by The global virtual cards market is poised for remarkable growth in the coming years, driven by the rapid evolution of payment and credit card technologies. Virtual cards, often touted as the future of payments, are gaining mainstream popularity thanks to emerging technologies such as virtual wallets, challenger banks, and payment accounts.
Virtual Wallets Revolutionize Payment Methods Virtual wallets like Apple Pay, Google Pay, and Samsung Pay have reshaped the way people make payments. These digital wallets allow users to replace their physical cards with virtual counterparts, enhancing convenience and security. Moreover, they have expanded into wearable devices like smartwatches, making payments even more accessible.
Challenger Banks and Innovative Payment Accounts Challenger banks such as Revolut, Monese, and Wirex have introduced a new type of virtual card that is created and delivered through mobile apps, enabling immediate use. Additionally, auto-generated credit card numbers for specific purchases have added an extra layer of security and convenience.
Limitations Offset by Expanding Online Merchant Acceptance While virtual cards are primarily used for online credit card payments, the market continues to grow rapidly due to the widespread acceptance of Visa and Mastercard, the top issuers of virtual credit cards. In fact, virtual card spending is on track to surpass traditional purchasing cards, according to Billtrust.
Contactless Transactions Drive Market Growth The demand for contactless payment solutions has surged in recent times, further fueling the growth of the virtual cards market. Mobile wallets, peer-to-peer mobile payments, real-time payments, and cryptocurrencies are all contributing to the rise of cashless transactions. With the global increase in smartphone usage, online payment methods, and e-commerce, the virtual cards market is poised for significant expansion.
B2B Virtual Cards Dominating for Business Transactions Businesses are increasingly adopting virtual cards due to the benefits of payment automation, cost reduction, real-time spending data access, and improved digital experiences. The B2B sector has witnessed significant growth in the use of virtual cards, driven by digital technology advancements and the need for efficient and convenient payment solutions.
Asia Pacific Leads Growth The Asia Pacific region is expected to be the fastest-growing market for virtual cards, driven by increasing smartphone manufacturing and internet penetration. The regions dynamic economies, including China and India, are experiencing rapid smartphone adoption and urbanization, contributing to the demand for virtual cards.
Europe Embracing Online Payments Europes virtual cards market is on the rise, with online payments gaining popularity, especially during the COVID-19 pandemic. As digital payments become more prevalent, virtual cards are replacing traditional corporate cards, driving growth in the region.
Competitive Landscape Companies in the virtual cards market are introducing innovative products and forming strategic alliances to expand their reach. In recent developments, Mastercard partnered with OPay, while American Express collaborated with Billtrust to enhance their virtual card offerings.
Key Players in the Virtual Cards Market Prominent players in the virtual cards market include Abine, Inc., American Express Company, Billtrust, Inc., Cryptopay, CSI (Corporate Spending Innovations), Divipay PTY Ltd., Emburse, LLC, Fraedom Holdings Limited, JP Morgan Chase, Marqeta Inc, Mastercard Incorporated, MineralTree, Inc., Qonto, Skrill, Stripe, WEX Inc., and Wirecard AG.
As digital payment methods and smartphone usage continue to rise, the global virtual cards market is poised for significant growth, offering convenience, security, and efficiency to consumers and businesses alike.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/virtual-cards-market
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This press release first seen on Brilad
COMTEX_442108604/2840/2023-10-19T04:37:36
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.