Commercial or Corporate Cards Market is Booming Worldwide at Unstoppable Rate | AirPlus International Ltd., Amazon.com, Inc., American Express Company

 Major drivers driving market expansion include rising business travel spending and the growing trend of digitization. As business card usage rises, commercial or corporate cards are likely to be among the fastest-growing products for banks. Spending on commercial or corporate cards is predicted to increase by 71 percent from 2013 by 2020, with a compound annual growth rate of 8%. Increased spending on commercial or corporate cards is projected to enhance their adoption, which will lead to broader acceptance among retailers. Furthermore, government rules reducing interchange fees will aid in growing com adoption. For example, the Canadian Finance Ministry declared in August 2018 that interchange fees would be reduced to help businesses grow and invest more money in expanding their presence. In such a competitive industry, businesses that do not invest in commercial or corporate cards are sure to slip behind their competitors.

In 2017, the global commercial or corporate cards market produced sales of US$ 26.3 billion. With a CAGR of 7.3 percent over the forecast period, the commercial or corporate cards market is expected to be valued at US$ 49.3 billion by 2026. Over the predicted period, India is expected to grow at a high rate, followed by France.

When it comes to commercial or corporate cards, banks frequently struggle to strike a balance between ease-of-use, ease-of-access, and severe security measures. More and more cards are adopting fingerprint authentication, while facial recognition security features are gradually being phased out. Furthermore, the use of biometrics for customer authentication has gained popularity in recent years. The integration of these common security elements into commercial or corporate cards will streamline and simplify the payment process. Mastercard, for example, is introducing and speeding up the process of biometric authentication in their cards. End-users of next-generation biometric payment cards were able to register their fingerprint data on their credit cards from the comfort of their own homes, eliminating the need to visit the bank. Such functionalities are being added to commercial and corporate credit cards.

Furthermore, in this era of automation, artificial intelligence is gaining traction, as many firms use robots to perform repetitive jobs in order to reduce resource costs and maximize the use of available people. This aspect has a favorable impact on the company's financial transactions, as well. The amount of money spent by these enterprises (automation-focused businesses) on technology purchase or equipment upkeep will rise. Artificial intelligence technologies are being used by commercial and corporate cards to track and store the number of transactions made with the card. The information gathered is used to calculate the amount spent on such cards and to assess the spending pattern. Commercial card providers value the information acquired because patterns in spending and efficiency can provide useful insights that can be used by businesses to improve their financial health.

AirPlus International Ltd., Amazon.com, Inc., American Express Company, Bank of America Corporation, Citigroup, Inc., JP Morgan Chase & Co. Inc., U.S. Bancorp, Wex Inc., Wells Fargo & Company, Corporate Spending Innovations Enterprises, Inc., NGC US, LLC, and Bank of China Limited are some of the major players in the global commercial or corporate cards market.