Major Force in the Virtual Card Market 2025: Surge In Online Transactions Driving Growth In The Virtual Card Market

How Will the Virtual Card Market Grow, and What Is the Projected Market Size?
In recent times, there has been a swift expansion in the size of the virtual card market. The predictions indicate a surge from $474.23 billion in 2024 to $567.61 billion in 2025, grappling a compound annual growth rate (CAGR) of 19.7%. The historic period saw an existence of growth driven due to raised demand and investments, an upturn in online transactions, a boost in smartphone production, a mounting requirement for additional security layers like tokenization in the digital payment gateway system, and increased internet usage.

In the coming years, the size of the virtual card market is projected to experience considerable expansion. The expectation is that it will grow to a staggering $1150.59 billion by 2029, a compound annual growth rate (CAGR) of 19.3%. This anticipated growth during the prediction period can be associated with a surge in online payment activities, the affordability and safety features of virtual cards, the digital revolution, an increase in the use of smartphones, and the proliferation of the internet. The forecast period is likely to witness key trends like advancements in online banking tech, innovations in online transactions, developments in digital currencies, groundbreaking technological progress in 5G, and biometrically advanced virtual cards.

What Key Elements Are Boosting Growth in the Virtual Card Market?
The anticipated rise in online transactions is predicted to stimulate the expansion of the virtual card market in the future. When discussing online transactions, we're talking about monetary trades executed via the internet, covering areas such as buying products and services, transferring money, and settling bills. The popularity of online transactions has surged due to their ease and availability, quicker payment methods, wider customer reach, and improved security. Virtual cards augment online transactions by affording extra security via distinct, temporary card numbers, and they simplify payment procedures with effortless digital amalgamation. For example, FedPayments Improvement - a product of US Federal Reserve Banks - reported in May 2024 that during 2023, digital wallets and mobile applications had been adopted by 62% of businesses - a substantial increase from 47% in 2022. Consequently, the rise in online transactions fuels the growth of the virtual card market.

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Who Are the Major Industry Players Fueling Virtual Card Market Expansion?
Major companies operating in the virtual card market are JPMorgan Chase & Co., Citigroup Inc., American Express, Visa Inc., Mastercard, Standard Chartered Bank, DBS Bank Ltd, Stripe Inc., Adyen AS, Huntington Bancshares, WEX Inc., Wise Payments Limited, Revolut Ltd, Marqeta Inc., Emburse LLC, Billtrust Inc., Qonto, Skrill Ltd, MineralTree Inc., Cryptopay Ltd, Bento Technologies Inc., Weel Holdings Pty Ltd

Which Key Developments Are Influencing the Virtual Card Market?
Leading firms in the virtual card industry are pioneering advancements like mobile virtual card apps to heighten usability, augment security measures, simplify financial procedures, and harmonize with digital wallets and fiscal management tools. These mobile apps for virtual cards are aimed at giving financial establishments more versatility in offering safe, robust, and scalable touch-free payment resolutions, which are increasingly in demand by businesses. For example, in April 2024, Mastercard, a prominent US payment card service establishment, introduced a mobile virtual card app under its brand, enabling effortless addition of virtual commercial cards to digital wallets. The application leverages Mastercard's virtual card and tokenization platforms to provide sophisticated data and stringent spending oversight via an easy-to-navigate interface. It facilitates a smooth interaction with Mastercard mobile virtual cards, fast-tracking the tap-to-pay convenience for users. These virtual cards find application across diverse sectors and organizations such as healthcare, insurance, fleet management, higher academic institutions, and corporate travel.

How Is the Segmentation of the Virtual Card Market Defined?
The virtual card market covered in this report is segmented -

1) By Type: Business-To-Business (B2B) Virtual Cards, Business-To-Consumer (B2C) Remote Payment Virtual Cards, Business-To-Consumer (B2C) Point Of Sale (POS) Virtual Cards
2) By Card Type: Credit Card, Debit Card
3) By Application: Consumer Use, Business Use, Other Applications
4) By End User: Businesses, Individuals

Subsegments:
1) By Business-To-Business (B2B) Virtual Cards: Corporate Expense Management Cards, Supplier Payments Cards, Employee Reimbursement Cards
2) By Business-To-Consumer (B2C) Remote Payment Virtual Cards: Online Shopping Virtual Cards, Digital Wallet Virtual Cards, Peer-To-Peer Payment Virtual Cards
3) By Business-To-Consumer (B2C) Point Of Sale (POS) Virtual Cards: In-Store Payment Virtual Cards, Mobile Payment Virtual Cards, Contactless Payment Virtual Cards

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What Is the Leading Region in the Virtual Card Market?
North America was the largest region in the virtual card market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Virtual Card Global Market Report?

- Market Size Analysis: Analyze the Virtual Card Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Virtual Card Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Virtual Card Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Virtual Card Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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