Global Virtual Cards Market 2023-2028

Description

REPORT OVERVIEW

Juniper Research's new “Virtual Cards” report provides an in-depth analysis and evaluation of how virtual cards are gaining traction as a digital payment. It includes an extensive segment analysis that assesses how virtual cards are becoming specialised into industry-specific payment solutions, which help businesses effectively manage spending limits with an additional layer of security across 10 sectors.

It also delivers critical insights on opportunities across the virtual cards market landscape and future prospects for leading vendors in the space. We reveal an evaluation of the development of virtual cards across 60 different key countries of interest and access their readiness for widespread adoption of virtual cards. The study also contains the Juniper Research Competitor Leaderboard; positioning 20 key virtual card vendors based on their solutions and capabilities.

The research delivers incisive analysis of the virtual cards market landscape; analysing the future of virtual cards alongside the regulatory framework across 6 key regions, as well as key challenges faced by the market. Furthermore, the research includes a segment analysis on 10 key industries within which virtual cards have managed to position themselves successfully. These comprise AP (Accounts Payable) & Expenses, Banking & Finance, Travel, B2C, Healthcare, Fleet, Marketing, Government, Education and Energy & Utilities. Finally, we also feature a comprehensive forecast suite; encompassing the virtual cards market growth across two key segments which are further segmented:

B2B Sector
- Finance
- Healthcare
- Fleet
- Other Businesses

B2C Sector
- B2C Remote
- B2C POS

The research suite comprises:

Market Trends & Strategies (PDF)
Competitor Leaderboard (PDF)
Data & Forecasts (PDF & Excel)
12 Months' Access to harvest Online Data Platform

Key Market Statistics

Global Volume of Virtual Cards Transactions in 2023:	35.8bn
Global Volume of Virtual Cards Transactions in 2028:	174.3bn
Growth in Volume of Transactions between 2023 and 2028:	30.19%

KEY FEATURES

Market Dynamics: Insights into key trends and market expansion challenges within the virtual cards landscape, including how virtual cards are becoming tailored to industry specific payment methods that help business effectively manage expenses securely across 10 sectors, as well as insight on different regulations across 6 key regions. The study also features Juniper Research's Country Readiness Index, which compares the positioning of 60 key countries across 8 key regions and provides a country level analysis of key virtual card growth and revenue opportunities.

Key Takeaways & Strategic Recommendations: Key opportunities for vendors highlighted across virtual cards market landscape; making for an important read for key stakeholders.

Benchmark Industry Forecasts: 5-year forecasts for the total transaction numbers from virtual cards, spend on virtual cards and revenue from virtual cards. This is split across B2B segments (Financial Services, Healthcare, Fleet, Other Business) and B2C (Remote and POS) virtual cards and their respective segments. The data is also split by our 8 key forecast regions and 60 countries:

North America:
- Canada, US

Latin America:
- Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay

West Europe:
- Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK

Central & East Europe:
- Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine

Far East & China:
- China, Hong Kong, Japan, South Korea

Indian Subcontinent:
- Bangladesh, India, Nepal, Pakistan

Rest of Asia Pacific:
- Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam

Africa & Middle East:
- Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates

Juniper Research Competitor Leaderboard: Key player capability and capacity assessment for 20 virtual card vendors, via the Juniper Research Competitor Leaderboard, featuring the following technology companies:
- Apple
- Bank of China
- Barclaycard
- Capital One
- Discover
- Flutterwave
- JPMorgan Chase
- Klarna
- Lithic
- Marqeta
- Monese
- Monzo
- Nubank
- Open
- Qonto
- Rakuten Card
- Revolut
- Starling
- Stripe
- WEX

KEY QUESTIONS ANSWERED

1. How do virtual cards successfully facilitate B2B and B2C payments and help businesses scale?

2. How much is the virtual cards market worth, and how much will its worth be in 2028?

3. Who are the key players and innovators in the virtual cards market?

4. What types of specialisations are trending in the virtual cards market?

5. What are the opportunities and future outlook for virtual cards issuers?

COMPANIES REFERENCED

Included in Juniper Research Competitor Leaderboard: Apple, Bank of China, Barclaycard, CapitolOne, Discover, Flutterwave, JPMorgan Chase, Klarna, Lithic, Marqeta, Monese, Monzo, Nubank, Open, Qonto, Rakuten Card, Revolut, Starling, Stripe, WEX.

Mentioned: Accenture, AFS, Agoda, Amazon, Ambrook Wallet, ASOS, ASPCA, AT&T, Avios, Axis, BigCommerce, BNP Paribas, Bolt, Business Insider, Canopy, Casas Bahia, Chevy Chase Bank, Chipper, Churchill, Conferma Pay, Coupa Pay, Crowdcube, Diners Club International, Emirates, First National Bank Alaska, Flume, Forbes, FREENOW, FreshBooks, GAP, Getir, Goldman Sachs, Groupon, Hibernia National Bank, Home Loan Centre, Hopper, HSBC, IBS Software, ICICI Bank, IMB, Jagger, JCB, Karat, Kobo Inc, Kokunai Shinpan Co, Kotak Mahindra Bank, Levis, Libeo, Lunar Group, Make a Wish, Marqueta, Mastercard, Monevo, MTN, Napier, National Debtline, Netflix, North Fork Bank, Paykrom, Paymentology, PayNet, PayPoint, Paysafecash, PCMI Corporation, Penfold, Penta, Plaid, Post Office, Qoxer, QuickBooks, Raisin, RuPay, SAP Commerce Cloud, Scalapay, Signal Iduna Group, Sila, Starling Bank, State Bank of India, StepChange, Student Loan Corporation, Swile, Too Good To Go, TouchBistro, TravelPerk, Uber, UnionPay, Universal Air Travel, Verve, Viber, Voyagin, Walmart, WellnessLiving, Wise, Wix, Wyre, Xero, Yes Bank, Zapier, Zettle.

DATA & INTERACTIVE FORECAST

Juniper Research's “Virtual Cards” forecast suite includes:

The forecast suite provides a strong dataset, including the total number of transactions via virtual cards, spend via virtual cards, and revenue from virtual cards, which is then further split across key segments.

B2B sector, split by the types of companies involved:
- Finance
- Healthcare
- Fleet
- Other Businesses

B2C Sector
- Remote payments using virtual cards
- Virtual card payments at point of sale/in-person

Geographical splits: 60 countries

Number of Tables: 59 tables

Number of datapoints: Over 39,000

harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform enabling clients to better understand key data trends and manipulate charts and tables; overlaying different forecasts within the one chart - using the comparison tool. Empower your business with our market intelligence centre, and receive alerts whenever your data is updated.

Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the interactive scenario tool and compare selected markets side by side in customised charts and tables. IFxls greatly increase a client's ability to both understand a particular market and to integrate their own views into the model.

FORECAST SUMMARY

Over the forecast period the total volume of virtual card transactions will reach 175 billion by 2028, rising from 36 billion in 2023. Growing by a significant 388%, the market will be accelerated by the adoption of API virtual card issuing platforms.

The report identified easy-to-use API (Application Programming Interface) platforms, that allow businesses to establish a virtual card programme that they can deploy easily and scale alongside their needs, as a key development driving virtual card growth.

Another key success factor identified by the research was the readiness of a virtual card platform to easily integrate within an organisation's own software and established infrastructure. For example, procurement-focused virtual cards need to integrate with accounts payable software in order to automate renewals, log payments and generate digital receipts. Virtual card vendors must therefore integrate with a wide range of third-party software systems across key verticals of interest, in order to maximise their success.

Market Trends & Strategies

1. Key Takeaways and Strategic Recommendations

1.1 Key Takeaways
1.2. Strategic Recommendations

2. Market Landscape

2.1. Introduction
- 2.1.1. How Do Virtual Cards Work?
- 2.1.2. Virtual Cards & Tokenisation
- 2.1.3. Unique Features of Virtual Cards
  - i. Types of Virtual Cards
  - ii. Enhanced Security
  - iii. Convenience
  - iv. Instant Deployment
- 2.1.4. Application of Virtual Cards
  - i. Faster B2B Payments
  - ii. Expense Management
  - iii. International Transactions
2.2. Monetisation
- Figure 2.1: Sources of Income from Virtual Card Issuers
- 2.2.1. Issuers
- 2.2.2. Users
2.3. Future Outlook
- 2.3.1. Domestic Payments
  - Figure 2.2: Total Virtual Card Revenue per annum ($ billion) by Sector
- 2.3.2. International Payments
- 2.3.3. B2B & B2C Comparison
  - Figure 2.3: Difference in Future Outlook for B2B and B2C Virtual Cards
- 2.3.4. High-value Trade Corridors
  - Figure 2.4: High-value Trade Corridors across 7 Key International Relationships
  - i. US - Canada
  - ii. US - China
  - iii. US - Mexico
  - iv. UK - EU
  - v. UK - US
  - vi. UK - India
  - vii. UK - Singapore
2.4. Limitations
- Figure 2.5: Virtual Cards Limitations
- 2.4.1. Regulations
  - i. Global
    - Figure 2.6: Driving Forces of Regulatory Change for Cards
  - ii. US
  - iii. EU
  - iv. Indian Subcontinent
  - v. Far East & China
  - vi. Africa & Middle East
- 2.4.2. Inertia within the Market
- 2.4.3. Cost
- 2.4.4. Acceptance
- 2.4.5. Real-time Payment

3. Sector Analysis

3.1. Segment Analysis Landscape
- Figure 3.1: Virtual Cards Key Leading and High-potential Industry Segments
3.2. Accounts Payable & Expenses
- 3.2.1. Opportunities
- 3.2.2. Challenges
3.3. Banking and Finance
- 3.3.1. Opportunities
- 3.3.2. Challenges
3.4. Business to Consumer
- 3.4.1. Opportunities
- 3.4.2. Challenges
- 3.4.3. Travel
- 3.4.4. Opportunities
- 3.4.5. Challenges
3.5. Healthcare
- 3.5.1. Opportunities
- 3.5.2. Challenges
3.6. Fleet
- 3.6.1. Opportunities
- 3.6.2. Challenges
3.7. Marketing
- 3.7.1. Opportunities
- 3.7.2. Challenges
3.8. Government
- 3.8.1. Opportunities
- 3.8.2. Challenges
3.9. Education
- 3.9.1. Opportunities
- 3.9.2. Challenges
3.10. Energy & Utilities
- 3.10.1. Opportunities
- 3.10.2. Challenges

4. Country Readiness Index & Regional Analysis

4.1. Country Readiness Index
- Figure 4.1: Juniper Research's 8 Key Regions Definitions
- Table 4.2: Juniper Research Virtual Card Country Readiness Index: Scoring Criteria
- Figure 4.3: Juniper Research's Virtual Cards Country Readiness Index
- Figure 4.4: Juniper Research's Competitive Web: Virtual Cards Regional Opportunities
4.2. Regional Analysis
- 4.2.1. North America
  - Figure 4.5: Total Volume of Virtual Card Transactions in North America in 2023 (m)
  - i. US
  - ii. Canada
- 4.2.2. Latin America
  - Figure 4.6: Total Volume of Virtual Card Transactions in Latin America (m), Split by 8 Select Countries, 2023-2028
  - i. Brazil
  - ii. Mexico
- 4.2.3. West Europe
  - Figure 4.7: West Europe Total Virtual Card Transaction Value in 2023 ($bn)
  - i. France
  - ii. Germany
  - iii. Ireland
  - iv. Sweden
  - v. UK
  - Figure 4.8: West Europe Total Virtual Card Transaction Value in 2028 ($bn)
- 4.2.4. Central & East Europe
  - Figure 4.9: Central & East Europe Total Virtual Card Transaction Value ($m), Split by 8 Select Countries, 2023-2028
  - i. Poland
  - ii. Turkey
- 4.2.5. Far East & China
  - Figure 4.10: Far East and China Total Transaction Value ($m), Split by 4 Select Countries, 2028
  - i. Japan
  - ii. South Korea
- 4.2.6. Indian Subcontinent
  - Figure 4.11: Indian Subcontinent Total Virtual Card Transaction Value ($b), Split by 4 Select Countries, 2023-2028
  - i. India
- 4.2.7. Rest of Asia Pacific
  - Figure 4.12. Rest of Asia Pacific Total Virtual Card Transaction Value in 2028 ($bn)
  - i. Australia
  - ii. Singapore
- 4.2.8. Africa & Middle East
  - i. Africa & Middle East
    - Figure 4.13: Africa & Middle East Total Virtual Card Transaction Value in ($bn), Split by 10 Select Countries, 2023-2028
  - ii. Nigeria
  - iii. UAE
- 4.2.9. Virtual Cards Regional Opportunities: Heatmap Analysis Results
  - Table 4.14: Juniper Research Country Readiness Index: North America
  - Table 4.15: Juniper Research Country Readiness Index: Latin America
  - Table 4.16: Juniper Research Country Readiness Index: West Europe
  - Table 4.17: Juniper Research Country Readiness Index: Central & East Europe
  - Table 4.18: Juniper Research Country Readiness Index: Far East & China
  - Table 4.19: Juniper Research Country Readiness Index: Indian Subcontinent
  - Table 4.20: Juniper Research Country Readiness Index: Rest of Asia Pacific
  - Table 4.21: Juniper Research Country Readiness Index: Africa & Middle East

Competitor Leaderboard

1. Competitor Leaderboard

1.1.1. Why Read This Report
- Table 1.1: Juniper Research Competitor Leaderboard Vendors: Virtual Cards
- Figure 1.2: Juniper Research Virtual Cards Competitor Leaderboard
- Table 1.3: Juniper Research Virtual Cards Vendors Positioning
- Table 1.4: Juniper Research Virtual Cards Competitor Leaderboard Heatmap Results (Part 1 of 2)
- Table 1.5: Juniper Research Virtual Cards Competitor Leaderboard Heatmap Results (Part 2 of 2)
1.2. Virtual Cards Vendor Profiles
- 1.2.1. Apple
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.2. Bank of China
  - i. Corporate
    - Table 1.6: Bank of China's Operating Income (USD $m), 2018-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Partnerships
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.3. Barclaycard
  - i. Corporate
    - Table 1.7: Barclays UK's Net Fee Commission and Other Income per annum ($m), 2018-2022
  - ii. Geographical Reach
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.4. Capital One
  - i. Corporate
    - Table 1.8: Capital One's Non-Interest Income ($m), 2018-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.5. Discover Global Network
  - i. Corporate
    - Table 1.9: A Timeline of Companies Acquired by Discover (2008-2011)
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.6. Flutterwave
  - i. Corporate
    - Table 1.10: Flutterwave's Investment Rounds ($m), 2017-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.7. JPMorgan Chase & Co
  - i. Corporate
    - Table 1.11: JPMorgan Chase & Co's Income per annum ($m), 2018-2022
  - ii. Geographic Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.8. Klarna
  - i. Corporate
    - Table 1.12: Klarna's Funding Rounds ($m), 2021-2023
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.9. Lithic
  - i. Corporate
    - Table 1.13: Lithic's Investment Rounds $m), 2016-2021
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.10. Marqeta
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.11. Monese
  - i. Corporate
    - Table 1.14: Monese's Funding Rounds ($m), 2017-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.12. Monzo
  - i. Corporate
    - Table 1.15: Monzo's Investment Round ($m), 2018-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.13. Nubank
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offerings
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.14. Open
  - i. Corporate
    - Table 1.16: Open's Investment Rounds ($m), 2017-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.15. Qonto
  - i. Corporate
    - Table 1.17: Qonto's Investment Rounds ($m), 2017-2023
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.16. Rakuten Card
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.17. Revolut
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.18. Startling
  - i. Corporate
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.19. Stripe
  - i. Corporate
    - Table 1.18: Stripe Investment Rounds (2019-2023, $m)
  - ii. Geographical Spread
  - iii. Key Clients and Strategic Recommendations
  - iv. High-level View of Offering
    - Figure 1.19: Examples of Stripe's Branded Physical Cards
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
- 1.2.20. WEX
  - i. Corporate
    - Table 1.20: WEX's Finance Fee Revenue per annum ($m), 2018-2022
  - ii. Geographical Spread
  - iii. Key Clients & Strategic Recommendations
  - iv. High-level View of Offering
  - v. Juniper Research's View: Key Strengths & Strategic Development Opportunities
1.3. Juniper Research Competitor Leaderboard Assessment Methodology
1.4. Limitations & Interpretation
- Table 1.21: Juniper Research Competitor Leaderboard Scoring Criteria: Virtual Cards

Data & Forecasting

1. Market Forecast

1.1. Introduction
- 1.1.1. Methodology & Assumptions
  - Figure 1.1: B2C Virtual Cards Forecast Methodology
  - Figure 1.2: B2B Virtual Cards Forecast Methodology

2. Global Virtual Cards Forecast

2.1. Global Virtual Cards Forecast
- 2.1.1. Virtual Cards Transaction Value
  - Figure & Table 2.1: Virtual Card Transaction Value and Growth per annum ($m), Split by Region, 2023-2028
- 2.1.2. Virtual Cards Revenue
  - Figure & Table 2.2: Virtual Card Revenue and Growth per annum ($m), Split by Region, 2023-2028
- 2.1.3. Virtual Cards Volume of Transactions
  - Figure & Table 2.3: Virtual Cards Number of Transactions and Growth per annum ($m), Split by Region, 2023-2028

3. B2B Virtual Cards Forecast

3.1. B2B Virtual Cards
- 3.1.1. B2B Number of Transaction Volume
  - Figure & Table 3.1: B2B Volume of Transactions per annum (m), Split by Region, 2023-2028
  - Table 3.2: B2B Volume of Virtual Card transactions per annum (m), Split across Industry Segment, 2023-2028
- 3.1.2. B2B Virtual Cards Spend
  - Figure & Table 3.3: B2B Virtual Cards Spend per annum ($m), Split by Region, 2023-2028
  - Table 3.4: B2B Virtual Cards Spend per annum ($m), Split by Industry Segment, 2023-2028
- 3.1.3. B2B Virtual Card Revenue
  - Figure & Table 3.5: B2B Virtual Card Revenue per annum ($m), Split by Region, 2023-2028
  - Table 3.6: B2B Virtual Card Revenue per annum ($m), Split by Industry Segment, 2023-2028

4. B2C Virtual Cards Forecast

4.1. B2C Payments
- 4.1.1. B2C Virtual Card Transactions Volume
  - Figure & Table 4.1: Remote B2C Virtual Card Revenue per annum (m), Split by Region, 2023-2028
  - Table 4.2: B2C Virtual Cards Transaction Volume per annum ($m), Split by Segment, 2023-2028
- 4.1.2. B2C Virtual Card Spend
  - Figure & Table 4.3: B2C Virtual Card Spend per annum ($m), Split by Region, 2023-2028
  - Table 4.4: B2C Virtual Cards spend per annum ($m), Split by Segment, 2023-2028
- 4.1.3. B2C Virtual Card Transaction Revenue
  - Figure & Table 4.5: B2C Virtual Card Revenue per annum ($m), Split by Region, 2023-2028
  - Table 4.6: B2C Virtual Cards Transaction Revenue per annum ($m), Split by Segment, 2023-2028