The earnings season that recently concluded offered a surprisingly clear signal amidst the usual complexities of financial reporting: card issuance is rapidly evolving from a simple payment method into foundational infrastructure for a wider range of financial services. Companies across sectors are increasingly positioning card programs not just as a means of transaction, but as a connective layer linking payments, liquidity, and operational finance, particularly for commercial clients.
This shift is driven by a confluence of factors, including the expanding role of disbursements – particularly “push-to-card” payments – and the growing efficiencies offered by virtual cards. The trend suggests a fundamental reshaping of how businesses and consumers access and manage funds, with cards becoming embedded within broader workflows and ecosystems. The implications extend beyond traditional financial institutions, impacting fintech companies, platforms, and even the gig economy.
Recent data underscores the scale of this transformation. A collaboration between Ingo Payments and PYMNTS Intelligence found that 71% of disbursements, totaling roughly 14 million payments annually, are routed outside the sender’s primary financial institution, representing an estimated $8.2 billion in lost value. This highlights a clear opportunity for financial institutions to recapture these flows by offering more competitive and integrated card-based solutions. 48% of surveyed banks and financial institutions anticipate higher revenue through interchange, while 51% expect improved cross-sell opportunities by retaining disbursement flows in-network.
The popularity of push-to-card payments is particularly notable. Data indicates that 19% of enterprises utilize debit cards for ad hoc payments to bank accounts, demonstrating its appeal for immediate and flexible fund distribution. This method aligns with the priorities of senders, offering speed and convenience, especially within the rapidly growing gig economy and gaming sectors.
Virtual Cards and Working Capital Efficiency
Beyond consumer disbursements, the adoption of virtual cards is gaining momentum in commercial finance, offering significant benefits for working capital management. A recent study conducted in collaboration between PYMNTS Intelligence and Visa Acceptance Solutions revealed that 52.4% of CFOs and treasurers cited faster settlement as the leading advantage of accepting commercial and virtual card payments. Operational improvements, including easier tracking (43.4%), richer transaction data (43.3%), and reduced operational burden (41.2%), were also key drivers.
The benefits extend to liquidity. 36.2% of respondents reported improved access to liquidity as a result of accepting virtual cards, framing them not merely as payment mechanisms but as tools capable of influencing overall working capital strategies. Usage data further supports this trend, with 44% of CFOs and treasurers using commercial cards to streamline payment workflows and 40.5% specifically citing a reduction in operational burden. This suggests cards are increasingly functioning as embedded financial controls within accounts payable ecosystems.
Earnings Reports Signal a Broader Trend
Recent earnings reports from key players in the financial technology space provide concrete evidence of this shift. BILL, a provider of spend and expense management solutions, reported spend and expense revenue of $166 million in its fiscal second quarter of 2026, a 24% year-over-year increase. President and COO John Rettig highlighted “two quarters in a row of record, record high card spend per business,” signaling rising card engagement within their platform. The company reported a card payment volume of approximately $6.5 billion transacted by spending businesses using BILL Divvy Cards.
Adyen, a global payments platform, also emphasized the growth of card issuance, noting an 8x year-over-year increase in volumes as platforms embedded cards into their core workflows during the second half of 2025. This demonstrates a clear trend of platforms integrating card functionality directly into their offerings, rather than relying on traditional card networks as separate entities.
Infrastructure Compression and Rapid Deployment
The ease and speed with which companies can now deploy card programs is also contributing to this trend. SoFi executives reported launching their Smart Card in just 4.5 months, attributing this rapid deployment to their internal technology platform capabilities. This reduced time-to-market lowers the barriers for platforms seeking to offer issuance-linked functionality, further accelerating the integration of cards into diverse ecosystems.
cards are becoming increasingly versatile, mediating liquidity timing, operational control, and workflow design. For consumers, they provide immediate access to funds. For suppliers, they offer streamlined settlement and reconciliation. And for platforms, they function as modular infrastructure embedded within broader financial ecosystems.
The evolution of card issuance represents a significant shift in the financial landscape, driven by technological advancements and changing business needs. As platforms continue to embed cards into their core offerings, and as financial institutions adapt to recapture lost disbursement flows, the role of the card will only continue to expand and evolve.
Looking ahead, the focus will likely remain on further streamlining card issuance processes and expanding the range of use cases. The next key indicator to watch will be the continued growth in virtual card adoption and the development of new solutions that leverage the power of embedded finance.
What are your thoughts on the evolving role of card issuance? Share your insights and experiences in the comments below.
