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Surge In Online Transactions Driving Growth In The Virtual Card Market : Key Factor Driving The Growth In The Virtual Card Market
Virtual Card
What Is the Expected Virtual Card Market Size During the Forecast Period?
The virtual card market has shown rapid growth in recent years. It will grow from $474.23 billion in 2024 to $567.61 billion in 2025, reflecting a CAGR of 19.7%. Factors contributing to this growth include higher demand and investments, a rise in online transactions, increased smartphone production, a growing need for additional protection like tokenization in digital payment gateways, and greater internet penetration.
The virtual card market is expected to grow to $1150.59 billion by 2029, with a CAGR of 19.3%. The growth is driven by an increase in online payment activities, cost-effectiveness, security concerns, digital transformation, rising smartphone adoption, and internet penetration. Trends include online banking advancements, innovation in digital payments, digital currencies, 5G technological advancements, and biometric-enabled virtual cards.
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What Are the High-Growth Segments in the Virtual Card Market?
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 Key Drivers Are Expected to Influence Future Virtual Card Market Growth?
The increasing number of online transactions is projected to foster the growth of the virtual card market. Online transactions are gaining popularity due to their convenience, speed, and security. Virtual cards, offering enhanced security with temporary card numbers, facilitate online purchases. According to FedPayments Improvement, in 2023, digital wallets and mobile apps were adopted by 62% of U.S. businesses, marking a significant increase in online transactions and virtual card usage.
Which Companies Hold the Largest Share Across Different Virtual Card Market Segments?
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
What Are the Major Trends Shaping the Virtual Card Market?
Companies in the virtual card market are introducing mobile virtual card apps to streamline payments and enhance security. These apps allow users to integrate virtual cards into digital wallets for convenient, contactless transactions. For instance, in April 2024, Mastercard launched a mobile virtual card app, offering users a seamless, secure way to manage payments and track spending.
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What Are the Emerging Geographies for The Virtual Card Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Virtual Card Market?
2. What is the CAGR expected in the Virtual Card Market?
3. What Are the Key Innovations Transforming the Virtual Card Industry?
4. Which Region Is Leading the Virtual Card Market?
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