SpendEdge, a global procurement intelligence advisory firm, has launched three procurement research reports on the 'financial services' category. To help clients understand the current supply landscape of the financial services sector, analysts have covered reports such as 'Travel and Entertainment Cards Procurement Research Report', 'Payroll Cards Procurement Research Report', and 'Corporate Purchasing Cards Procurement Research Report'
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Travel and Entertainment Cards, Payroll Cards, and Corporate Purchasing Cards Procurement Research Reports (Graphic: Business Wire)
Global Travel and Entertainment Cards Category Procurement Market Intelligence Report:
The growth of the global travel and entertainment cards market can be attributed to the increase in cashless transactions across economies. There is a rise in the use of virtual travel and entertainment cards as it is much safer than existing cards and it works only for one-time payments which help in reducing the risk of card theft or fraud. Also, the growth of corporate travel in regions like APAC and MEA and the availability of effective and integrated expense management programs have led to the increased adoption of these cards.
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The buyers in this market space should engage with service providers after assessing their track record which helps them in evaluating the technical expertise required for this field. The suppliers that possess the relevant experience and knowledge in this market will be able to provide better customer care services and handle the large-scale operations related to distributing cards.
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Global Payroll Cards Category Procurement Market Intelligence Report:
The growth of the payroll cards market can be attributed to the high rate of adoption of digital and paperless payment solutions by consumers and businesses with an aim to reduce the payroll costs. Also, when compared to the other cards in the market payroll cards offer benefits such as safety, flexibility, and high-risk management capabilities which have led to their increased adoption across geographies.
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The buyers in this market should adopt a clear communication strategy to engage the employees in the payroll card program. This will help them gain the trust of employees which will, in turn, lead to the widespread acceptance of these services. They should offer properly vetted high-quality payroll cards to the employees which provides a flexible environment-friendly alternative to paper checks and direct deposits.
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Global Corporate Purchasing Cards Category Procurement Market Intelligence Report:
The growth of the global corporate purchasing cards market can be attributed to the increase in adoption of electronic payments across different industries. The growing demand for corporate purchasing cards is mainly because it helps in lowering procurement costs as they automate the supplier payments and optimize procurement process. The steady decline in paper-payment methods such as cheque payments for B2B transactions has led to an increase in adoption of corporate purchasing cards as it helps improve the procurement cycle time by reducing manual effort and approvals.
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The buyers in this market should identify and engage with service providers that have relevant expertise in providing payment methods throughout the entire process from strategy and planning to implementation and management. Also, the buyers should form a cross-functional team to identify key suppliers, evaluate usability and regional acceptance, and to determine the expenses to be covered in the plan.
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To view our complete portfolio of financial services procurement research reports, visit: https://www.spendedge.com/store/industries/financial-services
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