Virtual Card Market Report 2024

This Virtual Card market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The virtual card market size has grown rapidly in recent years. It will grow from $397.54 billion in 2023 to $474.23 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth observed during the historic period can be attributed to increased demand and investments, a rise in online transactions, higher smartphone production, a growing need for additional protection such as tokenization in digital payment systems, and expanding internet penetration.

The virtual card market size is expected to see rapid growth in the next few years. It will grow to $964.67 billion in 2028 at a compound annual growth rate (CAGR) of 19.4%. The projected growth during the forecast period can be attributed to the rise in online payment activities, the appeal of low-cost and secure payment options, digital transformation, increased smartphone adoption, and expanding internet penetration. Key trends expected to drive growth include technological advancements in online banking services, innovations in online payments, developments in digital currencies, advancements in 5G technology, and the introduction of advanced virtual cards with biometric features.

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 December 2022, EQT Private Equity, a Sweden-based investment organization, acquired Billtrust (BTRS Holdings Inc.) for an undisclosed amount. This acquisition aims to leverage EQT's expertise in software, fintech, and payments to support Billtrust's mission to digitize and streamline financial operations. Additionally, EQT seeks to enhance Billtrust's modern solutions and value proposition, driving innovation and transformation. Billtrust (BTRS Holdings Inc.), a U.S.-based company, provides virtual credit cards and related services.

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 2023. 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, 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, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A virtual card is a digital version of a credit or debit card designed for online transactions or mobile payments, eliminating the need for a physical card. It features a unique card number and expiration date, which are generated and managed through an app or online banking platform.

The primary types of virtual cards include business-to-business (B2B) virtual cards, business-to-consumer (B2C) remote payment virtual cards, and business-to-consumer (B2C) point-of-sale (POS) virtual cards. B2B virtual cards are used by businesses for transactions between companies. Virtual cards can include credit or debit cards tailored for different applications, including both consumer and business uses. The end users of virtual cards include both businesses and individuals.

The virtual card market research report is one of a series of new reports that provides virtual card market statistics, including virtual card industry global market size, regional shares, competitors with a virtual card market share, detailed virtual card market segments, market trends and opportunities, and any further data you may need to thrive in the virtual card industry. This virtual card market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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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