In terms of revenue, the Global Virtual Cards Market is expected to reach USD 603.2 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 18.9% from 2022 to 2028.
The increasing adoption of digital platforms and rising adoption of online payment modes are predicted to propel the growth of the Virtual Cards market during the forecast period.
Key Highlights from Report:
- The B2B payments segment held a significant share in 2021. This is attributable to the increased adaptability and convenience that allow business resources to be accessible anywhere at any time. They also offer a reliable and scalable solution for dealer payments, primarily for international transactions.
- The Consumer Use segment is projected to grow at a considerable CAGR during the forecast period. This growth is attributable to the increasing demand for virtual cards among consumers that are trending amid the COVID-19 pandemic lockdown globally and the growing use of mobile or computer devices, irrespective of whether they are making or receiving the payment.
- Asia Pacific is expected to grow at the fastest CAGR during the forecast period. China, India, and Japan are some of the major countries in this region that drive the industry growth. The market is expected to grow during the projected period, owing to the increased use of smartphones. Furthermore, rising government initiatives to encourage digital payments and widespread smartphone use are two significant factors driving the Virtual Cards business growth in this region.
Demand for virtual cards is increasing as more people use digital platforms and online payment methods. The need for virtual cards is fueled by the increasing adoption of smartphones and digital media's growing power. Furthermore, Internet usage has increased dramatically in recent years, owing to a variety of factors, including sophisticated technology such as 4G/5G and significant internet penetration in developing countries. As a result, demand for virtual cards is increasing. In addition, the growing number of electronic transactions worldwide is anticipated to drive the demand for virtual cards in the coming years.
Furthermore, increased urbanization also increases the usage of cell phones, online payment methods, and online shopping, which in turn fuels the Virtual Cards services. Furthermore, online shopping is becoming increasingly popular among the younger generation since it provides a more convenient, efficient, and helpful experience. As a result, demand for the Virtual Cards market is likely to increase in the future years.
North America held the most significant shares in 2021. Throughout the forecast period, it is expected to maintain its supremacy. The United States and Canada are the two primary countries driving the industry in this region. Some of the crucial factors driving market expansion are the existence of market leaders and the trend of early technology adoption.