You can’t actually feel a virtual credit card, but it soon will touch more of your travel program than ever before. Right now, corporate travel programs use virtual credit cards mainly for hotel payments. This is largely because hoteliers lead other suppliers in implementing virtual payment automation. But as virtual card providers improve security and simplicity, more suppliers, travelers and travel programs are seeing opportunities.
Here are four virtual payment trends to watch:
Expansion to airlines:
Hotels paved the way. Now look for more virtual payment options for air travel. These options will save corporate travel programs time and hassles by simplifying bookings for infrequent travelers, job interviewees and contractors.
Growth in emerging markets
In some countries alternative payment systems are the norm, and it’s common to make and receive payments without a credit card merchant as a middleman. This is particularly true in emerging economies in Latin America and Asia, making them fertile ground for virtual credit card expansion.
Widespread acceptance
Apple Pay. Samsung Pay. Google Wallet. Bitcoin. As more businesses accept alternative payment options—which eliminate the need for a physical card—virtual credit cards are likely to gain acceptance, too.
Mobile capabilities
In the future, a business traveler’s own mobile device could be used to generate a virtual credit card number. Not only would this be more convenient for the traveler, it also would provide travel programs with all the matching and reporting benefits virtual cards offer—but with even less administration.
Is your corporate travel program ready to capitalize on these alternative payment trends? Talk to your TMC about whether virtual credit cards should be in your program’s future.
Learn more about how virtual payment automation works and how it can protect your travel program. Download BCD Travel’s whitepaper A Virtual (Payment) Reality and talk to your account manager for even more details.
