The North America Virtual Cards Market would witness market growth of 18.6% CAGR during the forecast period (2022-2028).
There are anticipated to be new prospects for market growth as a result of the growing benefits of these cards, which include the ability to establish spending restrictions and cancel or pause a card at any time, among other things. Additionally, virtual cards cannot be stolen or lost in contrast to physical cards. The demand for different kinds of virtual cards is anticipated to be driven by the rising number of digital transactions globally, which will support market expansion. A significant number of customers favored contactless payment over new payment trends, like digital currencies, biometrics, and QR codes. As a result, payment service providers regularly roll out a variety of pay and shop options for customers.
The utilization of virtual cards is increasing at a very rapid rate in this region. The growing popularity of digital payment methods and the strong presence of key market players are owing to the expansion of the virtual card market. Additionally, technologically upgraded deployments like 4G and 5G will open up a variety of potential opportunities for the development of the virtual cards market. Furthermore, there are many virtual card providers in this region, including Bill Trust, Inc., JP Morgan Chase, and Stripe.
The presence of such important providers encourages the growth of the virtual cards market in this region. Due to factors, like the increasing adoption of digital payment platforms, the existence of major players, and the implementation of cutting-edge technologies, including 5G/4G, the virtual cards market in North America has experienced substantial growth. Due to all of these factors, market players are witnessing a number of lucrative prospects and the growth of the region is flourishing.
The US market dominated the North America Virtual Cards Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $8,180.1 million by 2028. The Canada market is experiencing a CAGR of 20.8% during (2022 - 2028). Additionally, The Mexico market would generate a CAGR of 20.5% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Virtual Cards Market is Estimated to reach $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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