Virtual Cards Are Rapidly Becoming the Standard in Procurement
Virtual cards are quickly moving from niche innovation to mainstream practice in procurement and corporate finance. Today, more than 90% of procurement leaders are either already using them, planning to adopt them in the next 6–18 months, or actively exploring their potential.
Adoption Is Accelerating
Nearly half of organizations have already integrated virtual cards into their procurement processes. Another quarter are preparing to implement them soon, while many more are exploring how to fit them into future payment strategies. The level of commitment is striking: nearly 9 out of 10 organizations expect to route at least 10% of total company spend through virtual cards within the next two years. In some regions, over 80% of businesses anticipate channeling a quarter or more of their spend this way—underscoring how rapidly this shift is taking hold.Why Virtual Cards Are Winning
Procurement teams are embracing virtual cards because they solve long-standing pain points:- Faster Supplier Onboarding
- Most companies take more than a month to onboard a new supplier. For many, the process drags on for over three months. Virtual cards streamline this dramatically, accelerating the pace of doing business.
- Reducing Compliance Friction
- Risk and compliance remain the biggest hurdles in supplier onboarding. Alongside that, collecting accurate supplier information is a constant challenge. Virtual cards offer a controlled, secure way to simplify compliance while minimizing data friction.
- Efficient One-Off Payments
- One-off supplier payments have always been messy to manage. Virtual cards provide a simple, efficient, and highly secure option—something procurement leaders are now extremely likely to use.
