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. This functionality is facilitated by NFC chips embedded in the devices. One-way communication occurs when a reader or powered device, such as a credit card reader, phone, or commuter terminal, interacts with an NFC chip to read or write data. Two-way communication, on the other hand, allows for data transfer between two devices, each equipped with an NFC chip, such as two Android devices for exchanging contacts, links, and photos.
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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, Europe, APAC, 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:
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Key Features in Virtual Cards Market Research Report
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The Virtual Cards Market is witnessing significant growth due to the increasing popularity of digital transactions. MasterCard Payment Index reveals that biometrics, QR codes, and tokenization are driving this trend. Virtual cards offer user-friendly experiences, contactless payment solutions, and are compatible with electronic payment systems. However, concerns over fraud, data leakage, and e-commerce fraud persist. Virtual banks and fintech firms are integrating cutting-edge features like ACH payments and smartphone compatibility to enhance user experience. Incorrect labels and low-quality products are potential challenges. Digital currencies and tokenization are also influencing the market.
The Virtual Cards market is a segment of the larger IT services industry, specifically focusing on digital transactions and related services. This market encompasses companies providing solutions for MasterCard Payment Index, biometrics, digital currencies, QR code, and tokenization. According to Technavio's market research, the global IT consulting and other services market, which includes this Virtual Cards segment, will experience significant growth due to increasing government investments in advanced IT infrastructure, the growing need for IT expertise in public sector organizations, and the continuous digitization of business processes.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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