As the corporate travel industry continues its rebound from the pandemic, 2025 is shaping up to be a year of growth and increased demand for efficient expense management solutions. The Global Business Travel Association (GBTA) reported that business travel not only met but exceeded expectations in 2024. More than two-thirds of companies are optimistic about the future, and many are planning to increase their budgets for in-person meetings, conferences, and other travel-related events.
A Surge in Corporate Travel
Corporate travel demand has surged, with three in five buyers of commercial travel services indicating that their employees are attending more meetings and conferences than the year prior. For companies, this growth comes with a challenge: controlling costs. Seventy-eight percent of firms have cited cost management as a key priority, prompting a shift towards smarter solutions for tracking and reconciling travel expenses.
Corporate Cards and Virtual Payments
One major trend in the industry is the integration of corporate cards and expense management systems to simplify the expense reconciliation process. In October 2024, Brex and Navan launched BrexPay for Navan, a joint offering designed to streamline business travel payments. This solution combines Navan’s travel services with Brex’s corporate cards, helping businesses manage payments and expenses more efficiently within a single workflow.
Similarly, in May 2024, American Express partnered with Emburse to offer a solution that enables users to issue virtual cards directly through the Emburse Spend platform. These virtual cards replace physical card numbers with digital ones, providing companies with a more secure and efficient payment method. Virtual cards are quickly becoming a key tool in corporate expense management, allowing businesses to issue and control payments for specific expenses like travel or events.
In the UK, Mastercard and NatWest have introduced a mobile virtual card payment tool, Approval2Buy, which allows businesses to make payments via a mobile app. This innovative tool is designed to give businesses more flexibility and security when managing travel expenses and other corporate purchases.
The Role of Virtual Cards in Corporate Travel
Virtual cards are increasingly being adopted by commercial travel firms and businesses. According to data from Visa’s Growth Corporates Working Capital Index, the use of working capital solutions, including virtual cards, is expected to grow by 25% in the commercial travel sector. These solutions are becoming a key component for firms looking to manage their working capital effectively and streamline the payment process for business travel.
Many commercial travel companies are also leveraging virtual cards as part of their broader business expansion strategies. The use of virtual cards not only supports more efficient payments but also helps companies navigate the complexities of managing large-scale corporate travel programs.
Future Outlook
The rise of digital payments and virtual cards in the corporate travel industry signals a shift toward more streamlined, tech-driven solutions for managing travel expenses. As business travel continues to recover in 2025, companies will increasingly rely on these tools to optimize spending and ensure efficient financial processes. The collaboration between financial institutions and travel service providers is likely to accelerate, bringing even more innovation to this space.
As businesses focus on controlling costs and simplifying expense management, virtual cards and integrated payment solutions will play a crucial role in shaping the future of corporate travel. With these tools in place, companies will be better equipped to handle the growing demands of business travel in the years ahead.
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