It takes money to make money, at least in the payment cards and service industry. It also takes Freedonia research. Payment cards are a major business that has become even more important in the wake of the pandemic, when fears of transmission and national coin shortages led to restrictions on use of cash as currency. However, rising competition from electronic forms of payment poses as a threat to the industry.
Our analysts work closely with leaders in financial services industry to provide accurate market assessments into consumer financial trends, assessing these risks and more.
Globally, commercial card products are a trillion-dollar payments industry. In the US, card issuers and their networks continue to target the $25 trillion in payments companies make each year.
The largest categories of commercial cards are purchase cards (also known as P-cards, procurement cards, or payment cards) and corporate cards, which are used for travel and entertainment expenses. Other types of commercial cards include one cards, fleet cards, prepaid cards, declining balance cards, virtual cards, and ghost cards.