Plastic plays a big role in consumer purchases, but cards traditionally have been a niche player in business-to-business payments. That may be changing.
"The trend we're seeing is higher and higher adoption of cards," said Seth Goodman, a director in Citi's institutional clients group and product management head for the bank's commercial cards business in North America, who noted that there's particular interest in using cards for business-to-business transactions.
"By the end of this year, approximately 50% of Fortune 500 companies plan to adopt a virtual card program," Goodman said. "It's definitely a solution that's gaining momentum." Virtual cards are numbers that are used only one time to initiate a payment that goes through a credit card network.
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