What is Commercial Card Market?
A commercial is a credit card provided by a corporation to its workers for use in making transactions on the firm's behalf. Commercial cards, which are frequently provided as co-branded cards with retailers, assist businesses in managing their spending by consolidating all charges made by employees into a single location. Commercial cards are a readily available solution that fits many of the fundamental requirements of buyer-seller settlement, such as transparency, security, and process efficiency, as the digitization of B2B transactions accelerates.
The market study is being classified by Type (Purchasing Card, Business Card, Corporate Card and Travel And Entertainment Card), by Application (Small-medium Size Enterprises and Large Size Enterprises) and major geographies with country level break-up.
JPMorgan Chase & Co. (United States), Bento Technologies Inc. (United States), American Express (United States), Santander Bank (United States), Silicon Valley Bank (United States), Citibank (United States), Barclaycard (United Kingdom), MUFG (Japan), Capital One (United States) and CreditCards.com (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are WEX Inc. (United States), Wells Fargo (United States) and Mastercard (United States).
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Commercial Card market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Commercial Card market by Type, Application and Region.
On the basis of geography, the market of Commercial Card has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Small-medium Size Business Across the world
Market Trend
- Virtual Card Is The Fastest Growing Segment Of The Commercial Card Market
Restraints
- Limited Customer Support Options
- Some Card Options Have Pricey Annual Fees
Opportunities
- Government Regulations To Decrease Interchange Fees Will Help To Surge Acceptance Of Commercial Cards Among Merchants
Challenges
- Increasing Risk Of Security Breaches
- Stringent Regulatory Guidelines Involved with the Commercial Cards
On 09 November 2021, Mastercard announced the next evolution of the payments model with the launch of a new commercial card offering designed specifically for small and medium enterprises.
Key Target Audience
Commercial Card Provider, New Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others
Frequently Asked Questions (FAQ):
1. Which factors would majorly drive the Commercial Card Market?
"Increasing Small-medium Size Business Across the world" is seen as one of major growth factors of Commercial Card Market in years to come.
2. Can we have customized study for Commercial Card Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. Which region will lead the Global Commercial Card Market?
United States will lead Commercial Card Market in coming years.