Virtual card issuance capabilities allow travel-related businesses to optimize supplier payments and better manage cash flow.
"Even before the current global pandemic, the travel industry has been long overdue for technology and process modernization," said Spencer Hanlon, Global Head of Travel Payments at Nium. "Our virtual cards solve an urgent need for online travel companies looking to improve operations and to create long-term efficiencies that improve margins and cash flow." Recent events including COVID-19 have propelled virtual card issuance capabilities from "nice to have" to "essential" status for travel businesses, and card issuance is a particular opportunity for growth within the United States. It is estimated that the annual value of virtual cards used by businesses will exceed $1 trillion by 20221.