Virtual Cards Market Outlook 2023-2028: Virtual Card Transactions Forecast to Reach 175 Billion by 2028, Rising from 36 Billion in 2023

Dublin, March 29, 2024 (GLOBE NEWSWIRE) -- The "Virtual Cards Market: 2023-2028" report has been added to's offering.

Over the forecast period the total volume of virtual card transactions will reach 175 billion by 2028, rising from 36 billion in 2023. Growing by a significant 388%, the market will be accelerated by the adoption of API virtual card issuing platforms.

The report identifies easy-to-use API (Application Programming Interface) platforms, that allow businesses to establish a virtual card programme that they can deploy easily and scale alongside their needs, as a key development driving virtual card growth.

Another key success factor identified by the research was the readiness of a virtual card platform to easily integrate within an organisation's own software and established infrastructure. For example, procurement-focused virtual cards need to integrate with accounts payable software in order to automate renewals, log payments and generate digital receipts. Virtual card vendors must therefore integrate with a wide range of third-party software systems across key verticals of interest, in order to maximise their success.

The new Virtual Cards report provides an in-depth analysis and evaluation of how virtual cards are gaining traction as a digital payment. It includes an extensive segment analysis that assesses how virtual cards are becoming specialised into industry-specific payment solutions, which help businesses effectively manage spending limits with an additional layer of security across 10 sectors.

It also delivers critical insights on opportunities across the virtual cards market landscape and future prospects for leading vendors in the space. It reveals an evaluation of the development of virtual cards across 60 different key countries of interest and access their readiness for widespread adoption of virtual cards. The study also contains the Competitor Leaderboard; positioning 20 key virtual card vendors based on their solutions and capabilities.

The research delivers incisive analysis of the virtual cards market landscape; analysing the future of virtual cards alongside the regulatory framework across 6 key regions, as well as key challenges faced by the market. Furthermore, the research includes a segment analysis on 10 key industries within which virtual cards have managed to position themselves successfully. These comprise AP (Accounts Payable) & Expenses, Banking & Finance, Travel, B2C, Healthcare, Fleet, Marketing, Government, Education and Energy & Utilities.

Finally, the report also features a comprehensive forecast suite; encompassing the virtual cards market growth across two key segments which are further segmented:

  • B2B Sector
  • Finance
  • Healthcare
  • Fleet
  • Other Businesses
  • B2C Sector
  • B2C Remote
  • B2C POS

Key Market Statistics

  • Global Volume of Virtual Cards Transactions in 2023: 35.8 billion
  • Global Volume of Virtual Cards Transactions in 2028: 174.3 billion
  • Growth in Volume of Transactions between 2023 and 2028: 30.19%

Key Report Features

  • Market Dynamics: Insights into key trends and market expansion challenges within the virtual cards landscape, including how virtual cards are becoming tailored to industry-specific payment methods that help business effectively manage expenses securely across 10 sectors, as well as insight on different regulations across 6 key regions. The study also features the publisher's Country Readiness Index, which compares the positioning of 60 key countries across 8 key regions and provides a country-level analysis of key virtual card growth and revenue opportunities.
  • Key Takeaways & Strategic Recommendations: Key opportunities for vendors highlighted across virtual cards market landscape; making for an important read for key stakeholders.
  • Benchmark Industry Forecasts: 5-year forecasts for the total transaction numbers from virtual cards, spend on virtual cards and revenue from virtual cards. This is split across B2B segments (Financial Services, Healthcare, Fleet, Other Business) and B2C (Remote and POS) virtual cards and their respective segments. The data is also split by our 8 key forecast regions and 60 countries:
    • North America: Canada, US
    • Latin America: Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay
    • West Europe: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK
    • Central & East Europe: Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine
    • Far East & China: China, Hong Kong, Japan, South Korea
    • Indian Subcontinent: Bangladesh, India, Nepal, Pakistan
    • Rest of Asia Pacific: Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam
    • Africa & Middle East: Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates

The Competitor Leaderboard:

Key player capability and capacity assessment for 20 virtual card vendors, via the The Competitor Leaderboard, featuring the following technology companies:

  • Apple
  • Bank of China
  • Barclaycard
  • Capital One
  • Discover
  • Flutterwave
  • JPMorgan Chase
  • Klarna
  • Lithic
  • Marqeta
  • Monese
  • Monzo
  • Nubank
  • Open
  • Qonto
  • Rakuten Card
  • Revolut
  • Starling
  • Stripe
  • WEX

Key Questions Answered

  • How do virtual cards successfully facilitate B2B and B2C payments and help businesses scale?
  • How much is the virtual cards market worth, and how much will its worth be in 2028?
  • Who are the key players and innovators in the virtual cards market?
  • What types of specialisations are trending in the virtual cards market?
  • What are the opportunities and future outlook for virtual cards issuers?

For more information about this report visit

About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.


Contact Data