Virtual card transaction volume to surpass 121 billion globally by 2027. The US will represent the largest market with 72% of global revenue.

26 septembrie 2022

A new study from Juniper Research has found the number of virtual card transactions will exceed 121 billion globally by 2027; increasing from 28 billion in 2022. This represents growth of 340%. It predicts the rising integration of virtual cards to existing digital wallets services, such as Apple Pay and Google Pay, will drive this growth by exploiting existing substantial user bases of these digital wallets.

A virtual card is a randomly generated card number linked to a payment account.


Virtual Cards Key to Providing Secure & Convenient Mobile Payments

The research found that the global number of virtual card transactions through mobile payment methods will grow from 5 billion in 2022 to 53 billion in 2027, as the adoption of virtual cards in contactless payments accelerates. It identified the inclusion of virtual cards as a key market driver of consumer adoption of contactless payments in rapidly developing economies, such as India. This allows them to meet market demand for convenient payment options during checkout amongst unbanked populations.


Virtual cards face tough competition from other payment methods, such as traditional contactless cards and QR codes. However, the report anticipates that the secure nature of virtual cards will drive demand in an increasingly security-conscious market.


US to Represent Largest Market for Business Virtual Card Transactions

Additionally, the report forecasts that the US will account for $71 billion in B2B virtual card revenue by 2027; representing 72% of global revenue. It predicts that the growing use of virtual cards in the healthcare sector will be key to driving this growth, with virtual cards increasingly used to pay for supplies and equipment due to the speed of transactions and inherent security of this payment method.

In response, it encourages virtual card vendors to offer integration with accounts-payable software, such as MineralTree and WEX, to streamline the payment process undertaken by major US healthcare providers.

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To find out more, see the new report: Virtual Cards: Sector Analysis, Competitor Leaderboard & Market Forecast 2022-2027

Download the free whitepaper: Virtual Cards – Revolutionising Business Spending Control

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Mihai Draghici – CEO PayByFace

„Dupa ce oamenii creeaza un cont PayByFace si au adaugat cardul, selfi-ul si PIN-ul, si au avut un pic de curaj sa se duca sa incerce, daca au incercat o data plata prin recunoastere faciala nu mai folosesc altceva (n.r. ca modalitate de plata). 80% dintre ei numai asta folosesc. Le place la nebunie.” 

Afla aici rezultatele in adoptia platii prin recunoastere faciala.

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?