Virtual Cards: Sector Analysis, Competitor Leaderboard & Market Forecasts 2022-2027

• Market Landscape: Provides background on the current position of the market, how the technology itself works, what features are available with virtual cards and how these are used, as well as future prospects of virtual cards, how both vendors and users can monetise virtual cards and potential limitations of the technology.
• Sector Analysis: A comprehensive analysis of the challenges and opportunities of virtual card use across the following sectors:
  • Accounts Payable & Expenses
  • Banking & Finance
  • Business to Consumer
  • Fleet
  • Healthcare
  • Marketing
  • Public Sector
  • Travel
• Juniper Research Competitor Leaderboard: Key players’ capabilities, capacity, and product and positioning assessment for 20 virtual card vendors:
  • Abine
  • AirPlus
  • Apple
  • Bank of China
  • Barclaycard
  • Capital One
  • Conferma Pay
  • Flutterwave
  • JPMorgan Chase
  • Lithic
  • Marqeta
  • Mineraltree
  • Nubank
  • Open
  • Qonto
  • Rakuten Card
  • Revolut
  • SBI
  • Stripe
  • WEX
• Benchmark Industry Forecast: 5-year forecasts for virtual card users, including revenue, volume and value split by sector, remote B2C, POS B2C and B2B. The forecast contains revenue for each sector, with B2B split between healthcare, fleet and finance. Data is also split by our 8 key regions and the 60 countries listed below:
  • North America:
    • Canada, US
  • Latin America:
    • Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru, Uruguay
  • West Europe:
    • Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, UK
  • Central & East Europe:
    • Croatia, Czech Republic, Hungary, Poland, Romania, Russia, Turkey, Ukraine
  • Far East & China:
    • China, Hong Kong, Japan, South Korea
  • Indian Subcontinent:
    • Bangladesh, India, Nepal, Pakistan
  • Rest of Asia Pacific:
    • Australia, Indonesia, Malaysia, New Zealand, Philippines, Singapore, Thailand, Vietnam
  • Africa & Middle East:
    • Algeria, Egypt, Israel, Kenya, Kuwait, Nigeria, Qatar, Saudi Arabia, South Africa, United Arab Emirates

1. What will the value of virtual card transactions be in 2027?
2. What sector will most readily adopt the use of virtual cards?
3. What aspects of virtual cards appeal to different markets?
4. Which features of virtual cards are most attractive to different users?
5. Which region will see the greatest uptake of virtual cards?

Included in the Juniper Research Competitor Leaderboard: Abine, AirPlus, Apple, Bank of China, Barclaycard, Capital One, Conferma Pay, Flutterwave, JPMorgan Chase, Lithic, Marqeta, Mineraltree, Nubank, Open, Qonto, Rakuten Card, Revolut, SBI, Stripe, WEX.
 
Mentioned: Adzooma, Aeglea BioTherapeutics, Alibaba, AliExpress, Amazon, Ant Financial, Astra, Atlas Venture, Avira, Bank of America, Booking.com, California Judges Association, Canopy Servicing, Cisco, Clear Books, Coinhouse, Concur, Creditas, Dafiti, Deloitte, DigitalOcean, Docker, DocuSign, Doordash, Enterprise, Flagstone, Flywire, FrontLine Service, General Catalyst Partners, Global Payments, GMT, Goodwill, Google, HSBC, IBM, ICICI Bank, Kaszek Ventures, Klarna, Kokunai Shinpan Co, Lufthansa, Magalu, Mastercard, Microsoft, MLB (Major League Baseball), MobCom, Motorola, Multnomah University, NASDAQ, National Network To End Domestic Violence, Paxos, Penta, Precisionpay, QuickBooks, Rethink Mental Illness, Samsung, SAP, Sequoia Capital, Shopify, Slack, Sprout Pharmaceuticals, Target, Tata Consultancy Services, Travelport, TrueLayer, Twitter, Uber, Under Armour, Varsity Tutors, Visa, Wyre, Xiaomi, Zoom.
 

Juniper Research’s Virtual Cards forecast suite includes:

• Virtual card revenue, transaction value and volume, by sector:

 
Geographical splits: 60 countries
Number of tables: 89
Number of datapoints: Over 38,000
 
Harvest: Our online data platform, harvest, contains the very latest market data and is updated throughout the year. This is a fully featured platform; enabling clients to better understand key data trends and manipulate charts and tables; overlaying different forecasts within the one chart – using the comparison tool. Empowering your business with our market intelligence centre, and get alerted whenever your data is updated.
 
Interactive Excels (IFxl): Our IFxl tool enables clients to manipulate both forecast data and charts, within an Excel environment, to test their own assumptions using the interactive scenario tool and compare selected markets side by side in custom charts and tables. IFxls greatly increase a client’s ability to both understand a particular market and to integrate their own views into the model.
 

Juniper Research forecasts that the number of virtual card transactions will exceed 121 billion globally by 2027; increasing from 28 billion in 2022. This represents growth of 340%. Juniper Research 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.

• Juniper 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. 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, it is anticipated that the secure nature of virtual cards will drive demand in an increasingly security-conscious market.
• Additionally, Juniper Research forecasts that the US will account for $71 billion in B2B virtual card revenue by 2027; representing 72% of global revenue. 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, virtual card vendors are encouraged to offer integration with accounts-payable software, such as MineralTree and WEX, to streamline the payment process undertaken by major US healthcare providers.