United States Virtual Cards Market Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 6.25% from 2023 to 2033
• The U.S. Virtual Cards Market Size is Expected to Hold a Significant Share by 2033

The United States Virtual Cards Market Size is anticipated to hold a significant share by 2033, Growing at a CAGR of 6.25% from 2023 to 2033.

The growing penetration of the internet in the US, online shopping and e-commerce platforms are driving the growth of the virtual cards market in the United States.     

Market Overview

Virtual cards are a digital payment system that serves as a token, for electronic payments and mobile orders. Credentials are automatically generated by the tokenization method due to the increasing need for an additional layer of security. Most US citizens now consider virtual cards to be a dependable choice because they make online shopping simple and safe while also lowering the risk of crime. Features such as spending limitations and the ability to pause and cancel cards at any moment are anticipated to leverage market growth. Virtual cards are quickly taking over as the go-to payment option in several industries as more firms go digital, guaranteeing consumer safety and security. Through seamless API integrations across a range of software platforms, virtual cards can also be utilized to access additional payment methods, from virtual AI-powered self-service tools to digital onboarding and implementation.

Report Coverage

This research report categorizes the market for the US virtual cards market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. 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 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-segment of the virtual cards market.

Driving Factors

The larger and middle market organizations are adopting commercial cards and switching from inefficient manual processes to digital ones. The increasing usage of the internet even in non-urban areas especially in household internet use has impacted the work facilitates work from home. Digital platforms including smartphones and online payment play a crucial role in fueling market growth for virtual cards in the US. E-retailers may better use these technologies by understanding client demand and using AI and machine learning (ML) to generate tailored guidelines and intelligent product recommendations. Further, tokenization technology within virtual cards reduces e-commerce fraud are significantly propels market growth.

Restraining Factors

The growing likelihood of fraud and cyberattacks in digital platforms is restraining the US virtual cards market. In addition, there are connectivity and technical issues constraints that may limit the market.

Market Segmentation

The United States Virtual Cards Market share is classified into product type and end-user.

• The B2B virtual cards segment accounted for the largest share of the United States virtual cards market in 2023.       

Based on the product type, the United States virtual cards market is divided into B2B virtual cards, B2C remote payment virtual cards, and B2C POS virtual cards. Among these, the B2B virtual cards segment accounted for the largest share of the United States virtual cards market in 2023. Businesses are implementing virtual cards in their B2B payment processes to improve cash flow with increased security and enable Accounts payable (AP) automation. The increasing trend of digital payment solutions in companies to increase the security and efficiency of their financial transactions is driving the market growth.   

• The business use segment accounted for the largest market share during the forecast period.

Based on the end-user, the United States virtual cards market is divided into consumer use and business use. Among these, the business use segment accounted for the largest market share during the forecast period. Businesses utilize virtual cards to make payments to suppliers and retailers online. A growing number of firms are offering corporate credit cards or virtual credit or debit cards to assist businesses with improved cash management and reduced exposure to fraud. Thus, the increasing adoption of advanced technology platforms for financing is driving the market demand.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the US virtual cards market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.  

List of Key Companies

• JP Morgan Chase
• American Express
• VISA
• Billtrust Inc.
• Abine Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2022, Safaricom and Visa, the global leader in digital payments, introduced the first M-PESA GlobalPay Visa Virtual card. The launch of the new M-PESA Visa virtual card opens global shopping for Kenyan consumers, allowing secure cashless payments at merchant locations in over 200 countries through Visa’s global network.

• In April 2022, American Express Company announced a collaboration with Billtrust, a B2B accounts receivable automation and integrated payments leader, to enable suppliers to streamline acceptance of American Express virtual cards. 

Market Segment

This study forecasts revenue at United States, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the United States Virtual Cards Market based on the below-mentioned segments:

United States Virtual Cards Market, By Product Type

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

United States Virtual Cards Market, By End-User

• Consumer Use
• Business Use