Global Virtual Cards Market: Introduction

A virtual card is a digital payment system that functions as a token, and is used for electronic payments and mobile orders. Credentials are created automatically by a method called tokenization, and the cards come with built-in financial controls to finance the card for either single-use or multi-purpose transactions.

The lock-down issued by governments of various countries due to the Coronavirus has a detrimental effect on the financial sector. The number of electronic payment transactions or digital payment transfers has decreased from both enterprises and customers as a consequence of the lockdown, which directly impacts the virtual card industry at a global scale.

Global Virtual Cards Market: Dynamics

  • Streamlining of Virtual Card Payment Methods
    • Switching to virtual cards makes online shopping secure and easy, and reduces the possibility of crime. While purchasing online, workers essentially locate the object they would like to purchase and send a request to their manager for approval. The manager then produces a virtual certificate for the amount ordered and gives it to the employee who puts the information on the billing screen at checkout. In such a situation, the organization retains complete access and power over the sales method, whilst the employee has the right and autonomy to perform the transaction as normal.

North America Led the Global Market in 2019

  • Based on region, the global virtual cards market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
  • North America held a dominant share of the global virtual cards market in 2019. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are the major countries that drive the market in this region. The significant presence of market leaders and trend of early adoption of technology are some of the key factors for the growth of the market.  
  • The virtual cards market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. China, India, and Japan are some of the major countries which drive the market in this region. Rising government initatives to encourage digital payments and extensive usage of smartphones are some of the key factors which accelerate the market in  this region.

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Key Players Operating in the Global Market

Key players operating in the global virtual cards market are listed below:

  • Abine, Inc.
  • American Express Company
  • Billtrust, Inc.
  • Cryptopay
  • CSI (Corporate Spending Innovations)
  • Divipay PTY Ltd.
  • Emburse, LLC
  • Fraedom Holdings Limited
  • JP Morgan Chase
  • Marqeta Inc
  • Mastercard Incorporated
  • MineralTree, Inc.
  • Qonto
  • Skrill
  • Stripe
  • WEX Inc.
  • Wirecard AG

Global Virtual Cards Market: Research Scope

Global Virtual Cards Market, by Product Type

  • B2B Virtual Cards
  • B2C Remote Payment Virtual Cards
  • B2C POS Virtual Cards

Figure: Global Virtual Cards Market, by Product Type

virtual cards market by product type

Global Virtual Cards Market, by End-user

  • Consumer Use
  • Business Use

Global Virtual Cards Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Rest of South America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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Figure: Global Virtual Cards Market, by Region

virtual cards market by region

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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