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Virtual Cards Market

Virtual Cards Market: Global Industry Analysis 2016 - 2020 and Opportunity Assessment 2021 - 2031

Market Insights on Virtual Cards covering sales outlook, demand forecast & up-to-date key trends

Virtual Cards Market Overview

The virtual cards market was valued US$ 212.7 Bn in 2020, and would grow by more than 22.3% CAGR. Virtual cards are basically unique 16-digit card number which is digitally-generated and linked with account. Generally virtual cards can access through smart watch or smartphone. It used for online payment and improves the customer’s payments experience by making it simpler, safer, and smarter than traditional payment mode.

According to latest research, virtual cards market is set to witness significant growth during 2021-2031. The market will show significant growth in coming years, owing to factors such as increasing adoption of digital platforms and rising adoption of online payments modes. Moreover, increasing risk of cyber-attacks associated with digital platform is expected to restraints the growth of the virtual cards.

What is Driving Demand for Virtual Cards Market?  

Growing adoption of digital platforms and rising adoption of online payments modes augments the demand for the virtual cards market. The rising adoption of smartphones and rising power of the digital platform is fueling the demand for the virtual cards market.

In recent years, internet use is at the peak owing to many reasons such as advanced technologies such as 4G/5G and high internet penetration in developing countries. Thus it propels the demand for the virtual cards market.     

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Rising Number of Electronics Transactions and Online Shopping is Driving the Adoption of Virtual Cards Market  

Rising number of electronics transactions globally is expected to propel the demand for the virtual cards market. Also adoption of smartphones, online payment mode and use of online shopping is increasing due to increasing urbanization. The trend if young generation such as online shopping as it gives more comfortable, efficient, and helpful experience. Thus it is expected to spur the demand for the virtual cards market in coming years.

As per ACI Worldwide report, approximately 70.3 Bn real-time payments transactions processed globally in year 2020. Approximately 41% more than the previous year.  Such growing market for the real-time payments transactions is expected to boosts the demand for the virtual cards market.    

North America Virtual Cards Market Outlook

North America is anticipated to constitute a highest market share in the virtual cards market over the forecasted period. The North America shows significant growth in virtual cards market owing to factors such as rising adoption of digital payment platforms and presence of key players, and adoption of advanced technology such as 5G/4G.         

Also developed countries such as US and Canada witness increasing number of smartphone users, early adoption of new technology, and huge investment in R&D activities which boosts the demand for the virtual cards market in the North America region.  

North America has massive presence of virtual cards providers such as JP Morgan Chase, Billtrust, Inc., and Stripe. Presence of such key virtual cards providers fuels the demand for the virtual cards market in North America region. 

Nikhil Kaitwade
Principal Consultant
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APAC Demand Outlook for Virtual Cards Market

Asia Pacific is anticipated fastest-growing region in the virtual cards market over the forecasted period owing to factors such as high production of smartphones, rising smart phone & internet penetration in the region.

In addition the APAC region has developing countries such as China, India, and develops economy such as Japan. Such economies witness high growth rate on terms o0f the use of the smartphone, internet penetration as well as increasing urbanization in the developing countries. It ultimately propels the demand for the virtual cards market in APAC region.           

For an instance, as per the ACI Worldwide report, digital payments in India are set to account for 71.7% of the total payments volume by 2025, leaving cash and cheques at 28.3%. Thus increasing digital payments ultimately propels the demand for the virtual cards market. The stringent government regulations about digital transformation in developing economies augments the demand for the virtual cards market in APAC region.       

Who are the Major Vendors of Virtual Cards Market?

Some of the leading vendors and companies of virtual cards market include

  • Vanguard
  • WEX Inc.
  • Skrill
  • Billtrust Inc
  • Qonto
  • Marqeta Inc.
  • Cryptopay
  • LLC
  • MineralTree Inc.
  • Stripe
  • Abine Inc.
  • Fraedom Holdings Limited
  • JP Morgan Chase
  • Mastercard Incorporated
  • Wirecard AG and American Express Company
  • Emburse among others.     

These key vendors have adopted various organic/inorganic strategies, to increase customer base at global market. They spends millions of dollars into product research and development to carry off the needs of their customers for virtual cards market.    

Furthermore, many companies are focusing on introducing new product to enhance their product offering.  

For instance, In March 2021, Skrill launched Skrill Virtual Visa. It allows customers to shop online almost anywhere and provides an alternative to the physical CFSB-issued Skrill Visa Prepaid Card.    

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

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Key Segments

By Product Type:

  • B2B Virtual Cards
  • B2C Remote Payment Virtual Cards
  • B2C POS Virtual Cards
     
  • By End-user
    • Consumer Use
    • Business Use

By Region:

  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Benelux
    • Russia
    • Rest of Europe
  • East Asia
    • China
    • Japan
    • South Korea
  • South Asia & Pacific
    • India
    • Malaysia
    • Indonesia
    • Singapore
    • Australia & New Zealand
    • Rest of South Asia & Pacific
  • Middle East & Africa
    • GCC Countries
    • Turkey
    • South Africa
    • North Africa
    • Rest of Middle East & Africa
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Nikhil Kaitwade
Principal Consultant
LinkedIn
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