Virtual Card Market Expected to Grow by $420.49 Billion, Focus on High Customer Satisfaction to Drive Growth – Technavio

NEW YORK, November 18, 2022 /PRNewswire/ — The global virtual card market should grow by $420.49 billionregistering a CAGR of 20.13% between 2021 and 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, EuropeACPA, South Americaand the Middle East and Africa). Make decisions with confidence thanks to our knowledge and analysis. Request a FREE sample report

Virtual Cards Market: Key Growth Drivers

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

• Focus on high customer satisfaction

• Strong adoption of contactless payment solutions

• Increased use of m-commerce

The focus on high customer satisfaction is one of the key factors driving the growth of the global virtual card market. Changing user demand and rising prices for products and services have intensified competition between local and foreign players. Sellers are forced to improve their competitive strategies to provide quality customer service and achieve high customer satisfaction. Many e-commerce sellers 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 the vendors to offer better customer services to the end users will drive the growth of the global virtual card market over the forecast period. Buy a sample report.

The emergence of NFC-based payment technology is the major trend that will fuel the growth of the global virtual card market. Due to the increase in demand for contactless payments, the number of NFC-enabled point-of-sale terminals has increased significantly. NFC-based contactless payments are popular in countries like US, UK, China, Canada, Braziland India. The high penetration of NFC-based mobile phones is one of the major growth drivers for the global NFC-based point-of-sale terminal market. Thus, increasing demand for cashless payments is expected to propel the growth of the global virtual card market during the forecast period.

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Virtual card market: offers from major vendors

The growing competition in the market forces 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 mergers and acquisitions to stay competitive in the market.

• American Express – The company offers virtual cards such as Platinum Cards, Loyalty Cards and Smarter Credit Cards.

• Bento Technologies Inc. – The company offers virtual cards such as virtual debit cards.

• Blackhawk Network Fund – 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 more highlights on vendor growth strategies and product offerings, download a free sample report.

Virtual card market: geographical analysis

35% of market growth will come from North America during the forecast period. The United States and Canada are the key markets for the virtual card market in North America. The market growth in this region will be slower than the market growth in the regions. The focus on high customer satisfaction will facilitate the growth of the virtual card market in North America over the forecast period. Get a free sample report.

Reasons for Buying Virtual Cards Market Report:

• Market CAGR over the forecast period 2021-2025

• In-depth information on factors that will contribute to the growth of the Virtual Card market over the next five years

• Estimation of the virtual card market size and its contribution to the parent market

• Predictions on upcoming trends and changes in consumer behavior

• The growth of the virtual card market through North America, EuropeACPA, South Americaand Middle East and Africa

• Market Competitive Landscape Analysis and Detailed Vendor Information

• Complete details of the factors that will challenge the growth of the Virtual Cards Market vendors

Related reports:

Credit Card Payments Market by End User and Geography – Forecast and Analysis 2022-2026: Credit card payments market share is expected to grow USD 147.16 billion from 2021 to 2026.

Smart Card ICs Market by Application, Type and Geography Forecast and Analysis 2022-2026: Smart Card ICs Market Share is Expected to Grow USD 1.17 Billion from 2021 to 2026

Contents:

1. Summary

2 Market landscape

3 Market sizing

4 Five forces analysis

5 Market Segmentation by Product

6 Customer Landscape

7 Geographic landscape

8 drivers, challenges and trends

9 Supplier Landscape

10 Vendor Analysis

11 Appendix

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