Virtual Cards Market

Global Virtual Cards Market is expected to grow with the CAGR of 19.2% over the forecast period.        

Global Virtual Cards Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027- Increasing number of electronic transactions globally, rising use of online shopping and growing adoption of smartphones are some of the major factors driving the growth of Global Virtual Cards Market.

Scope of Global Virtual Cards Market Report:

A virtual card is a digital installment system that functions as a token, and is utilized for electronic payments and portable orders. Credentials are made consequently by a process called tokenization, and the cards come with worked in monetary controls to fund the card for either single-use or multi-reason transactions. Virtual card likewise referred as advanced card is utilized to further develop the payment experience by making it more secure, less complex and more intelligent to make buys online.

Virtual cards are typically stored on a cell phone or a smart watch. In this way, information from the card's issuer are regularly sent (through Internet) and displayed like limits, store locations, news updates, coupons, etc. It is an interesting 16-digit card number that is carefully created and attached to account. It can be utilized for online payments all over the place. With virtual cards, organizations can oversee card numbers and balances on any PC or cell phone, anyplace on the planet whether or not are making or receiving the payment.

Virtual cards are likewise further developing the B2B installments. Because of its adaptability and convenience, the resources are accessible from anyplace and at any time. The online strategy for transactions is best fitted to everybody.

Virtual cards can't be lost/taken due to there's no actual card to lose and hence the data is just simply stored online by means of admittance to a launch window. It tends to be edited or erased after use. A virtual card has been proven to be an effective technique for online payment is turning into a lifestyle for number of citizens in around the world. It offers consistency, viability and more transparency.

The COVID-19 pandemic has offered more opportunities for the growth of global virtual card market, because of the lockdown all businesses, hotels, shops, and different areas were closed down. Nonetheless, the best way to shop item is online mode and payment happened that is online installment.

For instance; as per CNBC E-trade firms have detailed record deals during significant shopping occasions, including USD115 billion from Alibaba and JD.com during singles day. In this way, COVID-19 increased the adoption of and contactless payments through mobile applications to reduce the risk of infection.

Global Virtual Cards Market Segmentation:

Global virtual cards market is segmented on the basis of product type, end-user and regional & country level. Based on product type, the global virtual cards market is divided into B2B virtual cards, B2C remote payment virtual cards and B2C POS virtual cards. Based upon end-user, the market is classified into consumer use, business use and others.

By Product Type:

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

By End-User:

• Consumer Use
• Business Use
• Others

The regions covered in this global virtual cards market report are North America, Europe, Asia-Pacific, and the Rest of the World. Based on the country level, the market of virtual cards is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Key Players for Global Virtual Cards Market Report:

Global virtual cards market report covers prominent players are like Vanguard, WEX Inc., Skrill, Billtrust, Inc, Qonto, Marqeta Inc., Cryptopay, LLC, MineralTree, Inc., Stripe, Abine, Inc., Fraedom Holdings Limited, JP Morgan Chase, Mastercard Incorporated, Wirecard AG and American Express Company, Emburse and others.

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Increasing Number of Electronic Transactions Globally, Rising Use of Online Shopping and Growing Adoption of Smartphones  are  Some of the Major Factors Driving the Market Growth

Increasing adoption of online payments and digital platform is one of the major factors driving the growth of global virtual cards market. Increasing urbanization is boosting the growth of online payment due to the growing busy life of urbanizing people. Online shopping is getting well known among the young generation as they experience it more, efficient, comfortable, and helpful. A large number of consumers globally choose to shop online and purchase items from a few brands and organizations that they can't find or are not accessible for buy in their home countries.

Nowadays, with the help of the new technology and the support of the internet, people from all around the world started to purchase items online by simply sitting in their homes. Due to these factors, the demand for the virtual card is increasing gradually. For instance; according to oblero, there are 2.5 billion online shoppers in 2020. And, increasing electronic transaction worldwide is also one of the major factors fostering the market growth.

For example; as per a report released by ACI Worldwide; there were more than 70.3 billion real-time payments transactions processed globally in 2020, a surge of 41 percent compared to the previous year.

In addition, another factor boosting the growth of global virtual cards market is the rapid adoption of smartphones and the growing power of the digital platform. From the last few years, the use of the internet in mobiles is skyrocketing and due to this the use of virtual cards also increasing in demand. Number of banks are offering virtual cards on mobile phones with technologically advanced apps. Furthermore, the number of people globally mostly preferred mobile use in digital payment for shopping.

For instance; according to Pinnacle Cart, around 39% of online purchasers who utilize a smartphone incline toward utilizing an application versus 61% who pick a portable internet browser, while 31% of those utilizing a tablet favor shopping on an application versus 69% who favor a mobile browser.

However, the risk of fraud and cyber-attacks affecting digital payment may hamper the global virtual card market growth. In spite of that, technological advancements and increased government initiatives toward online payments and digital platforms may offer new opportunities for the further growth of global virtual cards market.

North America is Excepted to Dominate the Global Virtual Cards Market

North America is expected to dominate the global virtual cards market over the forecast period due to growing smartphone users, presence of key players, early adoption of new technology, and huge investment in R&D activities. Asia Pacific is the rapidly developing area in virtual card market due to the rapidly increasing urbanization, increasing adoption of IoT services, rising number of internet users and increasing technological advancements in the banking sector. Online shopping is the on the prominent factors which increases the revenue of virtual card in Asia Pacific region.

For instance; according global survey by Criteo, over 15,000 respondents half of the world’s consumers are shopping online more in the last few months, especially countries in the Asia Pacific, with India at 52%, Vietnam at 76%, and Australia at 50%. In addition, increasing number of electronic transaction are also fostering the market growth in this region. For example; as per a report released by ACI Worldwide; Digital payments in India are set to account for 71.7% of the total payments volume by 2025, leaving cash and cheques at 28.3%. In 2020, transaction volume share in India stood at 15.6% and 22.9% for instant payments and other electronic payments, respectively, while paper-based payments had a considerable share of 61.4%.

North America

• U.S.
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2015 - 2020
Forecast Period	2021 - 2027
Market Size in 2020:	XX
Base year considered	2020
Forecast Period CAGR %:	19.2%
Market Size Expected in 2027:	XX
Tables, Charts & Figures:	175
Pages	198
Key Players/Companies	Vanguard, WEX Inc., Skrill, Billtrust, Inc, Qonto, Marqeta Inc., Cryptopay, LLC, MineralTree, Inc., Stripe, Abine, Inc., Fraedom Holdings Limited, JP Morgan Chase, Mastercard Incorporated, Wirecard AG and American Express Company, Emburse and others.
Segments Covered	By Product Type, By End-User
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

Key Benefits for Global Virtual Cards Market Report:

• Global Virtual Cards Market report covers in-depth historical and forecast analysis.
• Global Virtual Cards Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level.
• Global Virtual Cards Market report helps to identify opportunities in marketplace.
• Global Virtual Cards Market report covers extensive analysis of emerging trends and competitive landscape.