Market Research Projects Global Commercial Credit Card Volume at $2 Trillion
Rockville, MD, /Marketwire - MarketResearch.com has announced the addition of the new report “Commercial Payment Cards: The U.S. and Global Markets and Trends, 7th Edition,” to their collection of Banking & Financial Services market reports. For more information, visit http://www.marketresearch.com/Packaged-Facts-v768/Commercial-Payment-Cards-Global-Trends-6402704/
The report forecasts global commercial and small business card volume to grow at a compound annual growth rate (CAGR) of 9.2% and hit the $2.0 trillion mark by 2016. Growth will be driven by macroeconomic as well as industry and market specific factors that will increase usage and volume among existing customers as well as increase penetration from new customers in both market categories and all geographic regions, according to Packaged Facts’ just-released report on Commercial Payment Cards: The U.S. Global and Market and Trends.
For market growth, the focus may well be on the U.S. market. With job creation showing signs of accelerating at the beginning of 2012, there is a renewed sense that business expansion will once again breathe life into the U.S. economy. And, with speculation that international economies may experience slower growth or even mild recession, now is the time for card issuers and marketers to double-down on the $730 billion U.S. commercial and small business card market.
While the need for many issuers to be somewhat risk averse may remain, small business card issuers and marketers that find a balance between risk management and aggressive promotion will be richly rewarded once the U.S. economy is expanding at full speed. At the same time, an extraordinary opportunity exists for commercial card issuers, particularly for purchasing cards, to capture the $21 trillion automated clearing house (ACH) universe of commercial electronic payments.
Several trends will be at the forefront over the next few years as commercial card issuers and marketers jockey for position in an increasingly competitive landscape. Analytical tools for the card issuers and the card program managers will become more robust and flexible as risk management and fraud detection become increasingly important.
The growing interest in mobile payments and technology in the consumer space is expected to find its footing commercially as well. The $400 billion U.S. small business card market will continue to walk that fine line between consumer and commercial with the potential for additional regulatory cardholder protections. Moreover, commercial cards will benefit from increased penetration by companies seeking to further reduce costs.
For more information, visit http://www.marketresearch.com/Packaged-Facts-v768/Commercial-Payment-Cards-Global-Trends-6402704/
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