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.
Looking for more information on this market? Request a free sample report
Technavio sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
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.
View our subscription bundles to discover more cost saving opportunities: Request for demo
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.
Browse other reports:
- Global Employee Relocation Services Market - Procurement Market Intelligence Report 2017-2021
- Global Health and Wellness Services Market - Procurement Market Intelligence Report 2017-2021
- Global Freight Payment Services Market - Procurement Market Intelligence Report 2017-2021
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they’re published in addition to all 6,000+ existing reports covering segments. This subscription nets you thousands in savings, while staying connected to Technavio’s constant transforming research library, helping you make informed business decisions more efficiently.
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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.
If you are interested in more information, please contact our media team at email@example.com.