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Business Credit Cards Market to Reach $59.9 Billion, Globally, by 2032 at 7% CAGR: Allied Market Research
The global business credit card market is experiencing growth due to an increased demand for small business financing, technological advancements, and digitalization in the banking industry, and a rise of entrepreneurship and the sharing economy.
WILMINGTON, Del., Aug. 7, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Business Credit Cards Market by Type (Open-Loop Card and Closed-Loop Card) and Application (Small Business Credit Cards, and Corporate Credit Cards): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the business credit cards market was valued at $33.5 billion in 2023, and is estimated to reach $59.9 billion by 2032, growing at a CAGR of 7% from 2024 to 2032.
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103 – Tables
52 – Charts
210 – Pages
Prime determinants of growth
However, regulatory compliance and risk management, increasing competition and margin pressure hinder market growth to some extent. Moreover, the expansion of the small business services ecosystem offers remunerative opportunities for the expansion of the global business credit card market.
Report coverage & details:
Report Coverage |
Details |
Forecast Period |
2024–2032 |
Base Year |
2023 |
Market Size in 2023 |
$33.5 Billion |
Market Size in 2032 |
$59.9 Billion |
CAGR |
7.00 % |
No. of Pages in Report |
210 |
Segments Covered |
Type, Application, and Region |
Drivers |
|
Opportunities |
|
Restraint |
|
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The corporate card segment is expected to experience the fastest growth throughout the forecast period.
By application, the small business segment held the highest market share in 2023, accounting for more than half of the global business credit card market revenue, and is expected to retain its dominance throughout the forecast period, due to the widespread adoption of business credit cards among small and medium-sized enterprises (SMEs) for managing day-to-day expenses and facilitating business operations.
However, the corporate card segment is projected to attain the highest CAGR from 2024 to 2032. This can be attributed to the increasing adoption of corporate cards by large enterprises and multinational corporations for managing corporate expenses and optimizing cash flow. Corporate cards are specifically designed to meet the unique needs of larger organizations, offering features such as higher credit limits, robust expense management tools, and tailored reporting capabilities.
The closed loop segment is expected to lead throughout the forecast period.
By type, the open-loop segment held the highest market share in 2023, accounting for nearly half of the global business credit card market revenue and is expected to retain its dominance throughout the forecast period. This is due to its widespread acceptance and versatility across various merchants and industries.
However, the closed loop segment is projected to attain the highest CAGR from 2024 to 2032, due to its specialized applications and tailored solutions for specific industries or businesses. Closed loop cards are issued by individual merchants or businesses and can only be used at designated locations or within a specific network.
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Asia-Pacific to maintain its dominance by 2032
By region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourths of the global business credit card market revenue and is expected to dominate in terms of revenue throughout the forecast timeframe owing to increase in adoption of digital payments and growth in number of small businesses and startups across the region. Business credit cards are gaining popularity in Asia-Pacific as companies seek to streamline their financial operations, access credit for business expansion, and manage expenses more efficiently.
Players: –
American Express Banking Corp.
JPMorgan Chase Bank
Capital One
Bank of America Corporation
Citi Group Inc
Wells Fargo
U.S. Bancorp
Barclays Plc
Discover Bank
The Hongkong and Shanghai Banking Corporation Limited.
The report provides a detailed analysis of these key players in the global business credit card market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Industry News
- In May 2023, Brex, a fintech company, enhanced its expense management tools by introducing real-time expense tracking and receipt capture features on its corporate credit cards. These tools, accessible via a mobile app, help businesses monitor spending and manage expenses more effectively.
- In April 2023, Capital One Business introduced enhanced integration with accounting software in 2024, allowing businesses to automatically categorize expenses and generate customized reports. This integration with platforms like QuickBooks and Xero streamlines accounting processes, enables businesses to track expenses more efficiently.
- In June 2022, PayPal partnered with Mastercard and launched co-branded business credit cards for PayPal Business account holders. These cards offer enhanced cashback rewards on PayPal and Mastercard transactions, as well as exclusive discounts on business services such as shipping and marketing.
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Key Benefits for Stakeholders
- This report provides a quantitative analysis of the business credit cards market segments, current trends, estimations, and dynamics of the business credit cards market analysis from 2022 to 2032 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and business credit cards market opportunity.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the business credit cards market outlook segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global business credit cards market statistics.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players, and business credit cards market forecast.
- The report includes the analysis of the regional as well as global business credit cards market trends, key players, market segments, application areas, and business credit cards market growth strategies.
Business Credit Cards Market Key Segments:
By Type
- Open-Loop Card
- Closed-Loop Card
By Application
- Small Business Credit Cards
- Corporate Credit Cards
By Region
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
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1209 Orange Street,
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Wilmington, New Castle,
Delaware 19801 USA.
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Fintech PR
PingPong Partners with China’s Largest Trade Fair to Empower Global Businesses finding High-Quality Supply Chains
GUANGZHOU, China, Oct. 30, 2024 /PRNewswire/ — PingPong, one of the leading global cross-border payments platforms for businesses, is proud to officially announce its role as the cooperative partner of the ‘Trade Bridge’, a trade promotion initiative during the 136th Canton Fair. The multi-day event will feature over 30,000 global companies exhibiting goods, and host more than 130,000 global buyers from over 200 countries and regions.
As a cooperative partner of the Canton Fair’s “Trade Bridge” initiative, PingPong has leveraged its global ecosystem to bring over 300 buyers to the event from around the world, particularly Thailand, Indonesia, South Korea and Vietnam. These buyers can easily connect with top Chinese sellers and screen suppliers, facilitating global trade corridors.
PingPong has also created a platform to match Chinese merchants with high-quality global buyers, facilitating 1-on-1 meetings to support both buyer and seller needs. Additionally, PingPong is hosting three online and offline procurement matchmaking events, opening new opportunities for global expansion.
Earlier this year, Canton Fair’s Trade Bridge signed a comprehensive strategic partnership with PingPong to utilize its global ecosystem to help Chinese businesses expand internationally.
Jianqin Shu,Partner and General Manager of SMB Business Group at PingPong said, “At this year’s Canton Fair, we’ve mobilized local teams, partners, and buyers from around the world, including Vietnam, South Korea, Indonesia and Thailand, forming a delegation of hundreds to meet face-to-face with trade companies. This shows PingPong’s value is more than just in payments, it is a global ecosystem of buyers and sellers. In September, we also led an industry summit in Vietnam with over 4,000 attendees to help businesses access global markets. Going forward, we will continue expanding our network to more countries and regions, offering valuable connections and fostering growth for merchants on our platform.”
One of PingPong’s clients is Thai buyer Sumin Tunpeiroh, who is also a representative at the event. He hopes to source new steel grinding machines for next year’s sales, commenting, “PingPong built an excellent platform, allowing us to engage directly with top companies and discover the newest products.”
PingPong will continue to facilitate trade connections during the second and third phases of the 136th Canton Fair, focusing on matching buyers from Thailand and South Korea with high-quality Chinese suppliers. And PingPong also invited top Vietnamese influencer ZhuZhu and leading Thai beauty blogger PeePee to livestream their exhibition experiences during the fair. These livestreams create in-depth opportunities for foreign trade businesses to connect with international influencers, opening a window to overseas markets and consumers, and helping businesses transform in the digital trade era.
About PingPong
PingPong was founded in New York in 2015, with the goal of solving the immense challenge of scaling enterprise businesses globally. Fast forward to today, and PingPong has become one of the world’s leading global cross-border payments platforms, processing more than $200 billion USD. Our API-first cross-border payments platform integrates with enterprises to send, manage, and receive money faster on a global scale.
PingPong currently has 30 offices spanning 11 countries, with over 1000 employees. Our international presence helps businesses solve complex payment needs in every major economy across all time zones.
About Canton Fair:
As a comprehensive international trading event with the longest history, the largest scale, the most complete exhibit variety, the largest buyer attendance, the most diverse buyer origin and the greatest business turnover in China, Canton Fair is hailed as China’s No.1 Fair and the barometer of China’s foreign trade.
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Fintech PR
PROJECT GRAND (UK) PLC ANNOUNCES THE PRICING OF A PRIVATE PLACEMENT OF ITS €50,000,000 9.000% SUSTAINABILITY-LINKED SENIOR SECURED NOTES DUE 2029
LONDON, Oct. 29, 2024 /PRNewswire/ — Project Grand (UK) Plc (the “Issuer“) a public limited company incorporated and existing under the laws of England and Wales, announced today it has entered into a private placement (“Private Placement“) pursuant to which it intends to issue €50,000,000 in aggregate principal amount of 9.000% Sustainability-Linked Senior Secured Notes due 2029 (the “Notes“), which have the same terms as, and which are expected to be fungible with, its existing 9.000% sustainability-linked senior secured notes due 2029 (the “Existing Notes“), to certain institutional investors. The Private Placement is expected to close on or about November 12, 2024, and is subject to customary closing conditions.
The Notes will initially be issued bearing a temporary ISIN and Common Code during the 40-day period commencing November 12, 2024 (the “Distribution Compliance Period“) prescribed by Regulation S under the U.S. Securities Act of 1933, as amended (“Regulation S“). Following the Distribution Compliance Period, the Notes will become fully fungible with, and have the same ISIN and Common Code as, the Existing Notes sold pursuant to Regulation S.
The Issuer expects to use the net proceeds from the Private Placement (i) for general corporate purposes and (ii) to pay fees and expenses incurred in connection with the Private Placement and the use of proceeds therefrom.
Jefferies International Limited and RBC Europe Limited are acting as placement agents on the Private Placement. They are not advising any other person, nor are they responsible for providing protections afforded to clients of Jefferies International Limited or RBC Europe Limited to any other person, in relation to such transaction.
Jefferies International Limited is authorised and regulated in the United Kingdom by the Financial Conduct Authority. RBC Europe Limited is authorised in the United Kingdom by the Prudential Regulation Authority (“PRA“) and regulated by the Financial Conduct Authority and the PRA.
This announcement is not an offer of securities for sale in the United States. The Notes may not be sold in the United States unless they are registered under the U.S. Securities Act of 1933, as amended (the “Securities Act“) or are exempt from registration. The offering of Notes described in this announcement and any related guarantees has not been and will not be registered under the Securities Act, and accordingly any offer or sale of Notes and such guarantees may be made only in a transaction exempt from the registration requirements of the Securities Act. The Notes have been offered in this Private Placement only to outside the United States in accordance with Regulation S under the Securities Act. No money, securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted.
This communication is directed only at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order“), (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations, etc.”) of the Financial Promotion Order, (iii) are persons who are outside the United Kingdom (the “UK“), or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000, as amended (the “FSMA“)) in connection with the issue or sale of any Notes may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons“).
Any investment activity to which this communication relates will only be available to, and will only be engaged in with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (the “EEA“). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II“); (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended or superseded), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a “qualified investor” as defined in Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation“). Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation“) for offering or selling the Notes or otherwise making them available to retail investors in the EEA will be prepared. Therefore, offering or selling the Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. Any offer of Notes in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Regulation from the requirement to publish a prospectus for offers of Notes.
The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (“EUWA“); or (ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the EUWA (the “UK Prospectus Regulation“). Consequently, no key information document required by the PRIIPs Regulation as it forms part of domestic law by virtue of the EUWA (the “UK PRIIPs Regulation“) for offering or selling the Notes or otherwise making them available to retail investors in the UK will be prepared. Therefore, offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation. Any offer of Notes in the UK will be made pursuant to an exemption under the UK Prospectus Regulation from the requirement to publish a prospectus for offers of Notes.
MiFID II professionals/ECPs-only – Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only each as defined under MiFID II (all distribution channels).
UK MiFIR professionals/ECPs-only – Manufacturer target market (UK MiFIR product governance) is eligible counterparties, as defined in the Financial Conduct Authority Handbook Conduct of Business Sourcebook, and professional clients only, as defined in Regulation (EU) 600/2014 as it forms part of domestic law by virtue of the EUWA (“UK MiFIR“) (all distribution channels).
Forward-Looking Statements
This communication and other written or oral statements made by or on behalf of the Company contains forward-looking statements. In particular, statements using words such as “may,” “seek,” “will,” “likely,” “assume,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “do not believe,” “aim,” “predict,” “plan,” “project,” “continue,” “potential,” “guidance,” “foresee,” “might,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track,” or their negatives or variations, and similar terminology and words of similar import, generally involve future or forward-looking statements. Forward-looking statements reflect the Company’s current views, plans or expectations with respect to future events and financial performance. They are inherently subject to significant business, economic, competitive and other risks, uncertainties and contingencies. The inclusion of forward-looking statements in this or any other communication should not be considered as a representation by the Company or any other person that current plans or expectations will be achieved. Accordingly, you should not place undue reliance on any forward-looking statement. Forward-looking statement speak only as of the date on which they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as otherwise required by law.
CONTACT:
Contacts:
Apollo, Rettig
Tero Huovinen
Tel. +358 50 4099 373
[email protected]
This information was brought to you by Cision http://news.cision.com
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Grand II – Pricing Press Release |
Fintech PR
REALTY ONE GROUP OPENS IN URUGUAY
Now in 22 Countries, the UNBrokerage Continues to Paint the Globe Gold
LAGUNA NIGUEL, Calif., Oct. 29, 2024 /PRNewswire/ — Realty ONE Group International, a modern, purpose-driven lifestyle brand and ONE of the fastest-growing franchisors in the world, is opening in Uruguay, the 22nd country to join the black and gold movement around the globe.
Eugenia Aiello, with 26 years of experience as an independent broker specializing in construction and development, became the International Regional Owner of Realty ONE Group Argentina just last year. She is now partnering with Hernan Bach, also with two and a half decades of commercial experience, to drive innovation in Uruguay’s active real estate market.
“There’s no stopping this high-powered duo as they seize the opportunity for growth in Uruguay,“ said Kuba Jewgieniew, CEO and Founder of Realty ONE Group International. “We’ve proven the success of the Realty ONE Group model and COOLTURE in markets around the world, especially when championed by impassioned entrepreneurs like Eugenia and Hernan.”
Both Aiello and Bach were attracted to Realty ONE Group’s forward-thinking business model and rapid international growth and are eager to invest their sales, business development and leadership experience into helping real estate professionals achieve greater success faster.
“These two dynamic entrepreneurs are poised to leave a lasting mark on the vibrant Uruguay market,” said Danny Hernandez, Vice President of International for Realty ONE Group. “With their infectious energy and shared vision, they are ready to introduce Realty ONE Group’s unique “COOLture” and its empowering “Be Golden Be You” philosophy to our International real estate professionals and reshape the real estate landscape in Uruguay!”
The UNBrokerage, as it’s known in real estate, just surpassed 20,000 real estate professionals worldwide as the brand’s popularity continues to soar because of its 100% commission model and comprehensive offering of business coaching, support, tools and marketing.
Realty ONE Group International claimed the No. 1 spot for real estate franchisors for the third year in a row on Entrepreneur’s highly competitive 2024 Franchise 500® list. The only modern, lifestyle brand in the industry now has more than 20,000 real estate professionals in more than 450 locations in 49 U.S. states, Washington D.C. and 22 more countries and territories.
Learn more at www.OwnAOne.com.
About Realty ONE Group International
Realty ONE Group International is one of the fastest growing, modern, purpose-driven lifestyle brands in real estate whose ONE Purpose is to open doors across the globe – ONE home, ONE dream, ONE life at a time. The organization has rapidly grown to more than 20,000 real estate professionals in over 450 locations across 22 countries and territories because of its proven business model, full-service brokerages, dynamic COOLTURE, superior business coaching through ONE University, outstanding support and its proprietary technology, zONE. Realty ONE Group International has been named the number ONE real estate brand by Entrepreneur Magazine for three consecutive years and continues to surge ahead, opening doors, not only for its clients but for real estate professionals and franchise owners. To learn more, visit www.RealtyONEGroup.com.
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