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 must be equipped with NFC chips to facilitate this interaction. One-way communication occurs when a reader or powered device, such as a smartphone, credit card reader, or transit terminal, initiates the transfer of data to the NFC chip. Two-way communication, on the other hand, allows for data exchange between two devices, each with its own NFC capabilities. For instance, users can exchange contacts, links, and photos by simply touching two NFC-enabled Android devices together. This technology offers a convenient and efficient means of data transfer in various business applications, including contactless payments, access control, and supply chain management. 

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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
• 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 encompasses solutions for Recurring Payments and One-time Payments, Mass Payments, Automated Payments, and B2B Payments. It offers Cross-Border Payments with Multi-currency Support and Dynamic Currency Conversion. Payment Reconciliation, Automation, Orchestration, and Security Solutions are integral. Providers offer Payment Processing Services, Fraud Detection, Risk Management, Compliance Management, Data Protection, and Customer Support. Account Management, UI/UX, Mobile App Development, Web Development, Blockchain Technology, DeFi, AI, ML, Data Science, Biometric Verification, Facial Recognition, Voice Authentication, Real-time Risk Assessment, Predictive Analytics, Digital Identity, Identity Verification, AML, and Payment Optimization are key features.

Market Research Overview

The Virtual Cards market, a segment of the broader IT services industry, encompasses providers of Virtual Payments, Digital Cards, Single-use Cards, and Disposable Cards. These solutions facilitate Online Payments and Prepaid Cards, offering enhanced security and convenience. The Global IT Consulting and Other Services Market, a subsector of the IT services industry, encompasses companies delivering IT Consulting and Information Management Services. According to Technavio, this market's size is determined by the consolidated revenue generated from contracts executed by firms offering all types of IT consulting and information management services. Key growth drivers for this market include increasing government investments in advanced IT infrastructure and the growing need for digital transformation across industries.. 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/