Virtual Cards Market to Hit $60.06 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Sept. 29, 2022 /PRNewswire/ -- The global virtual cards market size is expected to reach USD 60.06 billion by 2030, expanding at a CAGR of 20.7% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The increasing usage of digital payment platforms is creating the demand for virtual cards worldwide, which is anticipated to drive the growth of the market. In addition, various types of virtual cards offer the consumer a particular set of benefits, such as efficiency and convenience, which also bodes well for the growth of the market.

Key Industry Insights & Findings from the report:

• The credit card segment is expected to witness the fastest growth during the forecast period. The growing e-commerce businesses worldwide is expected to drive the demand for virtual credit card among consumers, thereby contributing to the segment's growth.
• The B2C remote payment virtual cards segment is expected to witness significant growth during the projected period. The growth of the segment can be attributed to the increasing real-time digital disbursements in mobile platforms worldwide.
• The business use segment is anticipated to dominate the market during the forecast period. Businesses across the globe are adopting virtual card payments to streamline their payment processes and meet their evolving customer needs, which is one of the vital factors that propelled the segmental growth in 2021.
• The Asia Pacific regional market is expected to witness the fastest growth during the projected period. The increasing internet penetration across the region is expected to play a decisive role in driving regional market growth.

Read 150-page market research report, 'Virtual Cards Market Size, Share & Trend Analysis Report By Card Type (Credit Card,Debit Card), By Product Type (B2B Virtual Cards), By Application (Business Use, Consumer Use), By Region, And Segment Forecasts, 2022 - 2030', published by Grand View Research.

Virtual Cards Market Growth & Trends

Virtual cards are changing the financial landscape by introducing a new level of protection for everyone involved in the payment transaction. Hospitality is one industry that has endorsed the use of virtual cards. Moreover, virtual cards are creating the possibility of making payments more dynamic during the check-in and check-out process for the consumers.

The investments being raised by virtual card solution providers are expected to create new possibilities for the growth of the market during the projected period. For instance, in May 2022, MasterCard and fintech company OPay announced their collaboration, paving the way for access to financial services and economic prosperity by bringing digital commerce to thousands of people in the Middle East and Africa. With this collaboration, OPay consumers and merchants in this region will be able to engage with brands and businesses anywhere in the world.

The COVID-19pandemic is expected to play a crucial role in driving the growth of the market during the forecast period. People are opting for contactless and digital payments due to the pandemic outbreak, thereby opening new opportunities for the growth of the market. Furthermore, these cards offer contactless payment solutions and are widely accepted at most of the payment gateways and mobile applications such as PayPal and Google Pay which is projected to drive the market growth post-pandemic.

Virtual Cards Market Segmentation

Grand View Research has segmented the global virtual cards market based on card type, product type, application, and region:

Virtual Cards Market - Card Type Outlook (Revenue, USD Million, 2017 - 2030)

• Credit Card
• Debit Card

Virtual Cards Market - Product Type Outlook (Revenue, USD Million, 2017 - 2030)

• B2B Virtual Cards
• B2C Remote Payment Virtual Cards
• C2B POS Virtual Cards

Virtual Cards Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Business Use
• Consumer Use

Virtual Cards Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Middle East & Africa

List of Key Players in Virtual Cards Market

• American Express Company
• BTRS Holdings, Inc.
• Wise Payments Limited
• JPMorgan Chase & Co.
• Marqeta, Inc.
• Mastercard
• Skrill USA, Inc.
• Stripe, Inc.
• WEX, Inc.
• Adyen

Check out more related studies published by Grand View Research:

• Payment Processing Solutions Market - The global payment processing solutions market size is expected to reach USD 98.01 billion by 2027, registering a CAGR of 14.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The market growth can be attributed to the emergence of digital technology and customers' demand for immediacy of transactions. The customers are looking for faster and convenient money transfer options, thereby driving the adoption of payment processing solutions.
• Digital Payment Market - The global digital payment market size is expected to reach USD 361.30 billion by 2030, expanding at a CAGR of 20.5% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing volume of cashless transactions worldwide. According to PwC, a consulting company, the global volume of cashless payments is expected to increase by more than 80% between 2020 and 2025, to nearly 1.9 trillion by 2025 from nearly 1 trillion transactions in 2020. The rising demand for digital payments has encouraged several smartwatch providers to introduce enhanced smartwatches capable of making contactless payments.
• Dual Interface Payment Card Market - The global dual interface payment card market size is expected to reach USD 23.66 billion by 2030, growing at a CAGR of 16.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market is anticipated to witness growth due to the increasing usage of payment cards across the globe. For instance, in June 2021, according to the Smart Payment Association (SPA), payment cards consist of 40-60% of total online payments made, either directly or indirectly. At the same time, the strong emphasis of payment service providers on offering enhanced payment solutions to their customers is expected to propel growth.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc

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