Virtual Cards Market in Europe Size to grow by USD 237.2 billion between 2024-2028
According to a research report “ Virtual Cards Market in Europe” by Product (B2B virtual cards, B2C remote payment virtual cards, B2C POS virtual cards) Application (Business use, Consumer use) Geography (Europe)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 237.2 billion, at a CAGR of 27.18% during the forecast period. The emergence of advanced payment gateways, such as Stripe and Mastercard, has streamlined the bill payment process, eliminating the need for physical credit or debit cards. Point-of-Sale (PoS) systems have become increasingly popular among retailers for processing transactions made by consumers. Virtual payment solutions, facilitated by platforms like PoS, are gaining traction due to their convenience and efficiency. The well-established European payment infrastructure, the necessity for quicker checkouts, effective data management among merchants, and the heightened emphasis on secure transactions are key drivers fueling the growth of the virtual cards market in Europe throughout the forecast period..
Browse market data tables, figures, and in-depth TOC on “Virtual Cards Market in Europe” by Product (B2B virtual cards, B2C remote payment virtual cards, B2C POS virtual cards) Application (Business use, Consumer use) Geography (Europe) Global Forecast to 2028. Download Free Sample
By Product, the B2B virtual cards segment is projected to dominate the market size in 2024
The European virtual cards market experienced significant growth in the B2B segment in 2023, driven by the increasing trend towards real-time digital disbursements on mobile platforms. With over 93% of European households having Internet access as of 2022, according to Eurostat, the convenience and security of virtual cards have become increasingly attractive to businesses. Major industries, including banking, financial services and insurance (BFSI), e-commerce, healthcare and life sciences, education, utilities, and retail, have been key contributors to market expansion. Vendors in this space are integrating near-field communication (NFC) chips into their devices to offer consumers contactless payment solutions and a broader range of applications.
By Application, Business use segment is expected to hold the largest market size for the year 2024
The European virtual cards market's business application segment held a significant market share in 2023, with projections indicating its continued dominance throughout the forecast period. Businesses increasingly adopt virtual cards for their transactions due to their convenience and enhanced security features. Key benefits include immediate payment settlement, transaction limits, simplified vendor management, and improved expense management. These advantages make virtual cards an indispensable tool for businesses, driving their widespread adoption for secure and efficient e-payments.
Europe is forecasted to hold the largest market size by region in 2024
The European virtual cards market is experiencing significant growth, driven by the increasing adoption of digital payments and contactless technology. Companies are leveraging virtual cards to streamline expense management, enhance security, and improve operational efficiency. The market is expected to continue expanding, with key players focusing on innovation and strategic collaborations to capture a larger market share. Virtual cards offer a cost-effective and flexible alternative to traditional payment methods, making them an attractive option for businesses of all sizes.
The Virtual Cards Market in Europe growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Virtual Cards Market in Europe is experiencing a digital revolution, driven by technological advancements such as smart contracts and blockchain. VCN technology, which includes biometric authentication, convenience, and security, is at the forefront of this transformation. With the increasing popularity of online payments, e-commerce software, and cashless transactions, European merchants are embracing virtual cards to offer instant payment solutions to their customers. Demographics are also playing a role in the growth of the virtual cards market. Younger generations, who are more comfortable with digital transactions, are driving the adoption of contactless payment and net banking. However, cyber attacks and cyber fraud remain significant concerns for global businesses, making security and transparency key selling points for virtual cards. Alibaba, a leading e-commerce platform, has already integrated virtual card technology into its payment system, allowing users to make online transactions with added security and convenience. The European debit card base is also expanding, making tokenization an attractive option for merchants looking to offer secure and efficient payment solutions. The European virtual cards market is expected to grow significantly in the coming years, as technological advancements continue to reshape the way we make payments. As more and more businesses move online, the demand for secure, convenient, and transparent payment solutions will only increase.
Market Research Overview
The Virtual Cards Market in Europe is experiencing significant growth, driven by the digital revolution and the increasing popularity of m-commerce. Leading players in this market include Starling Bank, Billie, Adyen, and newcomers like VCN technology. Competitive intelligence indicates a forecasted CAGR of 15% for the European Virtual Cards Market. Segmental shares reveal that credit assessment and financial inclusion are key business models. Virtual credit cards offer convenience, customization, and personalization, appealing to net banking users and millennials. The debit card market is also seeing a shift towards virtual cards due to cashless transactions and consumer confidence. However, concerns around corporate fraud and cyber attacks persist, necessitating robust security measures like biometric authentication and tokenization. Emerging economies and developing regions are also embracing virtual cards, driven by financial literacy and demographics. Technological advancements, such as decentralized systems using smart contracts and blockchain, are further fueling growth. E-commerce platforms, global businesses, and merchants are increasingly adopting virtual cards for online transactions. Despite these opportunities, challenges remain. E-commerce losses due to fraud and cyber attacks are a concern, as are the impacts of Covid-19 and the shifting debit card base towards instant payment systems. Key players like Stripe, Qonto, Mastercard, Skrill, and Alibaba are responding with innovative solutions to meet evolving consumer needs and ensure transparency and security in virtual card transactions.
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