Companies around the world are willing to explore virtual
cards for travel payments. Midsize programs and those based in Asia/Pacific are
leading the charge, according to an Association of Corporate Travel Executives and
Mastercard survey of 290 corporate travel managers across North America, Latin
America, Europe and Asia/Pacific.
Just 15 percent of companies used virtual cards for
corporate travel, trailing physical corporate cards, at 67 percent; personal
cards, at 48 percent; and lodge cards at 38 percent. However, 28 percent were
likely to adopt virtual cards in the future, citing factors like security,
spend control and candidate and client travel.
Of respondents that don't use virtual cards, 56 percent of those
based in Asia/Pacific were likely to adopt virtual cards. Europe ranked second,
with 48 percent, followed by North American respondents, at 38 percent.
Meanwhile, organizations spending between $5.1 million and
$15 million annually on travel showed the most enthusiasm. Twenty-nine percent
of those respondents use virtual cards, and another 22 percent are likely to
adopt them, the study found.