As companies increasingly globalize, the need for efficient and strategic business travel becomes more pronounced. The role of corporate cards in this domain is not just a matter of convenience but a vital tool for managing expenses, leveraging analytics for smarter decision-making, and ensuring compliance with corporate policies.
The integration of commercial cards and business travel has become an indispensable tool for companies seeking efficient and streamlined financial management. As we delve into the multifaceted world of business travel, it’s crucial to understand the different types that modern enterprises engage in. From domestic jaunts to international sojourns, and from individual business trips to large-scale corporate retreats, how are commercial cards employed to meet diverse corporate travel needs?
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Data for today’s episode is provided by Javelin Strategy & Research’s Report: International Commercial Credit Cards: Market Review and Forecast, 2022-2027
Likelihood of Global Business Travel by Type
- 28% – sales/account management meetings with current or prospective customers
- 20% – internal company meetings with colleagues
- 18% – conferences, trade shows, or industry events
- 14% – service trips
- 9% – employee training or development
Source: Global Business Travel Association, 2023
About Report
As business travel globally continues to recover from the COVID-19 pandemic, resulting in some shifts in emphasis by companies, the corporate card remains the workhorse from a global perspective, with a range of use cases, including travel and expense and procurement. Meanwhile, virtual cards are emerging as a strong product for growth, and the rise of instant payments could cut into card volumes.
This annual Javelin Strategy & Research report examines the international commercial card market from a regional perspective. This report covers Western Europe, Asia Pacific, Latin America and the Caribbean, and Central and Eastern Europe. This regional perspective is developed based on available data and is not exhaustive of all countries globally. We exclude fleet/fuel cards and small-business cards from our analysis, focusing solely on mid-size to large-market corporates.
