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Expertise

Commercial and Virtual Cards: Market Growth, Trends, and Issuer Strategies

Commercial and virtual cards represent one of the fastest-growing segments in the payment card issuing ecosystem.

In the United States:

  • Commercial cards generated $2.230 trillion in purchase volume

This growth reflects a broader shift in how businesses manage payments.

What Are Commercial Cards?

Commercial cards include:

  • Corporate cards
  • Purchasing cards (P-cards)
  • Travel and expense (T&E) cards

They are used by organizations to:

  • Streamline procurement
  • Control employee spending
  • Improve reporting and reconciliation

The Rise of Virtual Cards

Virtual cards are transforming B2B payments:

  • Issued instantly
  • Tokenized and secure
  • Used for one-time or controlled transactions

They are increasingly used for:

  • Accounts payable automation
  • Supplier payments
  • Subscription and recurring expenses

B2B Payments Transformation

Businesses are shifting from:

  • Checks and ACH

To:

  • Card-based payments
  • Embedded financial workflows

This shift is driven by:

  • Efficiency gains
  • Better data visibility
  • Fraud reduction

Issuer and Fintech Competition

Banks are competing with:

  • Fintech platforms
  • Spend management providers
  • Embedded finance solutions

Issuers are responding by:

  • Partnering with fintechs
  • Launching API-driven card programs
  • Expanding virtual card capabilities

Why This Segment Matters

Commercial cards:

  • Generate high transaction volume
  • Offer strong fee economics
  • Create deep client relationships

Access the Full Data

The Nilson Report provides:

  • Issuer rankings in commercial cards
  • Volume and transaction data
  • Insights into virtual card growth

Access the Full Payment Card Issuing Dataset

What you’re seeing here is only a fraction of the data in our expertise.

How much of this critical business intelligence can you afford to miss?

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, Valid S.A.

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, Worldpay from FIS

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, Chief Marketing Officer & Vice Chairman
, JetPay Corporation/NCR

I have been using the Nilson Report since I was first involved in cards in 1975. For 47 years, through credit card issuing, debit card launches, prepaid cards, merchant acquiring, and now crypto, Nilson has been my “go to” publication for industry facts for issuing, acquiring, and all elements in between. More important, Nilson just provides the facts – no spin, no politics, just the facts.

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