Global virtual Cards Market Size to grow USD 65 Billion by 2030 | CAGR of 21%

Global virtual Cards Market Size To Worth USD 11.7 Billion By 2030

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.

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 https://www.sphericalinsights.com/reports/virtual-cards-market

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.

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.

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.

Some of the Key Developments:

• In September 2021, Extend Enterprises, Inc., a fintech company specializing in virtual cards, partnered with American Express Company to promote the use of virtual cards in the United States. Holders of American Express Business Cards in the United States can utilize the Extend Enterprises, Inc. app to initiate virtual cards, also known as tokens.

• In May 2022, Google announced its collaboration with American Express, MasterCard, and Visa to make virtual cards accessible for consumers on the Chrome and Android platforms. This collaboration aims to develop virtual cards that will facilitate digital currency transactions.

Market Segment

This study forecasts global, regional, and country revenue from 2021 to 2030. Spherical Insights has segmented the global virtual cards market based on the below-mentioned segments:

Virtual Cards Market, By Card

• Debit Card
• Credit Card

Virtual Cards Market, By Product Type

• B2B Virtual Cards
• B2C Remote Payment Virtual Cards
• B2C POS Virtual Cards

Virtual Cards Market, By Application

• Consumer Use
• Business Use

Virtual Cards Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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