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A17176 | Pages: 250 | Charts: 83 | Tables: 177 |
The global virtual cards market size was valued at $415.1 billion in 2023, and is projected to reach $2,403.3 billion by 2032, growing at a CAGR of 21.5% from 2024 to 2032. Virtual cards is digital payment cards issued by financial institutions for online or contactless transactions. They provide a unique card number, expiration date, and security code, enhancing security by preventing exposure of the actual physical card details.
A virtual card, often known as a digital card, is a type of electronic payment system that works like physical bank cards, which serves as a token for online purchases and electronic payments. It has all the features, such as a unique card number, expiration date, and CVV code, but it exists only electronically. It can be used anywhere that accepts physical credit cards, and all charges will appear on the user’s credit card account statement. It often allows secure online transactions as it mitigates the risk of exposing the underlying credit/debit card details to the vendor. Moreover, it is created for a single online transaction and is valid for a maximum of 48 hours. The credit limit and validity period may vary from bank to bank.
Furthermore, virtual cards market size can facilitate businesses to rationalize payments to suppliers and vendors and can also be used to pay employees and independent contractors. For instance, businesses may set up instant payouts to virtual debit cards, so employees are paid hastily. Thus, these cards deliver increased security, convenience, and control for both consumers and businesses, thereby making them a valuable tool in the digital payment landscape.
The virtual cards market share study covers 20 countries. The research includes a segment virtual cards market analysis of each country in terms of value ($Billion) for the projected period 2023-2032.
More than 1,500 product literature, industry releases, annual reports, and other documents of major virtual card industry participants, along with authentic industry journals, trade associations' releases, and government websites, have been reviewed to generate high-value industry insights.
The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives.
Key Market Segments
Key Market Players