The Asia Pacific Virtual Cards Market would witness market growth of 19.7% CAGR during the forecast period (2022-2028).
An analogous virtual debit card is one where the randomly generated number is connected to a debit account as compared to a credit card. Purchases made remotely using virtual numbers are permitted, but those made in person are not. Charges made with the virtual debit card number are sent to the associated account and deducted from the available balance. A virtual credit card is a 16-digit number made up of a CVV code and 16 randomly generated digits that can be used to make remote purchases of goods and services. The card numbers can be used to make purchases online or over the phone, but not in person.
Charges are sent to the original credit card number when a card number is generated. The virtual number won't function after the purchase, but it cannot be linked to the original card. The underlying credit cards' revolving lines of credit are added to purchases made through virtual credit cards, and interest may be applied. The first credit card number is used to route the charges when a card number is generated. The virtual number, however, cannot be linked to the genuine card and is inactive after a transaction. Purchases made with these cards are added to the rotating lines of credit of the underlying cards, just like purchases made with actual credit cards, and may be subject to interest.
Due to the presence of numerous Internet e-commerce websites that millions of Indian consumers trust, virtual debit and credit cards are becoming more and more popular in India. Even though debit and credit cards are often used to make refunds, traditional people often worry that their hard-earned money may be lost due to fraud. Due to the fact that most payment gateways and e-commerce websites now offer the option to save user debit and credit card information, the adoption of these virtual cards is increasing within the country. Hence, the growth of the virtual cards market is estimated to be driven significantly in the coming years.
The China market dominated the Asia Pacific Virtual Cards Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,066.2 million by 2028. The Japan market is showcasing a CAGR of 19% during (2022 - 2028). Additionally, The India market would grow at a CAGR of 20.4% during (2022 - 2028).
Based on Product Type, the market is segmented into B2B, B2C and C2B. Based on Card Type, the market is segmented into Credit and Debit. Based on Application, the market is segmented into Business Use and Consumer Use. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Virtual Cards Market is Projected to reach USD 37.5 Billion by 2028, at a CAGR of 19.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mastercard, Inc., American Express Kabbage Inc., JPMorgan Chase & Co., Stripe, Inc., Adyen N.V., BTRS Holdings Inc., Wise Payments Limited, Marqeta Inc., Skrill USA, Inc., and Wex, Inc.
By Product Type
By Card Type
By Application
By Country
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