About B2B Virtual Card
A virtual card is a secure way to pay for goods and services without having to issue physical cards to employees. B2B virtual cards improve accounts payable (AP) processes, benefiting both buyers and suppliers by streamlining day-to-day payments, and providing greater control over cash flows. These cards have enhanced security, compared to other credit cards and payment methods. B2B virtual card market is driven by exploding mobile device usage, as the payment method can only be used for designated scenarios, such as AP payments and online or mobile purchases.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global B2B Virtual Card market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Abine, Inc. (United States), American Express (United States), Billtrust, Inc. (United States), Cryptopay (United Kingdom), CSI (Corporate Spending Innovations) (United States), DiviPay (Australia), Emburse (United States), Fraedom (United Kingdom), JP Morgan Chase (United States) and Marqeta (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Mastercard (United States), Mineraltree (United States) and Pay with Privacy (United States).
Segmentation Overview
AMA Research has segmented the market of Global B2B Virtual Card market by , Application (Food, Beverage, Wine, Spirits, Household, Personal Care, Promotional, Industrial and Medical) and Region.
On the basis of geography, the market of B2B Virtual Card has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Wi-Fi will boost the B2B Virtual Card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Enterprise, the sub-segment i.e. Small and Medium Sized Enterprises will boost the B2B Virtual Card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Advancements in the Virtual Cards
Market Growth Drivers:
Increased Penetration of the Internet and Promotional Activities for B2B Virtual Cards
Challenges:
Cyber Attacks Causing Harm to the Market
Restraints:
Privacy and Security Issues Related to User Data and Technical Issues related to Virtual Cards
Opportunities:
Growing Demand from End-users and Adoption of Digitalization by Enterprises
Market Leaders and their expansionary development strategies
In August 2019, American Express (NYSE: AXP) has announced that it has signed an agreement to acquire acompaytm, a best-in-class, digital payment automation platform from ACOM Solutions, Inc., that helps business customers make supplier payments easily and securely, manage business spend, and improve cash flow.
In September 2021, American Express and Extend, a New York City-based fintech company specializing in virtual cards, announced a partnership to expand virtual card solutions for US businesses. U.S. companies with eligible American Express business cards can now register and create virtual cards (also known as tokens) in just 5 minutes using their existing American Express card accounts via Extend's app or desktop login.
Key Target Audience
B2B Virtual Card Providers, Potential Investors, End-Users, Government & Other Associated Bodies, Banks and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.