The global commercial card market is big, growing, and more complex than it might first appear. With US$4.3 trillion in purchase volume in 2024 and a forecast growth rate of 7% per year through to 2030, it is a market that rewards close attention. But look beneath the headline numbers and some genuinely counterintuitive stories emerge. Here are five things that might surprise you.
1. Small Businesses, Not Large Corporates, Drive the Market
Ask most people who they think dominates commercial card spending and they would probably say large enterprises. The reality is quite different. Small and midsize business (SMB) cards accounted for 63% of all global commercial card volume in 2024 — a total of US$2.7 trillion. That’s significantly more than the combined spend of the travel and entertainment (T&E) and business-to-business (B2B) segments put together. SMB credit card volume alone reached US$1.7 trillion, making it the single largest subsegment in the entire market. Far from being an afterthought, SMB cards are the engine that keeps the commercial card market moving.
2. One Country Has a Significant Effect on the T&E Segment
T&E cards are a global product, but the United States has a huge effect on the segment. The U.S. alone accounts for 43% of all global T&E card volume. When U.S. businesses are cautious about T&E spending, the ripple effect is felt across the whole segment. Overall T&E growth slowed from 16% in 2023 to 9% in 2024, with rising travel costs and the growing use of virtual meeting tools cited as key factors.
3. The Fastest Growing Segment Is Also the Smallest
T&E cards grew faster than any other commercial card segment in 2024, at 9%. Yet despite that pace, T&E remains the smallest of the three segments, accounting for just 14% of total commercial card purchase volume. It is a reminder that growth rates and absolute scale tell very different stories. B2B volume, by contrast, grew at only 4%—the slowest of the three segments—yet its high average transaction value kept it comfortably in second place by volume at US$982 billion. In commercial cards, the race and the size of the prize are two separate conversations.
4. Asia-Pacific Is Two Very Different Markets at Once
Asia-Pacific’s commercial card story in 2024 is one of striking contrasts. On one hand, B2B cards in the region grew by 10%, driven by the rise of virtual purchasing cards and wider acceptance networks, particularly in Australia and India. T&E was close behind at 9%. On the other hand, SMB growth in the same region came in at just 2%, as economic uncertainty in China and South Korea put the brakes on small business spending. One region, one year, and two completely opposing growth stories.
5. Virtual Cards Are Quietly Redrawing the B2B Map
A significant shift in the global commercial cards market is the steady migration away from private label cards and traditional credit transfers toward B2B cards on international networks. At the same time, private label cards’ share of global B2B volume has fallen from 28% in 2020 to just 19% in 2024, losing ground across every region. In Europe, the Middle East, and Africa, businesses have been switching to B2B cards specifically for the spend visibility and cash flow control they offer—benefits that virtual cards are particularly well placed to deliver. In Asia-Pacific, wider virtual card acceptance is opening up markets that previously relied on bank transfers. The shift is gradual, but the direction of travel is clear.
The commercial card market in 2024 is not simply a story of steady, predictable growth. Beneath the 7% headline figure lies a market being reshaped by regional divergence, competitive network battles, and the quiet but consistent rise of virtual payments. The numbers reward a closer look.
For any questions or more information, contact Daniel Dawson at [email protected].
