Applying virtual cards to real world challenges

B2B payment are no longer constraint by physical cards or check. Virtual card use has expanded quickly during the pandemic and has successfully made inroads into business payments. The overall virtual card market is expanding at an annual compounded growth rate of 10.5% and is placing the market to reach $3.3 billion by 2028. Virtual cards provide many benefits to both the organization as well as its suppliers. They can be used to better manage the costs, improve visibility in transactions and fraud mitigation. Moreover, as organizations look to cut costs during economic downturns, virtual cards can be useful in influencing the spending policy and budgeting.?

At the start of the pandemic, the focus was on small businesses. They were sold on value propositions, training of tools and easy onboarding. However, the competition has increased in the market. Many fintechs which used to sell expensive management software are now embedding virtual cards which can be directly distributed to businesses or banks. Companies are now slowly shifting their focus from small businesses to larger clients as they expand their footprint and aim to generate higher revenues.??

Reference: https://www.americanbanker.com/payments/news/how-payments-companies-apply-virtual-cards-to-real-world-challenges

??** note - all views presented are solely of the author and all references / sources used are captured as well.