Virtual Card Market Report 2026

The virtual card market size has grown rapidly in recent years. It will grow from $565.12 billion in 2025 to $674.47 billion in 2026 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to expansion of e-commerce transactions, increased use of digital payment platforms, rising adoption of contactless payments, growth of mobile banking applications, improved digital identity verification.

The virtual card market size is expected to see rapid growth in the next few years. It will grow to $1.36 trillion in 2030 at a compound annual growth rate (CAGR) of 19.2%. The growth in the forecast period can be attributed to growing demand for secure online payments, expansion of subscription-based payment models, increased adoption of b2b digital payments, rising integration with digital wallets, advancements in real-time payment systems. Major trends in the forecast period include increasing adoption of virtual cards for online payments, rising use of tokenized payment credentials, growing demand for corporate expense virtual cards, expansion of mobile wallet integration, enhanced focus on fraud prevention.

The growth of the virtual card market is expected to be driven by the increase in online transactions. Online transactions, which include purchasing goods and services, transferring funds, and paying bills over the Internet, have become more popular due to their convenience, faster payment options, expanded customer reach, and improved security. Virtual cards contribute to the enhancement of online transactions by providing additional security through unique, temporary card numbers and by simplifying payment processes through seamless digital integration. For example, in May 2024, FedPayments Improvement, a U.S.-based product of the Federal Reserve Banks, reported that in 2023, digital wallets and mobile apps were adopted by 62% of businesses, up from 47% in 2022. This rise in online transactions is anticipated to drive the growth of the virtual card market.

Major companies in the virtual card market are focusing on technological advancements such as mobile virtual card apps to improve user convenience, enhance security features, streamline financial transactions, and integrate seamlessly with digital wallets and financial management tools. These mobile virtual card apps provide financial institutions with greater flexibility in delivering secure and contactless payment solutions that businesses increasingly require. For instance, in April 2024, Mastercard, a U.S.-based payment card services company, launched a mobile virtual card app that allows users to easily add virtual commercial cards to digital wallets. The app uses Mastercard's virtual card and tokenization platforms to offer advanced data and strong spending controls through a user-friendly interface, ensuring a seamless experience with tap-to-pay convenience. This solution is applicable across various sectors, including healthcare, insurance, fleet management, higher education, and corporate travel.

In August 2025, Marqeta Inc., a US-based technology company, acquired TransactPay for an undisclosed amount. Through this acquisition, Marqeta aims to enhance and expand its card program management and digital payments capabilities across the United Kingdom and European Union, enabling both existing and new customers to scale compliant card programs more seamlessly throughout Europe. Transact Payments Ltd is a UK-based company that provides virtual card solutions.

Major companies operating in the virtual card market are JPMorgan Chase & Co., Citigroup Inc., American Express, Visa Inc., Mastercard, Standard Chartered Bank, DBS Bank Ltd, Stripe Inc., Adyen AS, Huntington Bancshares, WEX Inc., Wise Payments Limited, Revolut Ltd, Marqeta Inc., Emburse LLC, Billtrust Inc., Qonto, Skrill Ltd, MineralTree Inc., Cryptopay Ltd, Bento Technologies Inc., Weel Holdings Pty Ltd.

North America was the largest region in the virtual card market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual card market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the virtual card market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The virtual card market includes revenues earned by entities through secure online payments, expense management, subscription services, and e-commerce purchases. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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