A virtual card market is a digital payment system that functions as a token, and is used for electronic payments and mobile orders. Credentials are created automatically by a method called tokenization, and the cards come with built-in financial controls to finance the card for either single-use or multi-purpose transactions.
The lock-down issued by governments of various countries due to the Coronavirus has a detrimental effect on the financial sector. The number of electronic payment transactions or digital payment transfers has decreased from both enterprises and customers as a consequence of the lockdown, which directly impacts the virtual card industry at a global scale.
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Global Virtual Cards Market: Dynamics
Streamlining of Virtual Card Payment Methods
Switching to virtual cards makes online shopping secure and easy, and reduces the possibility of crime. While purchasing online, workers essentially locate the object they would like to purchase and send a request to their manager for approval. The manager then produces a virtual certificate for the amount ordered and gives it to the employee who puts the information on the billing screen at checkout. In such a situation, the organization retains complete access and power over the sales method, whilst the employee has the right and autonomy to perform the transaction as normal.
Key Players Operating in the Global Market
Key players operating in the global virtual cards market are listed below:
· Abine, Inc.
· American Express Company
· Billtrust, Inc.
· Cryptopay
· CSI (Corporate Spending Innovations)
· Divipay PTY Ltd.
· Emburse, LLC
· Fraedom Holdings Limited
· JP Morgan Chase
· Marqeta Inc
· Mastercard Incorporated
· MineralTree, Inc.
· Qonto
· Skrill
· Stripe
· WEX Inc.
· Wirecard AG
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Based on region, the global virtual cards market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America held a dominant share of the global virtual cards market in 2019. It is expected to continue its dominance throughout the forecast period. The U.S. and Canada are the major countries that drive the market in this region. The significant presence of market leaders and trend of early adoption of technology are some of the key factors for the growth of the market.
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The virtual cards market in Asia Pacific is expected to expand at the highest CAGR during the forecast period. China, India, and Japan are some of the major countries which drive the market in this region. Rising government initatives to encourage digital payments and extensive usage of smartphones are some of the key factors which accelerate the market in this region.
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