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Commercial or Corporate Cards Market Projected Huge Growth with Top Players AirPlus International Ltd., Amazon.com, Inc., American Express Company, Bank of America Corporation, Citigroup, JP Morgan Chase & Co., U.S. Bancorp, Wex I
Commercial or Corporate Cards
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Among product type, the purchase cards segment held dominant position in the commercial or corporate cards market in 2018 and is projected to retain its dominance throughout the forecast period. Purchase cards are also called as p-cards. Purchase card is a special type of bankcard that uses existing card system and processes, in order to enable companies to make electronic business-to-business payments for goods and services procured.
North America held dominant position in the market in 2017 and is expected to retain its dominance throughout the forecast period. Rising trend of digitalization and the region being early adopter of novel technologies are major factors aiding in growth of the market in this region. High adoption of commercial cards by various buyers and suppliers has become a major trend in the market in this region.
Asia Pacific commercial or corporate cards market is expected to witness considerable growth during the forecast period. Increasing business travel spending in Asia Pacific region is a major factor driving growth of the commercial or corporate cards market.
Major players operating in the global commercial or corporate cards market include 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.
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