Virtual commercial cards are revolutionizing the way businesses manage their expenses and handle transactions. As digital equivalents of traditional physical credit cards, these innovative financial tools offer enhanced security, flexibility, and control over company spending. Tailored specifically for the digital age, virtual commercial cards generate unique card numbers for each transaction, greatly reducing the risk of fraud and unauthorized use. This technology not only streamlines the procurement and payment processes but also provides businesses with real-time visibility into their financial operations.
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Data for today’s episode is provided by Javelin Strategy & Research’s Report: North America Commercial Card Market Review and Forecast, 2022-2027
Virtual Commercial Card Outgoing Payment Usage by Company Size (2022)
- 24% – less than $1 billion
- 54% – $1 billion to $4.9 billion
- 38% – greater than $5 billion
Source: Javelin Strategy & Research
About Report
This annual Javelin Strategy & Research report examines the North American commercial card market. It covers the United States and Canada but excludes Mexico, which is covered in the International Commercial Card Report. This regional perspective is developed based on available data from industry experts, third-party sources, and our own estimations. Javelin excludes fleet/fuel cards and small-business cards from the analysis, focusing solely on mid-size to large-market corporates, including governments.
Inflationary concerns and tighter money policies continue to affect business spending in the United States and Canada. As business-related travel and spending continue their rebound from the effects of the COVID-19 pandemic, other factors have emerged, including the increased use of virtual cards (for reasons of greater spending control and better guards against fraud).
