Latest News- Virtual Cards Market in Europe: B2B virtual cards is expected to lead the Product segment during 2025-2029

The Virtual Cards Market in Europe is being driven by High adoption of contactless payment solutions

The Virtual Cards Market in Europe is expected to grow at a CAGR of 18.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 122.7 billion. The virtual cards market in Europe has experienced significant growth with the adoption of Near Field Communication (NFC) technology. NFC enables contactless payments by facilitating communication between devices in close proximity. This technology's convenience, speed, and heightened security features have led to its widespread acceptance across Europe. Key players such as Revolut, a UK fintech company, and N26, a German digital bank, have spearheaded this transformation. Revolut's virtual cards support NFC payments, enabling users to make secure transactions with a simple tap on their smartphones. Likewise, N26 offers NFC-enabled virtual cards, seamlessly integrating them with their mobile banking app for a comprehensive digital payment solution. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • B2B virtual cards
  • B2C remote payment virtual cards
  • B2C POS virtual cards
• Application
  • B2B Payments
  • Consumer Purchases
  • Travel Bookings
• Technology
  • Tokenization
  • Encryption
  • API Integration
• Geography
  • Europe
    • UK
    • France
    • Italy

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• High adoption of contactless payment solutions
• Increasing internet penetration globally
• Growing focus on customer satisfaction

However, the market also witnesses some limitations, which are as follows:

• Popularity of mobile payments
• Data privacy and security concerns
• Stringent regulations on virtual cards

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Market Scope in Virtual Cards Market in Europe Research Report

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Research Analysis Overview

In Europe, the Virtual Cards Market encompasses various solutions and services including Card Issuing Platforms, Virtual Card Management, Spend Control Software, Expense Management Systems, Mobile Card Apps, Card Integration Solutions, Payment Processing Services, Payment Gateway Integration, API Integration, Real-time Transactions, Real-time Monitoring, Multi-factor Authentication, Data Analytics Platforms, Business Intelligence Tools, Payment Optimization Tools, Automated Payment Processing, Workflow Automation Tools, Cloud-based Payment Solutions, Virtual Card Security, Payment Fraud Detection, Cybersecurity Solutions, Data Privacy Regulations, Customer Onboarding, Customer Support, User Interface Design, User Experience Optimization, Customer Journey Mapping, Payment Processing Efficiency, Cost Reduction Strategies, Digital Payment Ecosystems, Payment Innovation, Digital Transformation Initiatives, Payment Service Providers, Alternative Payment Methods, Mobile Wallet Solutions, E-commerce Payment Solutions, Cross-border Payments, Payment Security Standards, Data Security Standards, and Data Protection Standards. These offerings aim to provide efficient, secure, and user-friendly payment solutions, with features such as real-time monitoring, multi-factor authentication, data analytics, and automation. Virtual card technology offers various benefits, including improved spend control, expense management, and payment processing efficiency, while ensuring security and compliance with data privacy regulations. Additionally, virtual cards can help reduce costs, enhance user experience, and facilitate cross-border payments. Innovative payment solutions, such as mobile wallets, e-commerce payments, and alternative payment methods, are also gaining popularity in the market. Overall, the European Virtual Cards Market is witnessing significant growth due to the increasing demand for digital and contactless payment solutions, and the ongoing digital transformation initiatives.

Market Research Overview

The European Virtual Cards market encompasses the provision of Virtual Cards, Prepaid Cards, Single-use Cards, Digital Wallets, EMV Cards, Contactless Payments, Card Management Platforms, and Spend Control Solutions. This market segment falls under the broader IT consulting and other services sector, which includes companies offering IT consulting and system integration, application services, electronic data processing, business process outsourcing, infrastructure services, and Internet services. According to Technavio, the European IT consulting and other services market growth is driven by increasing government investments in advanced IT infrastructure and the need for expertise in current IT skills among public sector organizations. This trend is expected to significantly boost the demand for Virtual Cards and related services in the region.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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