A recent Future Market Insights report predicted that the market for virtual cards would generate US$ 338 billion in revenues in 2021 and grow at a CAGR of 12.2% from 2022 to 2032. By the end of 2032, the market is expected to have a US$ 1.3 trillion valuation.
The demand for virtual cards is growing as more individuals use digital platforms and online payment methods. Additionally necessary for enabling B2B payments are virtual cards. Business resources are more simple and flexible, allowing for accessibility from anywhere at any time. They also provide a reliable and adaptable dealer payment system, typically for worldwide transactions.
Customers are increasingly preferring to shop online, thus retailers are implementing payment processing technologies to provide seamless checkout experiences. Since they make payments more convenient, payment gateway solutions are highly sought after among shops. Payment gateways are also used for in-store transactions, enabling customers to pay online or via their smartphones.
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The capacity of virtual cards to offer more security is one of their most fundamental advantages. Unlike physical cards, virtual cards cannot be reported as stolen. Virtual cards are a suitable payment method for carrying out safe transactions while also enhancing expenditure visibility and transparency, according to both individuals and businesses.
Large retailers are asking for digital payment solutions more frequently so that their customers can conduct transactions while maintaining social distance. To speed up checkout, retailers use digital payment options like e-wallets, point-of-sale systems, and smart banking cards. Businesses are simultaneously concentrating on providing customers with cutting-edge payment choices.
Competitive Landscape
The leading players in the global Virtual Cards market are BTRS Holdings, Inc.; Fraedom Holdings Limited; JPMorgan Chase & Co.; Marqeta, Inc.; Mastercard; and Skrill USA, Inc.
- In October 2020, Aliant Payments announced the expansion of XRP, an open-source alternative digital asset, to its CryptoBucks crypto payment phone app enabled by Aliant Payments. XPR would be accessible as a mobile app including both Android and iOS.
- In July 2020, ParkMobile, a parking solutions company, announced an agreement with EasyPark, a facilities services company. The previous firm facilitated contactless payments across Vancouver as a result of this collaboration.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Virtual Cards Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Virtual Cards Market in terms of Product Type (B2B Virtual Cards, B2C Remote Payment Virtual Cards, B2C POS Virtual Cards), and Deployment Type (Consumer Use, Business Use, Others), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Market Segments Covered In Virtual Cards Market Analysis
By Product Type:
- B2B Virtual Cards
- B2C Remote Payment Virtual Cards
- B2C POS Virtual Cards
By End Use:
- Consumer Use
- Business Use
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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