NEWARK, Del, Nov. 03, 2022 (GLOBE NEWSWIRE) — Virtual card market revenue was estimated at US$338 billion in 2021 and is expected to grow at a CAGR of 12.2% from 2022 to 2032, according to a recently released report Future Market Outlook Report. By the end of 2032, the market is expected to reach a valuation of US$1.3 billion.
The need for virtual cards is increasing as more and more people use digital platforms and online payment methods. Moreover, virtual cards are essential to facilitate B2B payments. Enterprise resources are accessible from anywhere and anytime due to their greater flexibility and simplicity. They also provide a reliable and scalable dealer payment system, primarily for international transactions.
Retailers are adopting payment processing technologies to provide customers with seamless checkout experiences as their preference for online shopping increases worldwide. Payment gateway systems are in high demand among retailers as they make payments more convenient. Payment gateways are also used for in-store purchases, allowing customers to pay with their mobile phone or over the Internet.
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One of the most inherent benefits of virtual cards is their ability to provide additional security. Virtual cards, unlike real cards, cannot be reported stolen. Individuals and businesses have found virtual cards to be a suitable payment instrument for conducting secure transactions while improving spend visibility and transparency.
Large retail stores are increasingly demanding digital payment solutions to enable their consumers to transact while maintaining social distancing. Retailers are using digital payment methods including smart bank cards, point-of-sale systems and e-wallets to shorten payment times. At the same time, companies are striving to provide customers with new payment options.
Key players in the global virtual card market are BTRS Holdings, Inc.; Fraedom Holdings Limited; JPMorgan Chase & Co.; Marqueta, Inc.; MasterCard; and Skrill USA, Inc.
- In October 2020, Aliant Payments announced the extension of XRP, an open-source alternative digital asset, to its CryptoBucks crypto payment phone application 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 company facilitated contactless payments across Vancouver through this collaboration.
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Market Segments Covered by Virtual Cards Market Analysis
By product type:
- B2B virtual cards
- B2C remote payment virtual cards
- B2C POS Virtual Cards
By end use:
- Consumer use
- Commercial use
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
1.1. Global Market Outlook
1.2. Summary of statistics
1.3. Key Market Features and Attributes
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Assessment of risks and market trends
3.1. Risk assessment
3.1.1. COVID-19 crisis and impact on demand for virtual cards
3.1.2. Comparative analysis of the impact of COVID-19 with the previous crisis
3.1.3. Impact on market value (US$ millions)
3.1.4. Assessment by key countries
3.1.5. Assessment by key market segments
3.1.6. Action points and recommendation for suppliers
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