New York, United States, Oct. 13, 2022 (GLOBE NEWSWIRE) -- The Global virtual Cards Market Size is projected to grow from USD 11.7 billion in 2021 to USD 65.0 billion by 2030 at a CAGR of 21% during the forecast period. as per the latest research report by Spherical Insights & Consulting. Asia Pacific is expected to grow the fastest during the forecast period.
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A virtual card enables secure online transactions since it lowers the possibility of disclosing the actual credit/debit card information to the merchant. There are very chances of cloning or fraud because virtual cards are only visible to the user. Additionally, each virtual card is only intended for one use. It is made specifically for a single online transaction and is only valid for 48 hours. Depending on the bank, the credit limit and validity term may change. Virtual cards are less expensive than physical cards since there is no cost involved in making the cards and procuring the raw materials. Moreover, several banks charge very few from customers holding virtual cards. Additionally, since everything is managed online, the virtual bank may lower operating expenses, which allows them to lower the fees for the virtual cards they issue to their clients. In addition, virtual cards give users additional security advantages compared to actual cards. Moreover, users can customize their spending caps on a virtual card, increasing their savings. These are some driving factors for the growth of the virtual card market. However, the increasing demand for digital payment options among users, such as Gpay, UPI payments, net banking, Phonepe, etc., hinders the market’s growth. The increasing use of mobile phones and innovative technological advancements, such as the incorporation of 5G technology, is expected to provide growth opportunities for the market during the forecast period.
Browse key industry insights spread across 199 pages with 127 market data tables and figures & charts from the report “Global Virtual Cards Market Size, Share, and COVID-19 Impact Analysis, By Card Type (Debit Card, Credit Card), By Product Type (B2B Virtual Cards, B2B Virtual Cards, B2C Remote Payment Virtual Cards, C2B POS Virtual Cards), By Application (Consumer Use, Business Use), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030 ” in detail along with the table of contents
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This research report categorizes the market for Virtual Cards based on various segments and regions and forecasts revenue growth and analysis trends in each of the submarkets. The report analyses the key growth drivers, opportunities, and challenges influencing the Virtual Cards market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included in order to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Virtual Cards market.
Based on the Card Type, the Virtual Cards market is categorized into Debit Card, Credit Card. The credit card segment will account for the greatest revenue in the market owing to the growing concerns among businesses and individuals to prevent corporate fraud. In order to reduce these risks, companies have switched to centralized, controlled, and seamless payment methods like Virtual Credit Cards (VCCs). In addition, several banks have partnered with fintech firms to offer virtual credit cards to customers. For instance, the Bank of Baroda announced in November 2021 that it would partner with OneCard, a fintech firm, to offer a virtual credit card that will arrive in three minutes. On the VISA Signature platform, this credit card was supposed to be made available by BOB Financial Services Limited (BFSL) and managed by OneCard.
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Based on region, the Virtual Cards Market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa. Europe is expected to be the largest market. The U.K., Germany, and other European nations, with a rising inclination for cashless transactions, are projected to fuel the growth of the virtual cards market in the region. Additionally, several market participants are introducing cutting-edge items to the European market to entice consumers to use virtual cards. For instance, Stripe introduced Stripe Issuing in European countries in April 20, 2021. Businesses may now have more control over how their money is spent thanks to Stripe Issuing, which makes it possible to create, manage, and distribute both virtual and physical payment cards.
The Asia-Pacific market is expected to grow at the fastest CAGR between 2021 and 2030, owing to the increasing use of smartphones and internet penetration. The growing adoption of smartphones in countries like India, China, and Japan is expected to help grow the virtual market in the Asia Pacific region. Additionally, the rising use of smartphones in these nations has increased consumers' propensity for making digital payments, boosting the need for virtual card payment solutions. For instance, according to a report released by Asian Bankers Worldwide in October 2021, Japan has a penetration rate of 70.6% for digital wallets, which is predicted to rise to 98.6% by 2025.
Key Companies & Recent Developments
The report offers the appropriate analysis of the key organizations/companies involved within the global Virtual Cards market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. Companies Covered: American Express Company, Capital One, BTRS Holdings, Inc., JPMorgan Chase & Co., Wise Payments Limited, JPMorgan Chase & Co., Marqeta, Inc., MasterCard, Skrill USA, Inc., Stripe, Inc., WEX Inc., Adyen, Bento Technologies Inc., Billtrust (BTRS Holdings Inc.), Citigroup Inc., ePayService, DBS Bank Ltd, HSBC, Revolut Ltd, Stripe, Inc., State Bank of India, Mastercard, Marqeta, Inc., Standard Chartered Bank, WEX Inc., Wise Payments Limited and Other Prominent key players form world.
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