ROCKVILLE, Md., Dec. 18, 2017 /PRNewswire/ -- Used for a widening variety of payment purposes, virtual cards continue to grow in importance to the $1.9 trillion commercial cards industry, according to market research firm Packaged Facts in the new report Commercial Payment Cards: U.S. and Global Market Trends, 10th Edition.
Spending on the cards, which can be used repeatedly, like a regular plastic card, or just once (a single-use account), is expected to surpass spending on corporate travel cards in 2017. And continued growth opportunity is significant. Virtual card leader Mastercard has noted that the media, construction, commercial real estate, insurance, health care verticals provide further growth opportunity.
"This is a space that continues to attract heated interest from payments market participants, with new virtual card partnerships and products being introduced at a quick pace," says David Sprinkle, research director, Packaged Facts.
Illustrating virtual cards' positive momentum, two market participants continue to grow virtual card payment value at a healthy clip. Combined, WEX and FleetCor estimated "virtual card" payment value grew by just under 19% in 2016. While the totals represent largely virtual card payment value, some non-virtual corporate card payment value is also included.
About the Report
Commercial Payment Cards: U.S. and Global Market Trends, 10th Edition provides data and analysis on the global and U.S. market for commercial payment solutions, including cards and ACH. The report presents the size and growth of the market and related key metrics within the broader payment card arena. Included are discussions and analysis of the various card associations or networks, commercial payment card types, trends and factors affecting their growth, and a focused analysis of U.S. commercial card usage demographics and preferences. Major card brands and issuers are profiled.
View additional information about Commercial Payment Cards: U.S. and Global Market Trends, 10th Edition, including purchase options, the abstract, table of contents, and related reports at Packaged Facts' website: https://www.packagedfacts.com/financial-services-market-c83/.
About Packaged Facts
Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods, and pet products and services. Packaged Facts also offers a full range of custom research services.
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SOURCE Packaged Facts