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.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
