According to the business intelligence report titled ‘Global Virtual Card Market Size study, by Product Type (B2B Virtual Card, B2C Remote Payment Virtual Cards, B2C POS Virtual Cards) by End-User (Consumer Use, Business Use) and Regional Forecasts 2022-2028’, available with MarketStudyReport, global virtual card market was worth USD 260.1 billion in 2021 and is slated to showcase a CAGR of 22.3% through the forecast timeframe, accumulating a valuation of USD 1064.5 billion by 2028.
Escalating production on smartphones, rapid adoption of advanced technology, and surging prevalence of various digital payment platforms are the major factors driving global virtual card market growth.
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For the uninitiated, virtual card is a type of digital payment method that can be used for electronic payments as well as online ordering. These are utilized by consumers to enable faster transactions as it is safer and less complicated.
Furthermore, various government initiatives that encourage digital transformation, in consort with technological advancements will augment industry remuneration over the forecast timeframe.
Despite the positive outlook, risk of fraud and cyberattacks is likely to deter the profitability graph of market during the analysis period.
Moving on to segmentation, the report offers a critical assessment of the consumption patterns and growth potential of numerous verticals to furnish a broader outlook on prevailing trends among industry novices as well as veterans. For this, it divides worldwide virtual card marketplace on the basis of product type and end-user spectrum, and shares estimations about their growth rates for the review timeline.
From a regional frame of reference, North America market is poised to attain a substantial revenue share during the projected timeframe, owing to increasing adoption of digital payment methods in the region.
Meanwhile, Asia Pacific industry is expected to showcase a healthy growth rate throughout the analysis timeframe, attributable to growing utilization of smartphones.
Considering the competitive framework, top players in global virtual card market, such as Stripe Inc., Marqeta Inc., Skrill Ltd., Wex Inc., Cryptopay, Billtrust Inc., MineralTree Inc., Vanguard, and Qonto, are examined in terms of their business profile, product portfolio, and latest developments.