At CAGR of 8.3% | Commercial Payment Cards Market - Increasing Number of Corporate Card Service Providers

Commercial payment cards are credit cards issued by an employer, for their employees to make purchases on behalf of their company. Frequently issued as co-branded cards with retailers, commercial cards help businesses manage their expenses by collecting all charges made by their employees into a single location.

The Global Commercial Payment Cards Market was valued at USD $3,742.1 Мn in 2020, and is projected to achieve a valuation of USD $7,353.4 Мn by 2030, at a CAGR of 8.3%. The 5-year (2020–2025) cumulative revenue of this market is projected to be over USD $5,803.7 Mn, and is estimated to increase moderately over the latter part of the forecast period.

The steady rise in the levels of urbanization occurring across the world and the increasing prominence of digital commerce is a major factor that is anticipated to have a profound influence on potentially new opportunities for revenue growth over the aforementioned timeline that is being taken into consideration. Robust digitization has paved the way for improved operational efficiencies or practices which has resulted in a greater number of individuals opting to use digital commerce and other payment solutions, more so in the last few years. This is also a major factor that is slated to further compliment market growth for this global industry in the years to come. Moreover, the exponential increase in the number of corporate card service providers, particularly in regions such as Europe, the Asia Pacific, etc., is another primary factor that is expected to further augment additional opportunities for increased revenue growth over the next decade. Speaking of the Asia Pacific, countries such as China and India have exhibited favorable opportunities for market expansion, owing to a growing number of individuals taking up corporate and other urban-related occupations, thereby giving themselves the opportunity for increased exposure to non-conventional forms of financial transactions.

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However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global commercial payment cards market is no different, and this is expected to have a negative impact on the revenue growth of this industry in the years to come. Furthermore, the increasing risk of security breaches and identity theft are some of the other factors that may impede on future market growth opportunities for this global industry.

Nonetheless, the growing popularity of digital commerce and other payment solutions, especially in recent years, is a factor that is anticipated to have a profound influence on the revenue growth of the global commercial payment cards market in the foreseeable future.

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Segmentation of the global commercial payment cards market is as follows:

In terms of card type, the business card segment accounted for the maximum number of revenue shares of the global commercial payment cards market in 2020, and is expected to continue doing so over the forecast period. However, the travel & entertainment card segment is anticipated to index a high CAGR over the next 10 years.

With regards to application, the large business card segment accounted for the highest number of revenue shares of the global commercial payment cards market in 2020, and is anticipated to continue doing so over the next decade. The small business card segment accounted for the second-highest number of revenue shares in 2020, however, this segment is indicative of registering the highest CAGR over the forecast period.

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Key Players: JPMorgan Chase & Co., Bank of America Corporation, Citigroup Inc., Wells Fargo & Company, Barclays PLC, Capital One Financial Corporation, S. Bancorp, Synchrony Financial, Discover Financial Services, American Express Company, Mitsubishi UFJ Financial Group, Inc. (MUFG Bank, Ltd.), HSBC Holdings plc

Regional Segmentation and Analysis:

Markets in the Asia Pacific accounted for the maximum number of revenue shares of the global commercial payment cards market in 2020, and are indicative of remaining this industry’s front-runner over the next decade. The markets in North America and Europe accounted for the second-, third-most number of revenue shares in 2020, and are anticipated to continue doing so over the forecast period.