The global market for commercial payment cards is developing rapidly. In many countries, the infrastructure is still immature, and issuers are increasingly taking notice of growth potential, as well as the often higher profits to be made compared with products marketed toward consumers. While the global issuer landscape is
diverse, Datos Insights’ Global Commercial Cards 2026 study found that the same names crop up in multiple countries.
The research suggests that international issuers have advantages over local players, as they can adapt commercial card infrastructure from one market to another and better absorb the cost of development. Their advantages are especially pronounced in the large market segments, where they can provide a consistent banking relationship
for corporate clients with operations spanning several countries. It is also often more viable for international issuers to develop specialized products like lodge and fleet/fuel cards.
In the traditional bank sector, U.S.-headquartered Citi has the widest footprint. It is present in 11 of the 33 markets covered in the study, spanning all three world regions (Americas, Asia-Pacific, and EMEA). Its offering is concentrated in the large market segments, where it primarily issues B2B purchasing and T&E corporate cards. Citi’s SMB offering is relatively thin, covering just four markets, and it has even withdrawn its SMB credit products in Mexico following a 2023 restructuring. Mastercard is the most common network for Citi’s commercial cards, but the bank issues Visa exclusively or alongside Mastercard in several markets. South Korea is the only country in which Citi offers a commercial card carrying a domestic network, in keeping with local preference.
After Citi, HSBC has the widest reach, with commercial cards available in eight countries. Its T&E offering is particularly comprehensive, with products available in all eight markets, and both corporate and lodge cards issued in most cases. HSBC offers B2B purchasing cards in five markets, and issues a fleet card in its home market
of the U.K. Like Citi, HSBC offers relatively few SMB cards, serving this segment in just three markets. HSBC’s commercial portfolio is primarily Mastercard branded, with Visa products issued in three markets. In the U.K., the only market where HSBC offers a full range of commercial products, large market customers can choose between both Visa and Mastercard options. SMBs, however, are restricted to Visa-branded products.
Amex Achieves Widest Reach
The issuer with by far the widest global reach, however, is not a bank but rather a network. As a three-party player, American Express directly issues its own-branded products in no fewer than 20 markets. Amex is recognized worldwide for its heritage T&E offering, so it is unsurprising that it issues products in this segment in every market in which it is present. Its corporate cards are known for their rewards programs, travel insurance, and partnerships with major travel businesses. For example, Amex has gained share in Asia-Pacific through deals with some of the biggest airlines in the region. The scale and maturity of its T&E operations have also allowed Amex to develop one of the furthest-reaching lodge card portfolios, with this type of product available in 16 markets.
Three-party networks have a strong association with lodge products in EMEA, such as where other issuers tend not to compete with the offering from Amex and, to a lesser extent, Diners Club.
While Amex is often regarded primarily as a T&E brand, it also has a strong foothold in B2B
issuance. It offers purchasing cards in 18 of the 20 markets where it is present, with these products missing only in Japan and Poland. B2B cards are increasingly issued as virtual card numbers. Amex’s SMB portfolio is the narrowest, but with products offered in 15 countries, it remains by far the most common issuer of cards in this segment. As a three-party player, Amex overwhelmingly issues cards that carry its own network, but there are exceptions, e.g., Japan’s SMB offering is Visa branded, and its T&E products carry Mastercard.
Amex has been successful through direct issuance, which has facilitated its penetration in markets such as Taiwan and Saudi Arabia. In countries like Mexico, it has become the largest issuer in all three segments. Amex has further extended its reach through partnerships with local banks, where Amex licenses these institutions to issue on its behalf. This extends the reach of the network to 27 markets. Amex is exclusively partner-issued in seven countries, e.g., in China, which became the first international network to launch single-badged cards in 2020. In six countries, including Germany and India, Amex takes a hybrid approach combining direct and partner issuance.
It is not only banks and networks that operate across borders. A small number of fintech B2B specialists, notably WEX, have built some of the widest footprints. Established in 1983 in the U.S., WEX is present in 10 markets, offering a purchasing card in four. These are generally Mastercard-branded, with a Visa version available in the U.S. In the U.K. WEX’s core business is in fleet/fuel cards. Its private-label Esso card is available in multiple EU markets, as well as in Canada and Australia. This success is a major contributor to private-label cards maintaining a residual share of global commercial card volume.
However, international players do not have a monopoly. Countries like Brazil and South Korea have mature markets served almost entirely by domestic institutions, with products available in all three segments. Domestic issuers also tend to compete better in the SMB space and may also be better placed to develop market-specific, specialist products. International issuers are also at risk of falling behind innovations in the commercial cards space, with fintechs offering advanced prepaid products with a much narrower reach. It remains to be seen how international players will fare in a world where business travel is decreasing and B2B payments are increasingly moving away from card rails.
For more analysis on our Global commercial card issuers and market trends, visit the Datos Insights Global Commercial Cards research.
