According to Future Market Insights, sales of virtual cards in 2021 were valued to be $338 Billion. The virtual cards market is predicted to reach a worth of USD 1.3 Trillion by 2032, with 12.2% projected growth between 2022 and 2032.
The demand for virtual cards is supported by the following factors:
Apart from the virtual cards market share witnessing a blooming growth, hindrances such as concerns over the limited availability of these cards may curb product demand.
| Attributes | Details |
|---|---|
| Global Virtual Cards Market Size (2022) | USD 411 Billion |
| Global Virtual Cards Market Size (2032) | USD 1.3 Trillion |
| Global Virtual Cards Market CAGR (2022 to 2032) | 12.2% |
| USA Virtual Cards Market Size (2032) | USD 462.4 Billion |
| USA Virtual Cards Market CAGR (2022 to 2032) | 12% |
| Key Companies Covered | Vanguard; WEX Inc.; Skrill; Billtrust Inc; Qonto; Marqeta Inc.; Cryptopay LLC; MineralTree Inc.; Stripe; Abine Inc.; Freedom Holdings Limited. |
North America currently holds the largest share of the virtual cards market which is attributed to the deployment of advanced technologies such as 5G, increased usage of digital payment systems, and the presence of key companies. The USA and Canada are the major countries that have a strong presence of key providers which is expected to increase the sales of virtual cards. Additionally, these key players are involved in contributing heavy investments towards research and development activities for digital payment options through prominent specialized payment platforms which can be enabled quickly and used to spend balances wherever Visa is accepted.
The Asia Pacific is a growing virtual cards market owing to the growing adoption of IoT services and increasing government initiatives, especially in the countries China, Japan, and India to encourage digital payments and extensive usage of smartphones. Moreover, the establishment of a digital payments system is actively sped up through the acceleration of digital transformation from both the governments and industry players for consumer payments in China. In addition, the People’s Bank of China launched a series of digital currency trials across major cities by cooperating with local governments.
Facilities such as canceling and pausing a card at any time, as well as setting spending limits are expected to generate a new set of opportunities for manufacturers to get creative. Furthermore, unlike physical cards, virtual cards cannot be stolen or lost. Key market players are essentially introducing virtual cards as a powerful new solution to address the growing problem of accounts receivable departments. They claim that the adoption of virtual cards can save time with automatic payment disbursements and reconciliation consolidation, while also reducing personal card reimbursements. These cards further help reduce fraud when the customer leverages modern, digital payments like single-use or reusable card numbers with extensive controls.
Employers can give virtual cards to their employees or other individuals on demand through mobile apps. From virtual AI-powered self-service tools to digital onboarding and implementation, virtual cards can also be used to access more ways to pay with seamless API integrations across a variety of software platforms.
Key virtual card market players are offering a broad range of solutions with these cards to allow end users to efficiently manage procurement and travel expenses with versatile card controls in their accounting systems. They are further offering experienced payment specialists who can help end users design and implement their optimal expense management program. By ditching plastic cards, the emergence of virtual cards has been the result of partnerships between key companies.
Certain key market players have launched a next-generation virtual card solution that uses machine learning and straight-through processing to enable instant payment of supplier invoices. This sophisticated machine learning identifies and analyzes invoices that are most likely to be rejected, enabling the rest to be authorized for payment on the same day they are received. These factors are anticipated to expand the global virtual card market size.
As per the Virtual Cards Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2015 to 2021, the market value of the Virtual Cards Market increased at around 21.7% CAGR. With an absolute dollar opportunity of USD 891 Bn, the market is projected to reach a valuation of USD 1.3 Trillion by 2032.
In order to improve B2B payments, virtual cards are essential. Business resources can be accessed from everywhere at any time due to their greater flexibility and simplicity. They also provide a dependable and scalable dealer payment system, mainly for international transactions.
Investors should look at the virtual card business since it has significant room for expansion. As a result, several venture capital firms throughout the world are investing in companies that supply reusable and virtual payment cards. As per Digital Commerce 360, a media company, online sales in the USA were almost USD 204.6 Bn in Q3 2021, up 6.8% from Q3 2020.
Privacy.com, the newly rebranded cards issuance platform Lithic, unveiled a USD 43 Mn Series B investment round. Index Ventures, Tusk Venture Partners, Rainfall Ventures, Teamworthy Ventures, and Walkabout Ventures also participated in the round, which was headed by Bessemer Venture Partners.
The Privacy. com-branded Lithic card issuance platform was developed nine months earlier with the goal of making it simple for programmers to mechanically produce virtual and real payment cards.
Ever since, the platform has experienced an exponential increase, with business issuing volumes more than doubling in the previous four months. The flagship product, Privacy.com, continues to become a premier virtual card provider working to make online payments safer and easier and is currently supported by the Lithic card issuance system.
Due to the rising number of electronic transactions, the global virtual cards market is projected to rise significantly throughout the forecast period. A virtual card, sometimes also known as a digital card, is a type of electronic payment system that acts as a token for placing online purchases and making electronic payments.
It enhances the payment experience by allowing for a simpler, smarter, and safer method of making online transactions. Businesses may effectively handle card numbers and balances on every mobile or computer device, regardless of whether they are sending or receiving payments, with virtual cards.
CryptoBucks, a smartphone app designed to allow retailers to securely take crypto payments from any device, was launched by Aliant Payments, a renowned USA supplier of merchant services including payment systems. The debut of CryptoBucks, which is available free on both iOS and Android, sets a new benchmark for ease of use, versatility, and security.
The CryptoBucks software allows retailers to take Bitcoin, Bitcoin Cash, Litecoin, as well as Ethereum (ether) transactions in-store and online while complying with KYC and AML standards. Moreover, CryptoBucks is providing merchants with free crypto processing for the first 90 days, with no monthly charges, no contract, and also no termination, and the ability to cancel at any time.
One of the potential benefits of virtual cards is their ability to provide additional protection. Virtual cards, unlike actual cards, cannot be stolen or lost. The card information is saved and safeguarded online, reducing the amount of personal information that is exposed.
After a transaction, consumers may simply amend or erase their payment details. As a response, virtual cards are becoming a popular payment option for both consumers and organizations looking to conduct safe transactions while improving expenditure visibility and transparency.
Improved 5G connectivity aids digital payment service operators in more efficiently implementing fraud protection measures. As per the GSM Association, by 2025, the 5G network would have covered roughly one-third of the world's population.
Over the estimated period, North America is expected to hold the largest share of the market in the virtual card industry. The virtual cards market in North America is rising significantly due to factors such as increased usage of digital payment systems, the presence of key companies, and the deployment of new technologies such as 5G.
Virtual card companies like JP Morgan Chase, Billtrust, Inc., as well as Stripe, have a strong presence in North America. The presence of such important virtual card providers boosts the demand for the North American virtual card industry.
The Skrill America digital wallet has introduced a virtual view of its current Skrill Visa Prepaid Card, according to Paysafe, a prominent specialized payments platform. Skrill USA's most recent product innovation provides Americans with a digital payment option that can be enabled quickly and used to spend Skrill balances online wherever Visa is accepted.
The Skrill Virtual Visa Prepaid Card, which is offered by the New York-based Community Federal Savings Account, allows Skrill USA clients to purchase online practically anywhere because the majority of USA and worldwide eCommerce sites accept Visa card payments.
The new virtual Skrill Visa Prepaid Card, which was released in January 2020 as a replacement to the real CFSB-issued Skrill Visa Card, has a shortened application procedure and may be enabled in their accounts in seconds.
According to the ACI Worldwide analysis, digital payments will account for 71.7% of total transaction volume in India by 2025, while cash and cheques will account for 28.3%. As a result, as the number of digital payments grows, so does the need for virtual cards.
By the end of 2032, the USA is projected to account for the largest market share of USD 462.4 Billion. The key drivers of development are technological improvements and a rise in the number of consumers opting for virtual payment operations. European banks are working to develop a European payments initiative that would provide a uniform payment option for retailers and customers throughout the country.
Extend, the New York City-based leader in fintech that specializes in virtual cards, and American Express established a partnership to develop virtual Card services for USA businesses. Companies in the USA with a valid American Express Business Card may enroll and produce virtual cards, also known as tokens, using Extend's app or desktop login.
Several organizations may benefit from virtual cards, which can assist with anything from finding a dependable and upgraded approach to regulating spending to automating payment operations and obtaining richer data. Since the beginning of the epidemic, more businesses have been using virtual cards to automate their payment operations and enhance their use of contactless payments.
THE B2B Virtual Cards segment is forecasted to grow at the highest CAGR of over 12.1% from 2022 to 2032. Virtual cards are frequently used as Single-Use Accounts for B2B payments. These are one-time-use, automated credit card numbers that Account Payments sends to suppliers and buyers for payment purposes.
As a result, the number is only valid for those transactions in a defined quantity. By integrating cards with a business cost management solution, the user can get the most out of using cards for Business - to - business payments. Meshpayments.com, for example, streamlines the usage of cards by connecting spending procedures.
The Consumer Use segment is forecasted to grow at the highest CAGR of over 11.8% from 2022 to 2032. Mastercard and Previse officially confirmed the inclusion of Mastercard Cross-Border Offerings into Previse's InstantPay channel.
Mastercard Cross-Border Solutions is a global push payments technology that lets funds be sent seamlessly, and securely. As a result of the agreement, immediate payments to providers in over 100+ markets around the world.
The leading players in the global Virtual Cards market are BTRS Holdings, Inc.; Fraedom Holdings Limited; JPMorgan Chase & Co.; Marqeta, Inc.; Mastercard; and Skrill USA, Inc.
Similarly, recent developments related to companies in Virtual Cards services have been tracked by the team at Future Market Insights, which are available in the full report.
Table 01: Global Market Value (US$ Million), By Product Type, 2015 to 2021
Table 02: Global Market Value (US$ Million), By Product Type, 2022 to 2032
Table 03: Global Market Value (US$ Million), By End User, 2015 to 2021
Table 04: Global Market Value (US$ Million), By End User, 2022 to 2032
Table 05: Global Market, By Region, 2015 to 2021
Table 06: Global Market, By Region, 2022 to 2032
Table 07: North America Market Value (US$ Million), By Product Type, 2015 to 2021
Table 08: North America Market Value (US$ Million), By Product Type, 2022 to 2032
Table 09: North America Market Value (US$ Million), By End User, 2015 to 2021
Table 10: North America Market Value (US$ Million), By End User, 2022 to 2032
Table 11: North America Market, By Country, 2015 to 2021
Table 12: North America Market, By Country, 2022 to 2032
Table 13: Latin America Market Value (US$ Million), By Product Type, 2015 to 2021
Table 14: Latin America Market Value (US$ Million), By Product Type, 2022 to 2032
Table 15: Latin America Market Value (US$ Million), By End User, 2015 to 2021
Table 16: Latin America Market Value (US$ Million), By End User, 2022 to 2032
Table 17: Latin America Market, By Country, 2015 to 2021
Table 18: Latin America Market, By Country, 2022 to 2032
Table 19: Europe Market Value (US$ Million), By Product Type, 2015 to 2021
Table 20: Europe Market Value (US$ Million), By Product Type, 2022 to 2032
Table 21: Europe Market Value (US$ Million), By End User, 2015 to 2021
Table 22: Europe Market Value (US$ Million), By End User, 2022 to 2032
Table 23: Europe Market, By Country, 2015 to 2021
Table 24: Europe Market, By Country, 2022 to 2032
Table 25: Asia Pacific Market Value (US$ Million), By Product Type, 2015 to 2021
Table 26: Asia Pacific Market Value (US$ Million), By Product Type, 2022 to 2032
Table 27: Asia Pacific Market Value (US$ Million), By End User, 2015 to 2021
Table 28: Asia Pacific Market Value (US$ Million), By End User, 2022 to 2032
Table 29: Asia Pacific Market, By Country, 2015 to 2021
Table 30: Asia Pacific Market, By Country, 2022 to 2032
Table 31: Middle East and Africa Market Value (US$ Million), By Product Type, 2015 to 2021
Table 32: Middle East and Africa Market Value (US$ Million), By Product Type, 2022 to 2032
Table 33: Middle East and Africa Market Value (US$ Million), By End User, 2015 to 2021
Table 34: Middle East and Africa Market Value (US$ Million), By End User, 2022 to 2032
Table 35: Middle East and Africa Market, By Country, 2015 to 2021
Table 36: Middle East and Africa Market, By Country, 2022 to 2032
Table 37: Global Market Incremental $ Opportunity, By Product Type, 2015 to 2021
Table 38: Global Market Incremental $ Opportunity, By End User, 2022 to 2032
Table 39: Global Market Incremental $ Opportunity, By Region, 2022 to 2032
Table 40: North America Market Incremental $ Opportunity, By Product Type, 2015 to 2021
Table 41: North America Market Incremental $ Opportunity, By End User, 2022 to 2032
Table 42: North America Market Incremental $ Opportunity, By Country, 2022 to 2032
Table 43: Latin America Market Incremental $ Opportunity, By Product Type, 2015 to 2021
Table 44: Latin America Market Incremental $ Opportunity, By End User, 2022 to 2032
Table 45: Latin America Market Incremental $ Opportunity, By Country, 2022 to 2032
Table 46: Europe Market Incremental $ Opportunity, By Product Type, 2015 to 2021
Table 47: Europe Market Incremental $ Opportunity, By End User, 2022 to 2032
Table 48: Europe Market Incremental $ Opportunity, By Country, 2022 to 2032
Table 49: Asia Pacific Market Incremental $ Opportunity, By Product Type, 2015 to 2021
Table 50: Asia Pacific Market Incremental $ Opportunity, By End User, 2022 to 2032
Table 51: Asia Pacific Market Incremental $ Opportunity, By Country, 2022 to 2032
Table 52: Middle East and Africa Market Incremental $ Opportunity, By Product Type, 2015 to 2021
Table 53: Middle East and Africa Market Incremental $ Opportunity, By End User, 2022 to 2032
Table 54: Middle East and Africa Market Incremental $ Opportunity, By Country, 2022 to 2032
Figure 01: Global Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 02: Global Market Absolute $ Historical Gain (2015 to 2021) and Opportunity (2022 to 2032), US$ Million
Figure 03: Global Market Share, By Product Type, 2022 & 2032
Figure 04: Global Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 05: Global Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 06: Global Market Share, By End User, 2022 & 2032
Figure 07: Global Market Y-o-Y Growth Projections, By End User - 2022 to 2032
Figure 08: Global Market Attractiveness Index, By End User - 2022 to 2032
Figure 09: Global Market Share, By Region, 2022 & 2032
Figure 10: Global Market Y-o-Y Growth Projections, By Region - 2022 to 2032
Figure 11: Global Market Attractiveness Index, By Region - 2022 to 2032
Figure 12: North America Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 13: North America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 14: North America Market Share, By Product Type, 2022 & 2032
Figure 15: North America Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 16: North America Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 17: North America Market Share, By End User, 2022 & 2032
Figure 18: North America Market Y-o-Y Growth Projections, By End User - 2022 to 2032
Figure 19: North America Market Attractiveness Index, By End User - 2022 to 2032
Figure 20: North America Market Share, By Country, 2022 & 2032
Figure 21: North America Market Y-o-Y Growth Projections, By Country - 2022 to 2032
Figure 22: North America Market Attractiveness Index, By Country - 2022 to 2032
Figure 23: Latin America Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 24: Latin America Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 25: Latin America Market Share, By Product Type, 2022 & 2032
Figure 26: Latin America Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 27: Latin America Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 28: Latin America Market Share, By End User, 2022 & 2032
Figure 29: Latin America Market Y-o-Y Growth Projections, By End User - 2022 to 2032
Figure 30: Latin America Market Attractiveness Index, By End User - 2022 to 2032
Figure 31: Latin America Market Share, By Country, 2022 & 2032
Figure 32: Latin America Market Y-o-Y Growth Projections, By Country - 2022 to 2032
Figure 33: Latin America Market Attractiveness Index, By Country - 2022 to 2032
Figure 34: Europe Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 35: Europe Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 36: Europe Market Share, By Product Type, 2022 & 2032
Figure 37: Europe Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 38: Europe Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 39: Europe Market Share, By End User, 2022 & 2032
Figure 40: Europe Market Y-o-Y Growth Projections, By End User - 2022 to 2032
Figure 41: Europe Market Attractiveness Index, By End User - 2022 to 2032
Figure 42: Europe Market Share, By Country, 2022 & 2032
Figure 43: Europe Market Y-o-Y Growth Projections, By Country - 2022 to 2032
Figure 44: Europe Market Attractiveness Index, By Country - 2022 to 2032
Figure 45: Middle East and Africa Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 46: Middle East and Africa Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 47: Middle East and Africa Market Share, By Product Type, 2022 & 2032
Figure 48: Middle East and Africa Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 49: Middle East and Africa Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 50: Middle East and Africa Market Share, By End User, 2022 & 2032
Figure 51: Middle East and Africa Market Y-o-Y Growth Projections, By End User - 2022 to 2032
Figure 52: Middle East and Africa Market Attractiveness Index, By End User - 2022 to 2032
Figure 53: Middle East and Africa Market Share, By Country, 2022 & 2032
Figure 54: Middle East and Africa Market Y-o-Y Growth Projections, By Country - 2022 to 2032
Figure 55: Middle East and Africa Market Attractiveness Index, By Country - 2022 to 2032
Figure 56: Asia Pacific Market Value (US$ Million) and Year-on-Year Growth, 2015 to 2032
Figure 57: Asia Pacific Market Absolute $ Opportunity Historical (2015 to 2021) and Forecast Period (2022 to 2032), US$ Million
Figure 58: Asia Pacific Market Share, By Product Type, 2022 & 2032
Figure 59: Asia Pacific Market Y-o-Y Growth Projections, By Product Type - 2022 to 2032
Figure 60: Asia Pacific Market Attractiveness Index, By Product Type - 2022 to 2032
Figure 61: Asia Pacific Market Share, By End User, 2022 & 2032
Figure 62: Asia Pacific Market Y-o-Y Growth Projections, By End User - 2022 to 2032
Figure 63: Asia Pacific Market Attractiveness Index, By End User - 2022 to 2032
Figure 64: Asia Pacific Market Share, By Country, 2022 & 2032
Figure 65: Asia Pacific Market Y-o-Y Growth Projections, By Country - 2022 to 2032
Figure 66: Asia Pacific Market Attractiveness Index, By Country - 2022 to 2032
Figure 67: United States of America market Value (US$ Million) and Forecast, 2022 to 2032
Figure 68: United States of America market Share, By Product Type, 2021
Figure 69: United States of America market Share, By End User, 2021
Figure 70: Canada Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 71: Canada Market Share, By Product Type, 2021
Figure 72: Canada Market Share, By End User, 2021
Figure 73: Brazil Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 74: Brazil Market Share, By Product Type, 2021
Figure 75: Brazil Market Share, By End User, 2021
Figure 76: Mexico Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 77: Mexico Market Share, By Product Type, 2021
Figure 78: Mexico Market Share, By End User, 2021
Figure 79: Germany Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 80: Germany Market Share, By Product Type, 2021
Figure 81: Germany Market Share, By End User, 2021
Figure 82: United Kingdom Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 83: United Kingdom Market Share, By Product Type, 2021
Figure 84: United Kingdom Market Share, By End User, 2021
Figure 85: France Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 86: France Market Share, By Product Type, 2021
Figure 87: France Market Share, By End User, 2021
Figure 88: Italy Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 89: Italy Market Share, By Product Type, 2021
Figure 90: Italy Market Share, By End User, 2021
Figure 91: BENELUX Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 92: BENELUX Market Share, By Product Type, 2021
Figure 93: BENELUX Market Share, By End User, 2021
Figure 94: Nordic Countries Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 95: Nordic Countries Market Share, By Product Type, 2021
Figure 96: Nordic Countries Market Share, By End User, 2021
Figure 97: China Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 98: China Market Share, By Product Type, 2021
Figure 99: China Market Share, By End User, 2021
Figure 100: Japan Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 101: Japan Market Share, By Product Type, 2021
Figure 102: Japan Market Share, By End User, 2021
Figure 103: South Korea Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 104: South Korea Market Share, By Product Type, 2021
Figure 105: South Korea Market Share, By End User, 2021
Figure 106: GCC Countries Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 107: GCC Countries Market Share, By Product Type, 2021
Figure 108: GCC Countries Market Share, By End User, 2021
Figure 109: South Africa Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 110: South Africa Market Share, By Product Type, 2021
Figure 111: South Africa Market Share, By End User, 2021
Figure 112: Turkey Market Value (US$ Million) and Forecast, 2022 to 2032
Figure 113: Turkey Market Share, By Product Type, 2021
Figure 114: Turkey Market Share, By End User, 2021
The global Virtual Cards Market is worth more than USD 338 Billion at present.
The value of the virtual cards market is projected to increase at a CAGR of around 12.2% from 2022 to 2032.
The value of the virtual cards market increased at a CAGR of around 21.7% from 2015 to 2021.
Increased government attempts to promote digital payments, as well as the surged usage of smartphones for making payments are shaping the Virtual Card industry forward.
The market of Virtual Cards Market in the USA is projected to expand at a CAGR of around 12% from 2022 to 2032.
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