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

The Virtual Cards Market is being driven by Focus on high customer satisfaction

The Virtual Cards Market is expected to grow at a CAGR of 17.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 428.6 billion. NFC (Near Field Communication) technology enables data exchange between compatible devices that are in close proximity, typically within a few centimeters. Devices requiring NFC capability include smartphones, credit card readers, and commuting terminals, all of which are equipped with NFC chips. This technology supports two communication modes: one-way and two-way. In one-way communication, a reader or powered device initiates the data transfer by reading and writing to the NFC chip. An example of this is the subtraction of funds from a commuter card when tapped on a terminal. Conversely, two-way communication facilitates data exchange between two devices, allowing users to transfer information such as contacts, links, and photos by bringing two NFC-enabled devices in close contact. 

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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
• Service
  • Business use
  • Consumer use
• Card Type
  • Credit Card
  • Debit Card
  • Prepaid Card
• End-Use Industry
  • Banking, Financial Services, and Insurance (BFSI)
  • E-commerce
  • Hospitality
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

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

• Focus on high customer satisfaction
• High adoption of contactless payment solutions
• Increased use of m-commerce

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

• Regulations on contactless payment transactions
• Rising threat from substitute transaction systems
• Privacy and security concerns associated with virtual cards

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Market Scope in Virtual Cards Market Research Report

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Research Analysis Overview

The Virtual Cards Market offers advanced features such as card number generation, expiration date management, security token integration, and virtual account linking. Payment data is encrypted for customer data privacy, and transaction records are kept for future reference. Fraud prevention measures ensure secure transactions, and account balance inquiries and transaction history reporting provide users with real-time information. Spending limits can be adjusted, and cards can be replaced if lost or stolen. The user interface is designed for ease of use, and API documentation and system architecture design facilitate seamless integration. Database management systems ensure transaction processing speed, and payment error handling and customer support channels address any issues. Compliance regulations are adhered to, and the system is scalable, with data backup procedures and security audits maintaining its integrity. A software development kit and user experience optimization tools are provided, along with payment authorization requests and customer service metrics for continuous improvement.

Market Research Overview

The Virtual Cards market is a segment of the larger IT services industry, specifically focusing on companies providing card issuance platforms, transaction authorization systems, and virtual account management services. These solutions employ robust tokenization security protocols to ensure secure financial transactions. The market's growth is driven by increasing government investments in advanced IT infrastructure, necessitating the need for specialized IT consulting and services to implement and manage these systems effectively. The global IT consulting and other services market, encompassing companies offering IT consulting, system integration, application services, and business process outsourcing, is expected to grow significantly due to this trend. Technavio's market analysis indicates that the market size is determined by the combined revenues generated through IT service contracts in all sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/