Corporate Card Use Expanding Globally, Says ACTE Survey
By Harvey Chipkin
The use of corporate cards for business travel continues to expand globally, while there is also an increased use of virtual cards and single use accounts to help manage spend for infrequent travelers, according to new research from the Association of Corporate Travel Executives (ACTE), in collaboration with Mastercard and the NAPCP (a professional association serving the commercial card and payments industry). The study, Evolving Payments in Corporate Travel, found that a majority of organizations (67%) continue to use corporate credit cards, with 60% saying they are very or extremely satisfied with them. And while just 15% of organizations use virtual cards or single use accounts for business travel, another 28% plan to adopt them in the future. Leigh Bochicchio, executive director, said that for many organizations the adage of “if it isn’t broken, don’t fix it” applies when it comes to payments. She said the corporate card has long been the gold standard for the industry, and its benefits should not be discounted.