Only 18% of the companies surveyed by RPMG Research in 2013 used virtual cards for making payments. Companies had spent $132 billion on virtual cards in 2017.
PREVALENCE OF USING VIRTUAL CARDS
- 2013: According to a study conducted by RPMG Research, 18% of the companies used virtual cards for making payments.
- 2014: 25% of Fortune 100 companies used virtual cards for making payments and spent an average of $330,698 each month.
- 2015: According to a study conducted by RPMG Research, 40% of companies with electronic account payable systems used virtual cards only.
- 2017: According to a poll conducted by the Global Business Travel Association Foundation, single-use virtual accounts are used by 9% of small/mid-sized companies and 8% of large companies.
- 2017: It is estimated that companies had spent $132 billion on virtual cards, and the use of virtual cards has been growing by 20% per year.
- 2018: Low usage of virtual cards and the introduction of tokenization have led to some virtual card issuers ending their services.
- 2018. Companies had spent $169 billion on virtual cards.
Hard data on the prevalence of using virtual cards for corporate travel have been provided for 2013, 2014, 2015, 2017, and 2018 only. An examination of news articles published by Forbes, Skift, Business Insider, and Eturbo and research reports published by Statista, Emarketer, BTN, TSYS U.S., and RPMG Research did not provide any data specific to 2016 and 2019. However, the use of virtual cards has been projected to grow from 2017 to 2022.