DUBLIN, May 26, 2022 /PRNewswire/ — The “Commercial Credit Cards: North America Market Review and Forecast, 2019-2025” report has been added to from ResearchAndMarkets.com offer.
This report provides a review of the commercial credit card markets in Canada and United Statesincluding an analysis of the impact of the pandemic on 2020 spending, as well as recovery forecasts through 2025.
Prior to the onset of the pandemic, the commercial credit card market for medium and large businesses in North America had been in a reasonably strong growth mode for several years, with a similar trajectory expected in subsequent years.
As COVID-related lockdown policies were generally instituted in all regions, with restrictions on inbound international travel, the challenge was to determine how much corporate card spending would be affected and the extent of the effects. training on other payments in the event of a business slowdown.
Ultimately, the overall decline in US GDP for the year as a whole was relatively subdued and by the first quarter of 2021, production had exceeded $22 trillion, suggesting a relatively rapid V-shaped recovery. Accelerated adoption of digital payments by businesses struggling with work-from-home scenarios and industry focus on non-travel-related shopping cards and virtual cards have helped mitigate the disastrous overall decline in payments by card.
The good news for the industry in North Americaabove all United Statesis that the move towards expanded use cases for cards in accounts payable has created a substantial offsetting balance for the negative effects of lost travel spend, this shift has happened over time, preparing the industry to return growth over the next five years.
Highlights of this research report include:
- A review of recession and COVID recovery trends in the region.
- Overall historical trends in payments in Canada and the United States
- Commercial credit card spending forecast for Canada and the United States until 2025.
- Other Key Industry Trends in Technology and Customer Expectations
Main topics covered:
3. Payments and economy
4. Market reviews
5. Network and other trends
- American Express
- Bank of Canada
- Bank for International Settlements
- Economic Analysis Office
- confirm pay
- Federal Reserve
- Federal Reserve Bank of Saint Louis
- Payments Canada
For more information on this report, visit https://www.researchandmarkets.com/r/zdciik
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SOURCE Research and Markets