DUBLIN--(BUSINESS WIRE)--Nov 11, 2022--
The "Virtual Cards Market By Product Type, By Industry Vertical, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the virtual cards market size was valued at $281.22 billion in 2021, and is estimated to reach $1,893.08 billion by 2031, growing at a CAGR of 21.3% from 2022 to 2031.
A virtual card is an electronic card which can be created using the bank's net banking facility, by providing one's credit or debit card details. No charges have to be paid for the same. As the name suggests, they need not be physically issued by card providers. Each virtual card comes with its own card number, CVV number and validity details. It can be used for online transactions just like regular credit/debit cards. Users can just use their smartphone to make a transaction using their virtual cards.
Virtual cards offers added security benefits to their customers as compared to physical cards, since everything is done online so it only involves a few taps for the user to add money, do transactions, paying suppliers/buyers, all within a few seconds.
In addition, the virtual cards contains a 16 digit number which is specifically designed for single-use only in between the payer and the payee. Moreover, virtual cards cost lesser than physical cards and they also allow customers to set their own spending limits. Therefore, these are some of the factors propelling the virtual cards market growth.
However, a large section of customers are not satisfied with virtual cards and still want a physical card for making transaction. Moreover, there are major concerns over frauds if the smartphone is stolen. Therefore, these are some of the major factors limiting the growth of virtual cards market. On the contrary, rapid innovation in the payments technology and growing concerns over no touch payments is expected to provide lucrative growth opportunities for the virtual cards market in the coming years.
Key Benefits
Key Market Segments
By End User
By Product Type
By Industry Vertical
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/mkbdsl
View source version on businesswire.com:https://www.businesswire.com/news/home/20221111005398/en/
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KEYWORD:
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: Research and Markets
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PUB: 11/11/2022 10:27 AM/DISC: 11/11/2022 10:27 AM
http://www.businesswire.com/news/home/20221111005398/en