About Virtual Credit Card
A virtual credit card is an electronic card that can be created by using the bank's net banking facility by providing credit card details. They can be used only for online transactions to mask the credit card's sensitive data by using the uniquely generated card number. They are connected to the traditional account as a free add on for improved security, transparency and spend visibility. It decreases the chances of credit card fraud as the information on virtual credit cards can not be used by fraudsters.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The virtual credit card market is expected to continue its rapid growth, fueled by factors like increasing online spending, growing adoption of mobile payments, and rising consumer demand for convenience and security. Players will need to adapt and innovate to stay ahead of the curve, focusing on user experience, feature differentiation, security, and building trust with customers. Expect to see further consolidation and partnerships as the market matures, with traditional banks and FinTech companies working together to offer comprehensive virtual card solutions. 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), The American Express Company (United States), Apple (United States), Payscout, Inc. (United States), Billtrust, Inc. (United States), DiviPay Pty Ltd. (Australia), CSI Enterprises, Inc. (United States), JPMorgan Chase & Co. (United States) and Emburse, LLC (Certify Inc.) (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 Incorporated (United States), Marqeta, Inc. (United States), Cryptopay Ltd (United Kingdom), Skrill (United Kingdom) and Wirecard AG (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Virtual Credit Card market by Type (B2B Virtual Credit Card, B2C Remote Payment Virtual Credit Card and B2C POS Virtual Credit Card), Application (Personal Use and Business Use) and Region.
On the basis of geography, the market of Virtual Credit 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 Platform, the sub-segment i.e. Mobile will boost the Virtual Credit Card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Business Owners will boost the Virtual Credit Card market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Commercial Usage of Virtual Credit Card and Technological Advancement in Virtual Credit Card
Market Growth Drivers:
Increasing Online Purchases, Rising Risk of Frauds and Demand for Transparency and Spend Visibility
Challenges:
Technical Issues Related Problem Might Hinder the Market
Restraints:
Inaccessibility to Merchant Swipe Machine and Limited Usage of Virtual Credit Card
Opportunities:
Awareness about the Virtual Credit Card Through Advertisements and Marketing and The Availability of a Virtual Credit Card to Non-credit Card Holders
Market Leaders and their expansionary development strategies
In October 2023, American Express collaborates with Amazon: Integrates virtual Amex cards within Amazon Pay for online shopping convenience and rewards.
In September 2023, PayPal unveils "Shop Pay Checkout with Virtual Cards" option: Enables seamless one-click checkout using temporary virtual card numbers stored in PayPal.
Key Target Audience
Virtual Credit Card Providers, Banking Companies, Research and Development Institutes, Potential Investors, Regulatory Bodies 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.