The Commercial or Corporate Card Market is driven by digital transformation. Commercial or corporate cards are used by businesses to facilitate payment for expenses like company travel, fuel, entertainment, meals etc. It provides benefits like centralized payment tracking and spending controls, improved expense management, consolidated billing and rebates on spending. Digitalization has improved transaction experience through mobile wallets and seamless payment integration with ERP systems.
The global Commercial or Corporate Card market size is estimated to be valued at US$ 5.3 Bn in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Commercial or Corporate Card market are ABB Ltd., Fuji Electric Co. Ltd., Havells India Ltd., Powell Industries, Mitsubishi Electric Corporation, CG Power and Industrial Solutions Limited, Schneider Electric, Hitachi Ltd., Siemens AG, Meidensha Corporation, Eaton Corporation PLC, and Toshiba International Corporation (Toshiba Corporation). Key players are focusing on digital platforms to drive card adoption and utilization.
The growing demand from SMEs for easier expense management solutions and spending control is fueling the adoption of Commercial Or Corporate Card Market size . Integrated digital payment features are making cards an indispensable tool for businesses across sectors.
Global expansion of leading card issuers through strategic partnerships is further expanding the market reach. Popularity is increasing in emerging nations of Asia Pacific and Middle East & Africa due to rapid digitalization and economic growth.
Market Drivers
The increasing digitization of payment solutions and the growing popularity of digital wallets are driving the commercial card market growth. Businesses can now issue and manage cards virtually through online platforms. Mobile innovations have enhanced the payment experience and security. Forged alliances between card networks, fintechs and merchant acquiring banks are promoting widespread acceptance at merchant locations. This is encouraging greater spending and transactions through corporate cards. Strong economic growth and expansion of international trade are also propelling the commercial card industry forward.
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