The latest report pertaining to Virtual Cards Market provides a detailed analysis regarding market size, revenue estimations and growth rate of the industry. In addition, the report illustrates the major obstacles and newest growth strategies adopted by leading manufacturers who are a part of the competitive landscape of this market.
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Market Analysis of Virtual Cards –
Virtual card also referred as digital card is used to improve the payments experience by making it safer, simpler and smarter to make purchases online. Virtual cards are usually stored on a smartphone or a smart watch. Thus, data from the card’s issuer are often transmitted (via Internet) and displayed like discounts, news updates, store locations, coupons, etc. It is a digital payment system that functions as a token and is used for electronic payments and mobile orders. A virtual card is a unique 16-digit card number that’s digitally-generated and tied to account. Virtual card can be used for online payments everywhere. With virtual cards, businesses can manage card numbers and balances on any computer or mobile device, anywhere in the world regardless of whether are making or receiving the payment; virtual cards are also improving the B2B payments. Due to its convenience and adaptability, the resources are available from anywhere and at any time. The online method of transactions is best fitted to everyone. Virtual cards can’t be lost/stolen because there’s no physical card to lose and therefore the information is simply stored online via access to a launch window. It can be edited or deleted after use. A virtual card has been proven to be a successful method of online payment is becoming a way of life for many citizens in around the world. It offers consistency, effectiveness and more transparency.
Virtual cards market report is segmented on the basis of product type, end user and by regional & country level. Based on product type, global virtual cards market is classified into B2B virtual cards, B2C remote payment virtual cards and B2C POS virtual cards. Based upon end user, global virtual cards market is classified into consumer use, business use and others.
The regions covered in this virtual cards market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of virtual cards is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Virtual cards market report covers prominent players like Skrill, Stripe, WEX Inc., Billtrust, Inc, Cryptopay, LLC, Fraedom Holdings Limited, JP Morgan Chase, Marqeta Inc, Mastercard Incorporated, MineralTree, Inc., Qonto, Wirecard AG, Abine, Inc., American Express Company, CSI (Corporate Spending Innovations), Mastercard Incorporated, Divipay PTY Ltd., Emburse and Others.
Virtual Cards TOP Companies
Fraedom Holdings Limited
JP Morgan Chase
American Express Company
Virtual Cards Market Dynamics –
The increasing adoption of online payments, growing power of digital platforms and huge capital investment in research and development are the key drivers for the growth of the global virtual cards market. In Addition, Virtual cards can make online shopping easy by reducing crime and enhance the world economy with secure payment mode. According to report by United Nations Conference on Trade and Development, digital platforms provide the mechanisms for bringing together a set of parties to interact online. Further, growing adoption of smartphones will increase growth of market in coming years. In Fact, The corporate businesses are investing highly in incorporating modern technologies into their facilities to help consumers to understand digital transactions. As per UNCTAD, Data and digital intelligence are important for digital economies in developed countries where a growing number of mobile apps draw on data. For example, financial services use consumer transactions and online payments data for assessing customer risk. Now these days, with the coronavirus pandemic sweeping the world, governments of various countries decided the lock-down for long time due to this has a damaging effect on the financial sector. The number of electronic payment transactions or digital payment transfers has decreased from both enterprises and customers due to lockdown. This directly hampers the virtual card market at a global scale. However, technological advancements and increased government initiatives toward online payments and digital platform may generate new opportunities for virtual cards market in forecast period.
Virtual Cards Market Regional Analysis –
North America is expected to dominate the virtual cards market with highest market share in the forecast period. Heavy investments in R&D initiatives, increasing smartphone users, technological expansions and early adoption of technology, major players present in the region, these factors will propel the growth of the market in North America followed by Europe. There are several virtual card issuing companies such as Privacy in the USA and Entropay in the UK. According to UNESCO, global spending on R&D has reached a record high of almost USD 1.7 trillion and about 10 countries account for 80% of spending on R&D. According to Internet Innovation Alliance, The United States is a leader in the world with respect to the adoption of smartphone technology. It is predicted that smartphone penetration in North America will also continue to increase in forcaste period.
Asia Pacific is anticipated to grow at significant growth rate due to the production of smartphones. The growing smartphone penetration in the region will also contribute to the expansion of the market in Asia Pacific. In addition, increasing government initatives to encourage digital payments will further increase the Asia Pacific market in forecast period. Besides, the rapid increase in the research efforts undertaken in the fast emerging economies of the Asia Pacific region is expected to further reinforce growth.
Key Benefits for Virtual Cards Market Reports –
Global Market report covers in depth historical and forecast analysis.
Global Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Market report helps to identify opportunities in market place.
Global Market report covers extensive analysis of emerging trends and competitive landscape.
Virtual Cards Market Segmentations
By Product Type:- B2B Virtual Cards, B2C Remote Payment Virtual Cards, B2C POS Virtual Cards
By End User:- Consumer Use, Business Use, Others
By Regional & Country Analysis
North America, US, Mexico, Chily, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, South Korea, Japan, India, Southeast Asia, Latin America, Brazil, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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