US Virtual Cards Market Size (2024 - 2029)

US Virtual Cards Market Analysis

The lock-down issued by the United State's Government amid COVID-19 had a detrimental effect on the financial sector. The number of electronic payment transactions or digital payment transfers has decreased from both enterprises and customers as a consequence of the lockdown, which has directly affected the virtual card industry in the United States.

Virtual Cards have become a reliable option for majority of the US citizens as switching to virtual cards has made online shopping secure and easy, and reduces the possibility of crime. While purchasing online, workers essentially locate the object they would like to purchase and send a request to their manager for approval. The manager then produces a virtual certificate for the amount ordered and gives it to the employee who puts the information on the billing screen at checkout. In such a situation, the organization retains complete access and power over the sales method, whilst the employee has the right and autonomy to perform the transaction as normal.

Much of the growth in commercial cards has been observed in large and middle market organizations. The larger corporates, businesses with revenues of USD 1 billion and upwards, were the earliest adopters of commercial cards. Dynamic middle market businesses are now increasingly also looking to move away from inefficient manual processes and make the switch to digital. Across both large and middle markets, however, there are a raft of drivers of the growing interest in commercial cards. These businesses often look for higher levels of automation and the more advanced technology they associate with commercial cards .

US Virtual Cards Industry Segmentation

A virtual card is a digital payment system that functions as a token, and is used for electronic payments and mobile orders. Credentials are created automatically by a method called tokenization, and the cards come with built-in financial controls to finance the card for either single-use or multi-purpose transactions. US Virtual Cards Market is segmented By Product Type and By End-User. By Product Type, the market is segmented into B2B Virtual Cards, B2C Remote Payment Virtual Cards, B2C POS Virtual Cards. By End-User, the market is segmented into Consumer Use and Business Use.