According to a new report published by Allied Market Research, titled, “Virtual Cards Market,” The virtual cards market size was valued at $281.22 billion in 2021, and is estimated to reach $1,893.08 billion by 2031, growing at a CAGR of 21.3% from 2022 to 2031.
Based on region, North America attained the highest virtual cards market growth in 2021. This is attributed to the fact that consumers in North America are choosing to shop with businesses that offer virtual credit cards options at the point of sale. Furthermore, millennial’s preferences towards usage of cash is decreasing and over half of the population are likely to avoid shopping at stores that do not offer to pay through affirm virtual cards. Virtual Cards Market Expected to Reach $1,893.08 Billion by 2031.
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During the pandemic, more consumers became comfortable purchasing items online or with their smart phones to avoid risky in-person interactions. Moreover, banks and financial institutions adopted digitalization and started giving virtual gift cards to their customers instead of physical cards. In addition, the risk of spread of virus through touching of surface such as swipe machines and point of sale (PoS) increased the demand for virtual cards. Therefore, the COVID-19 pandemic had a positive impact on the virtual cards market trends.
Key findings of the study
- By product type, the B2B virtual card segment led the virtual cards market in terms of revenue in 2021.
- By end user, the businesses segment accounted for the highest virtual cards market share in 2021.
- By region, North America generated the highest revenue in 2021.
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The key players profiled in the virtual cards market analysis are American Express, BTRS Holdings Inc. dba Billtrust, Bento Technologies Inc., Citigroup Inc., Capital One, DBS Bank Ltd., ePayService, HSBC Group, JPMorgan Chase & Co., Mastercard, Marqeta, Inc., Revolut Ltd, Stripe, Inc., State Bank of India, Standard Chartered Bank, Wise Payments Limited, WEX Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the virtual cards industry.
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