Virtual Cards Market: 2023-2028

The new Virtual Cards report provides an in-depth analysis and evaluation of how virtual cards are gaining traction as a digital payment. It includes an extensive segment analysis that assesses how virtual cards are becoming specialised into industry-specific payment solutions, which help businesses effectively manage spending limits with an additional layer of security across 10 sectors.

It also delivers critical insights on opportunities across the virtual cards market landscape and future prospects for leading vendors in the space. We reveal an evaluation of the development of virtual cards across 60 different key countries of interest and access their readiness for widespread adoption of virtual cards. The study also contains the Competitor Leaderboard; positioning 20 key virtual card vendors based on their solutions and capabilities.

The research delivers incisive analysis of the virtual cards market landscape; analysing the future of virtual cards alongside the regulatory framework across 6 key regions, as well as key challenges faced by the market. Furthermore, the research includes a segment analysis on 10 key industries within which virtual cards have managed to position themselves successfully. These comprise AP (Accounts Payable) & Expenses, Banking & Finance, Travel, B2C, Healthcare, Fleet, Marketing, Government, Education and Energy & Utilities. Finally, we also feature a comprehensive forecast suite; encompassing the virtual cards market growth across two key segments which are further segmented:

• B2B Sector
• Finance
• Healthcare
• Fleet
• Other Businesses
• B2C Sector
• B2C Remote
• B2C POS

The research suite comprises:

• Market Trends & Strategies (PDF)
• Competitor Leaderboard (PDF)
• Data & Forecasts (PDF & Excel)
• 12 Months' Access to harvest Online Data Platform

Key Market Statistics

Global Volume of Virtual Cards Transactions in 2023

• 35.8bn

Global Volume of Virtual Cards Transactions in 2028

• 174.3bn

Growth in Volume of Transactions between 2023 and 2028

• 30.19%

Key Features

Market Dynamics: Insights into key trends and market expansion challenges within the virtual cards landscape, including how virtual cards are becoming tailored to industry‑specific payment methods that help business effectively manage expenses securely across 10 sectors, as well as insight on different regulations across 6 key regions. The study also features the publisher’s Country Readiness Index, which compares the positioning of 60 key countries across 8 key regions and provides a country‑level analysis of key virtual card growth and revenue opportunities.

Key Takeaways & Strategic Recommendations: Key opportunities for vendors highlighted across virtual cards market landscape; making for an important read for key stakeholders.

Benchmark Industry Forecasts: 5-year forecasts for the total transaction numbers from virtual cards, spend on virtual cards and revenue from virtual cards. This is split across B2B segments (Financial Services, Healthcare, Fleet, Other Business) and B2C (Remote and POS) virtual cards and their respective segments. The data is also split by our 8 key forecast regions and 60 countries:

North America:

• Canada, US

Latin America:

• Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay

West Europe:

• Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK

Central & East Europe:

• Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine

Far East & China:

• China, Hong Kong, Japan, South Korea

Indian Subcontinent:

• Bangladesh, India, Nepal, Pakistan

Rest of Asia Pacific:

• Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam

Africa & Middle East:

• Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates

The Competitor Leaderboard: Key player capability and capacity assessment for 20 virtual card vendors, via the The Competitor Leaderboard, featuring the following technology companies:

• Apple
• Bank of China
• Barclaycard
• Capital One
• Discover
• Flutterwave
• JPMorgan Chase
• Klarna
• Lithic
• Marqeta
• Monese
• Monzo
• Nubank
• Open
• Qonto
• Rakuten Card
• Revolut
• Starling
• Stripe
• WEX

Key Questions Answered

• How do virtual cards successfully facilitate B2B and B2C payments and help businesses scale?
• How much is the virtual cards market worth, and how much will its worth be in 2028?
• Who are the key players and innovators in the virtual cards market?
• What types of specialisations are trending in the virtual cards market?
• What are the opportunities and future outlook for virtual cards issuers?