Global Virtual Cards Market Report to 2028: Rising Trend of Online Payments all Over the World Drives Growth

Dublin, March 06, 2023 (GLOBE NEWSWIRE) -- The "Global Virtual Cards Market Size, Share & Industry Trends Analysis Report by Product Type, Card Type, Application, Regional Outlook and Forecast, 2022-2028" report has been added to's offering.

The Global Virtual Cards Market size is expected to reach $37.5 billion by 2028, rising at a market growth of 19.1% CAGR during the forecast period.

Key Market Players

  • Mastercard, Inc.
  • American Express Kabbage Inc.
  • JPMorgan Chase & Co.
  • Stripe, Inc.
  • Adyen N.V.
  • BTRS Holdings Inc.
  • Wise Payments Limited
  • Marqeta Inc.
  • Skrill USA, Inc.
  • Wex, Inc.

Additionally, each virtual card is only intended for one use. It is made specifically for a single online transaction and is only good for 48 hours. Depending on the bank, the credit validity and limit term may change.

By entering one's debit or credit card information online through the bank's net banking service, a virtual credit card can be generated. There are no fees associated with this process and service. They need not be issued physically by card issuers, as the name implies.

Since there are typically far fewer fees necessary for customers of virtual banks, virtual cards are less expensive than real 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, compared to actual cards, virtual cards give their users additional security advantages. Additionally, users can customize their own spending caps on a virtual card, which enables them to increase their savings.

These are thus a few of the driving forces behind the expansion of the virtual cards business. If the smartphone is taken, there is a potential that the user's virtual card, which has access to the virtual card, can be used fraudulently. Furthermore, customer preferences for touchless transactions over traditional payments and the rapid advancement of payment technology are predicted to lead to lucrative market expansion for virtual cards in the coming years.

COVID-19 Impact Analysis

The COVID-19 pandemic significantly contributed to the market's expansion. After the pandemic, there has been an increase in the demand for contactless payment methods, which is opening up new prospects for the market for virtual cards. The risk of a virtual card potentially spreading illnesses is eliminated because it is not a tangible item.

Therefore, the COVID-19 pandemic steadily hampered the growth of the virtual cards market during the initial period of the pandemic. However, the growth of the market expedited exponentially during the pandemic.

Market Growth Factors

Rising trend of online payments all over the world

The digital revolution has increased access to and utilization of financial services all over the world, changing how people send and receive payments, borrow money, and save money.

According to the World Bank, from 68% in 2017 and 51% in 2011, 76% of adults across the world now have an account with a bank, another financial institution, or a mobile money provider. It's significant that the expansion of account ownership was evenly divided among many more nations. The increase in the trend of digital or online payments is one of the major factors that is propelling the growth of the virtual card market.

Widespread digitalization across the world

More quickly than any other innovation in human history, digital technologies have transformed civilizations and have now reached almost 50% of the population in developing countries. Technology may be a huge equalizer by improving connection, financial inclusion, access to commerce, and public services.

AI-enabled frontier technologies, for instance, are assisting in the diagnosis and treatment of diseases as well as the extension of life span in the healthcare industry. Distance learning and virtual learning settings have allowed students who would otherwise be cut off from programs to participate. As the foothold of digitalization strengthens all over the world, the adoption of virtual cards would also propel. Hence, this factor is accelerating the growth of the virtual card market.

Market Restraining Factors

Lack of knowledge and awareness about virtual cards

For card-not-present purchases, such as when customers shop online, virtual credit cards are made. Returning an item to the vendor may be challenging depending on the service they use. The majority of retailers prefer to pay customers back using the same card number that has been used to complete the transaction.

An alternative to a refund can be store credit. When users employ a virtual card number to hold a reservation, things can get complicated. The rental business would aim to match the account number that is used to make the reservation with the credit card that is being used for payment in real-time when the customer makes a reservation for a rental automobile. Therefore, these challenges are majorly hampering the growth of the virtual card market.

Scope of the Study

Market Segments Covered in the Report:

By Product Type

  • B2B
  • B2C
  • C2B

By Card Type

  • Credit
  • Debit

By Application

  • Business Use
  • Consumer Use

By Geography

  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

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