DUBLIN, Ireland—In the rapidly growing commercial card market, virtual cards are grabbing dollar-volume share and are poised to dominate business-to-business card payments, according to new research.
Corporate cards, purchasing cards, and virtual cards will account for $523 billion in U.S. commercial card volume in 2018, up 10% from 2017, according to Accenture Payments.
Of the 2018 total, virtual cards, which are non-plastic accounts typically tied to accounts-receivable systems and represented by a digital token, will total $169 billion in spend, up fully 24% from last year, the study shows.
“Indeed, virtual cards are by far the fastest-growing of the three commercial card categories studied by Accenture, with a compound annual growth rate of 21% over the five years from 2017 to 2022,” stated Digital Transactions in its analysis.