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Corporate Cards Market Monitoring Dashboard
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Corporate Cards Industry Benchmarks
The average annual savings achieved in Corporate Cards category is 4.50%
The industry average payment terms in Corporate Cards category for the current quarter is 30.0 days
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Corporate Cards Suppliers
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Corporate Cards market report transcript
Corporate Cards Global Market Outlook:
Market Size (2022) : Approximately $40 Billion
Growth Rate (Until 2026) : Approximately 7.3%
Corporate Card Industry Outlook
The corporate card market is mature in North America and Europe; more than 70 percent of global non-cash corporate card transactions take place in these two regions. Card use and card program maturity are still low in Asia Pacific and Latin America.
In the North American region: the United States and Canada are Mature markets
In Europe region: Mature markets are Western European markets namely, the UK, Ireland, France, Germany, Spain, Italy, and Switzerland
In APAC region: Mature markets are Australia, New Zealand, Hong Kong, and Singapore
In Latin America, Middle East Africa region: Mexico and Brazil are the two most mature markets in Latin America followed by Argentina while South Africa is the most mature market in the EMEA region.
As per Amex Global Commercial Billed Business Growth (Quarterly reporting): Commercial billing in the T&E space saw a 64 percent decline in the Quarter due to the Covid-19 impact. The Corporate Card Industry would experience a growth rate at a slower pace due to a gradual increase in the Adoption of contactless payments especially digital payments to ensure safety and security from Coronavirus infection and online fraud risk respectively.
Porter's Analysis on Corporate Cards
The bargaining power of suppliers in the commercial or corporate card services market is Medium
There are several regional-level corporate or commercial card providers in the market who try to lure card subscribers through attractive deals.
On the other hand, it is observed that there are very limited suppliers/card issuers, who could provide corporate cards program at a global scale to global clients. In such cases, supplier/card issuers observed to have upper hand in the negotiation
Barriers to New Entrants
The threat of new entrants is low in the market, as it is unlikely for a new entrant to succeed against the current major players who have a large customer base in the market
Large capital and regulatory requirements and traditional already established big firms dominate the market which in turn gives less room for new entrants to break into the oligopoly state of the industry and compete with the incumbents.
Intensity of Rivalry
The commercial or corporate card services market is concentrated. The network providing Companies such as Visa, American Express, MasterCard, and Discover dominate the commercial or corporate card services market
Moreover, across the entire payment processing industry, the Network providing Companies such as Visa, American Express, MasterCard, and Discover make up 85 percent of the industry’s revenue
Among payment card firms, competition is high to create partnerships with banks so that a company’s cards will be offered to the bank’s corporate customers/clients
Threat of Substitutes
The threat of substitutes is expected to be medium in the market soon
There are several alternate payment modes such as mobile wallets, fund transfers through bank websites, and other mobile-based payment solutions, which can replace the payments made through corporate or commercial cards
The bargaining power of buyers in the commercial or corporate card services market is high
Buyer companies have strong buying power as they can negotiate well on rebates/incentives based on their volume of spend and has multiple global level supplier as an option such as Citi, Amex, AirPlus, Barclaycard, US Bank, etc.,
Customers demand the best deals on the cards and subscribe to the company, which gives the best deals on their cards