Within the commercial card industry, product line extensions are a key driver of adoption and revenue, as is the continuing displacement of legacy payment products.
The COVID-19 pandemic forced the reorganization of the economic life of non-essential businesses with a higher percentage of corporate staff shifting to telecommuting and home offices, and with retailers moving more of their business to online storefronts. Business travel and entertainment stopped virtually overnight in March 2020 and has sputteringly attempted to restart but to date, The rise of new COVID-19 variants continues to make virtual meetings the safest way to interact with clients and prospects.
These events in conjunction with the closing of international borders, e-commerce's ongoing trajectory in claiming a share of sales, the increasing digitization of all payments, the imperative for real-time payments unslowed by national borders, and the rise of fintech create a complex, growing and profitable landscape for the commercial card industry.
Commercial Payment Cards: U.S. Market Trends sizes the commercial card market with breakouts and forecasts for Visa, Mastercard, and American Express, as well as quantifications for purchasing card vs. travel and entertainment (T&E) cards. In addition, this report assesses and analyze the impact of the COVID-19 pandemic on the commercial card space, including a focus on small business market opportunities for commercial cards. Overall, this report reviews the major commercial card issuers' strategies to reignite purchase activity, rebuild their card portfolios and create sufficient value for the large, midsized and smaller business accounts to keep them on board as clients.
Table of Contents
Companies Mentioned
- Deloitte
- IBM
- EY
- PWC
- Microsoft
- JPMorgan Chase
- American Express
- Amex
- Bank of America
- Visa
- Mastercard
- Ramp
- Divvy
- Brex