Speaking on the challenges of using virtual cards for hotel stays, one attending buyer at an educational session during the Global Business Travel Association’s annual convention offered a succinct description.
“When it works, it’s the most beautiful thing,” she said. “When it doesn’t, it’s a freaking disaster.”
While hardly a new technology, virtual cards are poised to become a much more dominant force in the payment sphere in the coming years. A recent Juniper Research report projected that there will be a total of 28 billion virtual card transactions around the world this year, and by 2027, that volume will be more than 121 billion. By then, the U.S. alone will generate $71 billion in B2B virtual card revenue, representing nearly…