Virtual Cards Market to Grow by USD 420.49 Bn, Focus on High Customer Satisfaction to Boost Growth - Technavio

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Nov 18, 2022, 16:15 ET

NEW YORK, Nov. 18, 2022 /PRNewswire/ -- The global virtual cards market is estimated to grow by USD 420.49 billion, registering a CAGR of 20.13 % between 2021 to 2026. The market has been segmented by product (B2B virtual cards, B2C remote payment virtual cards, and B2C POS virtual cards) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). Make confident decisions using our insights and analysis. Request a FREE Sample Report

Virtual Cards Market: Major Growth Drivers

The virtual cards market growth is expected to be driven by the following factors:

Technavio has announced its latest market research report titled Global Virtual Cards Market 2022-2026

Focus on high customer satisfaction
High adoption of contactless payment solutions
Increased use of m-commerce

The focus on high customer satisfaction is one of the key factors driving the global virtual card market growth. The changing demand of users and the rising prices of products and services have intensified the competition between local and foreign players. Vendors are compelled to improve their competitive strategies to provide quality customer service and achieve high customer satisfaction. Many e-tailing vendors are developing innovative services, such as flexibility in placing orders through virtual cards and enabling different payment options using payment gateways. Such initiatives taken by vendors to offer better customer services to end-users will drive the growth of the global virtual cards market during the forecast period. Buy Sample Report.

The emergence of NFC-based payment technology is the primary trend that will fuel the global virtual card market growth. Owing to the rise in the demand for contactless payments, there has been a significant increase in the number of NFC-ready POS terminals. NFC-based contactless payments are popular in countries such as the US, the UK, China, Canada, Brazil, and India. The high penetration of NFC-based mobile handsets is one of the prime factors driving the growth of the global NFC-based POS terminals market. Thus, the increase in the demand for cashless payments is expected to propel the growth of the global virtual cards market during the forecast period.

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Virtual Cards Market: Key Vendor Offerings

The growing competition in the market is compelling vendors to adopt various growth strategies such as technological innovations and partnerships to improve the quality and visibility of their offerings. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market. 

American Express - The company offers virtual cards such as platinum cards, membership reward cards, and smarter credit cards.
Bento Technologies Inc. - The company offers virtual cards such as virtual debit cards.
Blackhawk Network Holdings - The company offers virtual cards such as visa gift cards.
Caxton - The company offers virtual cards such as currency cards and Caxton red.
Citi Group - The company offers virtual cards such as Citi virtual cards for payments.

Find additional highlights on the growth strategies adopted by vendors and their product offerings, Download Free Sample Report.

Virtual Cards Market: Geographical Analysis

35% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the virtual cards market in North America. Market growth in this region will be slower than the growth of the market in regions. The focus on high customer satisfaction will facilitate the virtual card market growth in North America over the forecast period. Get a Free Sample Report.

Reasons to Buy Virtual Cards Market Report:

CAGR of the market during the forecast period 2021-2025
Detailed information on factors that will assist virtual cards market growth during the next five years
Estimation of the virtual cards market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the virtual cards market across North America, Europe, APAC, South America, and Middle East and Africa
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of virtual cards market vendors

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Virtual Cards Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 20.13%
Market growth 2022-2026	USD 420.49 billion
Market structure	Fragmented
YoY growth (%)	18.62
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 35%
Key consumer countries	US, Canada, China, Japan, India, and Germany
Competitive landscape	Leading companies, competitive strategies, consumer engagement scope
Companies profiled	Adyen NV, American Express Co., Bento Technologies Inc., Blackhawk Network Holdings Inc., BTRS Holdings Inc., Caxton FX Ltd, Citigroup Inc., Edenred SE, Greendot Health Foods Pvt. Ltd., HSBC Holdings Plc, JPMorgan Chase and Co., Marqeta Inc., Mastercard Inc., Stripe Inc., Travelex Group Ltd., Visa Inc., Walmart Inc., Western Union Holdings Inc., WEX Inc., and Wise Payments Ltd.
Market Dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents:

1 Executive Summary

1.1 Market Overview

Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
Exhibit 06: Executive Summary – Chart on Incremental Growth
Exhibit 07: Executive Summary – Data Table on Incremental Growth
Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem

Exhibit 09: Parent market
Exhibit 10: Market Characteristics

3 Market Sizing

3.1 Market Definition

Exhibit 11: Offerings of vendors included in the market definition

3.2 Market segment analysis

Exhibit 12: Market segments

3.3 Market size 2021

3.4 Market outlook: Forecast for 2021-2026

Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

4.1 Five forces summary

Exhibit 17: Five forces analysis - Comparison between 2021 and 2026

4.2 Bargaining power of buyers

Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026

4.3 Bargaining power of suppliers

Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026

4.4 Threat of new entrants

Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026

4.5 Threat of substitutes

Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026

4.6 Threat of rivalry

Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026

4.7 Market condition

Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Product

5.1 Market segments

Exhibit 24: Chart on Product - Market share 2021-2026 (%)
Exhibit 25: Data Table on Product - Market share 2021-2026 (%)

5.2 Comparison by Product

Exhibit 26: Chart on Comparison by Product
Exhibit 27: Data Table on Comparison by Product

5.3 B2B virtual cards - Market size and forecast 2021-2026

Exhibit 28: Chart on B2B virtual cards - Market size and forecast 2021-2026 ($ billion)
Exhibit 29: Data Table on B2B virtual cards - Market size and forecast 2021-2026 ($ billion)
Exhibit 30: Chart on B2B virtual cards - Year-over-year growth 2021-2026 (%)
Exhibit 31: Data Table on B2B virtual cards - Year-over-year growth 2021-2026 (%)

5.4 B2C remote payment virtual cards - Market size and forecast 2021-2026

Exhibit 32: Chart on B2C remote payment virtual cards - Market size and forecast 2021-2026 ($ billion)
Exhibit 33: Data Table on B2C remote payment virtual cards - Market size and forecast 2021-2026 ($ billion)
Exhibit 34: Chart on B2C remote payment virtual cards - Year-over-year growth 2021-2026 (%)
Exhibit 35: Data Table on B2C remote payment virtual cards - Year-over-year growth 2021-2026 (%)

5.5 B2C POS virtual cards - Market size and forecast 2021-2026

Exhibit 36: Chart on B2C POS virtual cards - Market size and forecast 2021-2026 ($ billion)
Exhibit 37: Data Table on B2C POS virtual cards - Market size and forecast 2021-2026 ($ billion)
Exhibit 38: Chart on B2C POS virtual cards - Year-over-year growth 2021-2026 (%)
Exhibit 39: Data Table on B2C POS virtual cards - Year-over-year growth 2021-2026 (%)

5.6 Market opportunity by Product

Exhibit 40: Market opportunity by Product ($ billion)

6 Customer Landscape

6.1 Customer landscape overview

Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

7.1 Geographic segmentation

Exhibit 42: Chart on Market share by geography 2021-2026 (%)
Exhibit 43: Data Table on Market share by geography 2021-2026 (%)

7.2 Geographic comparison

Exhibit 44: Chart on Geographic comparison
Exhibit 45: Data Table on Geographic comparison

7.3 North America - Market size and forecast 2021-2026

Exhibit 46: Chart on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 47: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
Exhibit 48: Chart on North America - Year-over-year growth 2021-2026 (%)
Exhibit 49: Data Table on North America - Year-over-year growth 2021-2026 (%)

7.4 Europe - Market size and forecast 2021-2026

Exhibit 50: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 51: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
Exhibit 52: Chart on Europe - Year-over-year growth 2021-2026 (%)
Exhibit 53: Data Table on Europe - Year-over-year growth 2021-2026 (%)

7.5 APAC - Market size and forecast 2021-2026

Exhibit 54: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 55: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
Exhibit 56: Chart on APAC - Year-over-year growth 2021-2026 (%)
Exhibit 57: Data Table on APAC - Year-over-year growth 2021-2026 (%)

7.6 South America - Market size and forecast 2021-2026

Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)

7.7 Middle East and Africa - Market size and forecast 2021-2026

Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)

7.8 US - Market size and forecast 2021-2026

Exhibit 66: Chart on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 67: Data Table on US - Market size and forecast 2021-2026 ($ billion)
Exhibit 68: Chart on US - Year-over-year growth 2021-2026 (%)
Exhibit 69: Data Table on US - Year-over-year growth 2021-2026 (%)

7.9 Germany - Market size and forecast 2021-2026

Exhibit 70: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
Exhibit 71: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
Exhibit 72: Chart on Germany - Year-over-year growth 2021-2026 (%)
Exhibit 73: Data Table on Germany - Year-over-year growth 2021-2026 (%)

7.10 China - Market size and forecast 2021-2026

Exhibit 74: Chart on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 75: Data Table on China - Market size and forecast 2021-2026 ($ billion)
Exhibit 76: Chart on China - Year-over-year growth 2021-2026 (%)
Exhibit 77: Data Table on China - Year-over-year growth 2021-2026 (%)

7.11 Canada - Market size and forecast 2021-2026

Exhibit 78: Chart on Canada - Market size and forecast 2021-2026 ($ billion)
Exhibit 79: Data Table on Canada - Market size and forecast 2021-2026 ($ billion)
Exhibit 80: Chart on Canada - Year-over-year growth 2021-2026 (%)
Exhibit 81: Data Table on Canada - Year-over-year growth 2021-2026 (%)

7.12 Japan - Market size and forecast 2021-2026

Exhibit 82: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
Exhibit 83: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
Exhibit 84: Chart on Japan - Year-over-year growth 2021-2026 (%)
Exhibit 85: Data Table on Japan - Year-over-year growth 2021-2026 (%)

7.13 India - Market size and forecast 2021-2026

Exhibit 86: Chart on India - Market size and forecast 2021-2026 ($ billion)
Exhibit 87: Data Table on India - Market size and forecast 2021-2026 ($ billion)
Exhibit 88: Chart on India - Year-over-year growth 2021-2026 (%)
Exhibit 89: Data Table on India - Year-over-year growth 2021-2026 (%)

7.14 Market opportunity by geography

Exhibit 90: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

8.1 Market drivers

8.2 Market challenges

8.3 Impact of drivers and challenges

Exhibit 91: Impact of drivers and challenges in 2021 and 2026

8.4 Market trends

9 Vendor Landscape

9.1 Overview

9.2 Vendor landscape

Exhibit 92: Overview on Criticality of inputs and Factors of differentiation

9.3 Landscape disruption

Exhibit 93: Overview on factors of disruption

9.4 Industry risks

Exhibit 94: Impact of key risks on business

10 Vendor Analysis

10.1 Vendors covered

Exhibit 95: Vendors covered

10.2 Market positioning of vendors

Exhibit 96: Matrix on vendor position and classification

10.3 American Express Co.

Exhibit 97: American Express Co. - Overview
Exhibit 98: American Express Co. - Business segments
Exhibit 99: American Express Co. - Key offerings
Exhibit 100: American Express Co. - Segment focus

10.4 Bento Technologies Inc.

Exhibit 101: Bento Technologies Inc. - Overview
Exhibit 102: Bento Technologies Inc. - Product / Service
Exhibit 103: Bento Technologies Inc. - Key offerings

10.5 Blackhawk Network Holdings Inc.

Exhibit 104: Blackhawk Network Holdings Inc. - Overview
Exhibit 105: Blackhawk Network Holdings Inc. - Product / Service
Exhibit 106: Blackhawk Network Holdings Inc. - Key offerings

10.6 Caxton FX Ltd

Exhibit 107: Caxton FX Ltd - Overview
Exhibit 108: Caxton FX Ltd - Product / Service
Exhibit 109: Caxton FX Ltd - Key offerings

10.7 Citigroup Inc.

Exhibit 110: Citigroup Inc. - Overview
Exhibit 111: Citigroup Inc. - Business segments
Exhibit 112: Citigroup Inc. - Key offerings
Exhibit 113: Citigroup Inc. - Segment focus

10.8 Edenred SE

Exhibit 114: Edenred SE - Overview
Exhibit 115: Edenred SE - Business segments
Exhibit 116: Edenred SE - Key news
Exhibit 117: Edenred SE - Key offerings
Exhibit 118: Edenred SE - Segment focus

10.9 Greendot Health Foods Pvt. Ltd.

Exhibit 119: Greendot Health Foods Pvt. Ltd. - Overview
Exhibit 120: Greendot Health Foods Pvt. Ltd. - Business segments
Exhibit 121: Greendot Health Foods Pvt. Ltd. - Key offerings
Exhibit 122: Greendot Health Foods Pvt. Ltd. - Segment focus

10.10 HSBC Holdings Plc

Exhibit 123: HSBC Holdings Plc - Overview
Exhibit 124: HSBC Holdings Plc - Business segments
Exhibit 125: HSBC Holdings Plc - Key news
Exhibit 126: HSBC Holdings Plc - Key offerings
Exhibit 127: HSBC Holdings Plc - Segment focus

10.11 Mastercard Inc.

Exhibit 128: Mastercard Inc. - Overview
Exhibit 129: Mastercard Inc. - Product / Service
Exhibit 130: Mastercard Inc. - Key news
Exhibit 131: Mastercard Inc. - Key offerings

10.12 Stripe Inc.

Exhibit 132: Stripe Inc. - Overview
Exhibit 133: Stripe Inc. - Product / Service
Exhibit 134: Stripe Inc. - Key offerings

11 Appendix

11.1 Scope of the report

11.2 Inclusions and exclusions checklist

Exhibit 135: Inclusions checklist
Exhibit 136: Exclusions checklist

11.3 Currency conversion rates for US$

Exhibit 137: Currency conversion rates for US$

11.4 Research methodology

Exhibit 138: Research methodology
Exhibit 139: Validation techniques employed for market sizing
Exhibit 140: Information sources

11.5 List of abbreviations

Exhibit 141: List of abbreviations

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