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Article06 Nov 2023

Virtual Payment Deployments: Training Travelers, Hotel Partners, TMCs and Other Stakeholders

The shift to remote and hybrid work models has prompted companies to rethink travel policies and payment strategies with a digital-first mindset.

Virtual cards are emerging as one of many digital payment solutions gaining traction in this new working environment, with virtual card transactions expected to grow 340 percent in the next five years; increasing from 28 billion in 2022 to more than 121 billion in 2027, according to a September 2022 report by analyst firm Juniper Research.

This growth is expected to be driven by B2B virtual spend, with the US forecast as the largest market, likely accounting for $71 billion in B2B virtual card revenue by 2027

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