DUBLIN, Sept. 25, 2014 /PRNewswire/ -- Research and Markets has announced the addition of the "Commercial Payment Cards: U.S. and Global Market Trends, 8th Edition" report to their offering.
While U.S. consumer credit card spending may still be pressured, commercial card purchase volume is moving full steam ahead. According to Commercial Payment Cards: The U.S. and Global Markets and Trends, 8th Edition, a report by Packaged Facts, commercial card purchase volume grew by 13% in 2013, reaching $888 billion. But commercial cards are catching on in both the U.S. and abroad: we forecast global commercial card purchase volume to grow by 13% in 2014 and in 2015, rising from $1.4 trillion to $1.79 trillion, with both small businesses and larger corporations fueling growth.
The global landscape is quickly shifting, due in part to the quick ascension of UnionPay, which now generates more commercial card purchase volume than JCB, BC Card and Discover/Diner's Cluband surpassed Visa in 2013 as the largest network by credit and debit purchase volume. With globalization occurring at a rapid pace, payments networks and financial institutionskeen to meet the needs of multinational corporations and to penetrate new marketsare growing alongside the world's large corporations.
And U.S. commercial banks have worked hard to close the commercial payments gap with competitors such as American Express. Long the Apple of corporate payments, American Express can offer cards, service, solutions, and a network all under one roof. But U.S. commercial banks may be taking competition up a notch. Unlike Apple's competitors, which rely on outside operating software to run their machines, leading U.S. commercial banks can pick and choose, developing in-house proprietary solutions as well as drawing from Visa and/or MasterCard solutionsand tapping their unsurpassed global location reach. But American Express has come into 2014 swinging, keen to leveraging third-party merchant acquiring relationships via its OptBlue U.S. small merchant acquisition.
The basic impetus behind migrating to commercial cards remains cost savings. However, the industry is approaching that impetus with increasingly sophisticated solutions: With names like IntelliLink (Visa), SmartData (MasterCard), PAYVE (American Express) and Paymode-X (Bank of America), the industry has introduced some very enticing value propositions to their corporate clients, allowing them to leverage information, create process synergies, and control costs better than ever before. Gaining traction in the marketplace, these kinds of platforms are the real growth drivers behind the cards, and some no longer rely on physical cards at all.
Key Topics Covered:
Chapter 1: Executive Summary
Chapter 2: Introduction and Overview
Chapter 3: Market Size and Forecast
Chapter 4: Commercial Card Growth Drivers & Trends
Chapter 5: Commercial Card Network Operators
Chapter 6: Commercial Card Bank Issuers & Processors
Chapter 7: Commercial Card Non-Bank Issuers
Chapter 8: Commercial Cards and Government
For more information visit http://www.researchandmarkets.com/research/srlqt9/commercial
Media Contact: Laura Wood, +353-1-481-1716, [email protected]
SOURCE Research and Markets