Global Virtual Cards Market to Reach USD 603.2 Billion by 2028 – Provision of Potential Features of These Cards Drives the Market | Vantage Market Research

WASHINGTON, July 12, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Virtual Cards Market finds that factors such as the rise in the number of electronic transactions, increasing adoption of smartphones across the globe, growing online purchasing, and easy way to make digital payments have augmented the growth of the Virtual Cards Market in coming years. In addition, the provision of potential features such as a more straightforward, more innovative, and safer way to do online shopping is anticipated to bolster the growth of the Virtual Cards Market during the forecast period. The Global Market revenue stood at a value USD 213.5 Billion in the year 2021.

The Global Virtual Cards Market size is forecasted to reach USD 603.2 Billion by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 18.9% during the forecast period; states Vantage Market Research, in a report, titled “Virtual Cards Market Size, Share & Trends Analysis Report by Type (B2B Virtual Cards, B2C Remote Payment Virtual Cards, B2C POS Virtual Cards), by End-user (Consumer Use, Business Use), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Insights & Findings from the Report:

• According to our primary respondents’ research, the Virtual Cards market is predicted to grow at a CAGR of roughly 18.9% during the forecast period.
• The Virtual Cards market was estimated to be worth roughly USD 213.5 Billion in 2021 and is expected to reach USD 603.2 Billion by 2028; based on primary research.
• On the basis of region, Asia Pacific is projected to dominate the worldwide Virtual Cards market.
  

Market Dynamics:

Drivers:

Increasing Number of Online Transactions

Nowadays, there is an increasing number of online or electronic transactions worldwide. Online shopping and payments using smartphones have been increasing rapidly over the past few years. This surge in online payment transactions is projected to propel the Virtual Cards Market growth. Virtual cards stored on a smartphone have a 16-digit card number that is unique to their user. This card can’t be lost or stolen because there is no physical card to lose, and the information is stored online. This information can be edited or deleted after use. During the COVID-19 pandemic, people preferred online payment options for safety reasons and to reduce the spread of infection for almost all kinds of purchases. As this process is more convenient and offers more transparency, many people shifted toward online transactions, which augments maximum growth of the Virtual Cards Market.

Reduced Risk of Fraud and Technological Improvement

The Virtual card uses the tokenization method to protect information related to the account during online payments. In this method, payment credentials are created at random to replace your static card number. For a particular value, the tokens can only be charged once. Furthermore, tokenized data, like encryption, is not technically reversible unless you know the original key used to produce the receipt. The stored number cannot be converted into any value if a hacker gains access to a system. As a result, virtual cards are far more secure than traditional paper cheques when it comes to avoiding B2B payment fraud. In addition, virtual cards provide customers’ accounts payable team more spending control by allowing them to establish unique settings for each purchase, such as payment amount, date range, and supplier type constraints. Thus, it helps reduce the risk of data hacking or fraud, propelling the Virtual Cards Market growth.

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Segmentation of the Global Virtual Cards Market:

• Type
  • B2B Virtual Cards
  • B2C Remote Payment Virtual Cards
  • B2C POS Virtual Cards
• End-user
  • Consumer Use
  • Business Use
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
    

Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/virtual-cards-market-1732

COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the effect of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Virtual Cards Market industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   
   

1. North America

2. Europe

3. Asia Pacific

4. Latin America

5. Middle East & Africa

1. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
2. Key Strategies Undertaken by Companies to Tackle COVID-19
3. Long Term Dynamics
4. Short Term Dynamics

The Report on Virtual Cards Market Highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates, and Forecast
• Company Profiles
• Global and Regional Dynamics
  

Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Virtual Cards Market Size, Share & Trends Analysis Report by Type (B2B Virtual Cards, B2C Remote Payment Virtual Cards, B2C POS Virtual Cards), by End-user (Consumer Use, Business Use), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

Regional Analysis:

North America Anticipated Potential Market Growth

North America is expected to dominate the growth of the Virtual Cards Market in 2021. The rising use of digital payment systems and the significant presence of leading players are responsible for the Virtual Cards Market growth. In addition, technically advanced deployment such as 4G & 5G will create various growth options in the Virtual Cards Market development. Furthermore, virtual card companies like JP Morgan Chase, Bill trust, Inc., and Stripe have a strong presence in this region, and the presence of such significant providers boosts the Virtual Cards Market expansion in this region.

List of Prominent Players in the Virtual Cards Market:

• Abine Inc.
• American Express Company
• Billtrust Inc.
• Crypto pay
• CSI (Corporate Spending Innovations)
• Divi pay Pty Ltd.
• Emburse LLC
• Fraedom Holdings Limited
• JP Morgan Chase
• Marqeta Inc
• Mastercard Incorporated
• Mineral Tree Inc.
• Qonto Skrill
• WEX Inc.
• Wire card AG
  

Recent Developments:

September 2021: American Express Company partnered with Extend Enterprises, Inc., a Fintech company specializing in virtual cards, to expand the use of virtual cards in the U.S. As per the partnership, U.S. businesses with an American Express Business Card can use Extend Enterprises, Inc.’s app to create virtual cards, also known as tokens.

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the Virtual Cards Market?
• How will the Virtual Cards Market change in the upcoming six years?
• Which application and product will take a lion’s share of the Virtual Cards Market?     
• What is the Virtual Cards market drivers and restrictions?
• What will be the CAGR and size of the Virtual Cards Market throughout the forecast period?    

This market, titled “Virtual Cards Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:

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