What Is The Definition Of The Global Virtual Card Market?
A virtual card is a digital version of a credit or debit card used for online transactions or mobile payments without needing a physical card. It includes a unique card number and expiration date, generated and managed via an app or online banking platform.
Virtual Card Global Market Report 2024 provides data on the global virtual card market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The virtual card market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Virtual Card Market Size Expected To Expand, And At What Annual Growth Rate?
The virtual card market is set to grow from $397.54 billion in 2023 to $474.23 billion in 2024, showing a CAGR of 19.3%. The previous growth has been fueled by rising demand, increased online transactions, higher smartphone production, the need for additional security layers like tokenization, and growing internet accessibility. By 2028, the market is projected to reach $964.67 billion, with a CAGR of 19.4%. Future growth is driven by the increase in online payments, low-cost solutions combined with safety, digital transformation, smartphone adoption, and the expansion of the internet. Key trends include technological advancements in online banking services, innovations in digital payments and currencies, advancements in 5G, and the development of advanced virtual cards with biometrics.
What Are The Key Drivers Fueling Growth In The Virtual Card Market?
The rise in online transactions is expected to drive the growth of the virtual card market. With more consumers and businesses shifting to online payments, virtual cards provide an added layer of security by generating temporary card numbers for digital transactions. The widespread adoption of digital wallets and mobile apps, which increased by 62% in 2023, supports the expansion of the virtual card market.
Get Your Free Sample Of The Global Virtual Card Market Report
What Are The Principal Market Segments In The Global Virtual Card Industry?
The virtual card market covered in this report is segmented –
1) By Type: Business-To-Business (B2B) Virtual Cards, Business-To-Consumer (B2C) Remote Payment Virtual Cards, Business-To-Consumer (B2C) Point Of Sale (POS) Virtual Cards
2) By Card Type: Credit Card, Debit Card
3) By Application: Consumer Use, Business Use, Other Applications
4) By End User: Businesses, Individuals
Which Emerging Market Trends Are Altering The Virtual Card Market?
In the virtual card market, companies are developing mobile virtual card apps to enhance payment security and user convenience. Mastercard introduced a mobile virtual card app in April 2024 that integrates easily with digital wallets. The app offers enhanced security features like tokenization and robust spending controls, providing a seamless experience for businesses using virtual cards for various financial transactions.
What Is The Leading Region In The Virtual Card Market?
North America was the largest region in the virtual card market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual card market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
