Virtual Cards Market Surges, Forecasted to Hit US$ 1.3 Trillion by 2032

The virtual cards market will be valued at a staggering US$ 1.3 trillion by the year 2032. This growth is expected to be substantial, with a projected increase of 12.2% between 2022 and 2032.

Virtual cards are becoming more important because more and more people are using digital platforms and online ways to pay for things. These virtual cards are especially useful for businesses when they need to pay other businesses. They’re great because you can use them from anywhere and at any time, making it easy to manage your business finances. Plus, they offer a reliable and flexible way to pay dealers, especially when dealing with transactions across different countries.

The virtual cards market is a rapidly growing sector within fintech, offering digital payment solutions for businesses and consumers. Virtual cards provide enhanced security, flexibility, and control over transactions compared to traditional plastic cards. Key drivers include increasing e-commerce activity, demand for secure online transactions, and the rise of digital banking. Major players in the market include fintech startups, banks, and payment processors, all competing to innovate and capture market share.

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Retailers around the world are making shopping easier for customers who love to shop online. They’re doing this by using advanced payment technologies to make the checkout process smooth and hassle-free. One important technology they’re using is called a ‘payment gateway system.’ These systems are really popular among retailers because they make it much easier for customers to pay for their purchases.

But it’s not just for online shopping – payment gateways are also used when you’re shopping in physical stores. You might have noticed that some stores now let you pay with your smartphone or even over the internet using these payment gateways. It’s all about giving you more options and making your shopping experience as convenient as possible.

Virtual cards offer a great advantage when it comes to keeping your transactions secure. Unlike physical credit cards, virtual cards can’t be reported as lost or stolen. Many people and businesses have found virtual cards to be a smart choice for making safe payments. They also help you keep better track of your spending and make your financial activities more transparent.

More Insights Available for Virtual Cards Market Report:

Future Market Insights, in its new offering, presents an unbiased analysis of the Virtual Cards Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.

The study reveals extensive growth in the Virtual Cards Market in terms of Product Type (B2B Virtual Cards, B2C Remote Payment Virtual Cards, B2C POS Virtual Cards), and Deployment Type (Consumer Use, Business Use, Others), across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

Competitive Analysis:

The leading players in the global Virtual Cards market are BTRS Holdings, Inc.; Fraedom Holdings Limited; JPMorgan Chase & Co.; Marqeta, Inc.; Mastercard; and Skrill USA, Inc.

In October 2020, Aliant Payments announced the expansion of XRP, an open-source alternative digital asset, to its CryptoBucks crypto payment phone app enabled by Aliant Payments. XPR would be accessible as a mobile app including both Android and iOS.

In July 2020, ParkMobile, a parking solutions company, announced an agreement with EasyPark, a facilities services company. The previous firm facilitated contactless payments across Vancouver as a result of this collaboration.

Similarly, recent developments related to companies in Virtual Cards services have been tracked by the team at Future Market Insights, which are available in the full report.