Purchase cards segment held dominant position in market in 2018
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. Purchase cards are majorly preferred by upcoming and emerging organizations, who
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are seeking to reduce payment fees and costs of sending payments. Several benefits offered by banks and major card companies in order to attract more customers is fueling growth of the purchase card segment. For instance, American Express offers free travel insurance including access to worldwide emergency and medical service, for travelers who procured their airline tickets through p-card transactions. Furthermore, the Ink Business Unlimited card from Chase Bank offers a cashback bonus for companies who invest over US$ 3,000 on purchase in the first three months of opening the card.

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, as buyers are shifting from physical checks to electronic payment options. Moreover, electronically generated virtual card numbers are being increasingly adopted as a highly effective purchasing tool by various organizations in the U.S. According to the National Automated Clearinghouse Association, in the U.S., business-to-business electronic payment transactions witnessed an increase of 5.6% from 2016 to 2017.

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