace with various innovative payment systems and instruments being introduced frequently. The growing launches of new products and benefits by key players in the market are anticipated to propel the demand for commercial/corporate cards. For instance, in April 2022, supply chain finance company KredX partnered with ICICI Bank to offer a commercial card for B2B payments. The ICICI Bank-KredX Commercial Card is a kind of cash-back card that allows businesses to collect instant financial rewards for B2B payments without any fees. Through this partnership, KredX expects to distribute as much as about $260 million in B2B vendor payments monthly.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2021
- Forecast period- 2023-2029
Segment Covered-
- By Product Type
- By Card Type
- By End-User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- including AirPlus International Ltd., Amazon.com, Inc., American Express Co., Bank of America Corp., Citigroup, Inc., and JP Morgan Chase & Co. Inc., and others.
Commercial/Corporate Card Market Report Segment
By Product Type
- Purchase Cards
- Business Cards
- Travel & Entertainment Cards
- Gift Cards
By Card Type
- Open-loop Cards
- Closed-loop Cards
By End-User
- Small & Mid-sized Enterprises
- Large Enterprises
A full Report of Commercial/Corporate Card Market is Available @ https://www.omrglobal.com/industry-reports/commercial-corporate-card-market
Commercial/Corporate Card Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- AirPlus International Ltd.
- com, Inc.
- American Express CompanyCo.
- Bank of America Corp.
- Bank of China Ltd.
- Citigroup, Inc.
- Corporate Spending Innovations Enterprises, Inc.
- JP Morgan Chase & Co. Inc.
- NGC US, LLC
- S. Bancorp, Wex Inc.
- Wells Fargo & Co.
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