LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global payroll cards market is expected to grow at a CAGR of 12% over the next five years due to the transition towards paperless and digital payment solutions by businesses and consumers.
The research report titled ‘Global Payroll Cards Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the payroll cards market will be driven by need to reduce the payroll costs, streamline the payroll processes, eliminate the hassle of lost checks, and provide employees with a faster and safer way to receive their pay,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, efficiency and transparency achieved by substituting conventional paper checks or cash deposits will also drive the market,” adds Angad.
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Cost saving opportunities in the payroll cards market
The adoption of various cost-optimization levers helps buyers of payroll cards realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the payroll cards market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Adoption of technologies such as online and mobile application account management, integration of prepaid solutions with mobile wallets, biometric authentication, and EMV security offers both security as well as convenience.
While adopting payroll card method employees look for benefits such as security of payroll cards. For instance, with the payroll cards, an employee seeks to store his or her wages in a FDIC protected financial institution and ensure that there is no unauthorized use of the card by any third party.
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Optimization of supplier competition saving aspects
Payroll card method of payment has many transaction fees associated with activities such as ATM withdrawals, balance inquiries, account history statement requests, account inactivity, customer service, overdraft, declined transactions, account disclosure, and card replacement.
Buyers look for implementation of payroll cards with minimal impact on take-home salary. Technavio analysts suggest buyers look for price discounts on value-additions and bundled services by suppliers.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global payroll cards market is bundling of services such as providing card packets, access to transaction histories and account balances, and delivering customer service.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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