Sept 29, 2022
Robust Growth Forecast For Virtual Card Use
The number of virtual card transactions will exceed 121 billion globally by 2027, up from 28 billion in 2022, says a study from Juniper Research. This represents growth of 340 per cent. The data predicts the rising integration of virtual cards to existing digital wallets services, such as Apple Pay and Google Pay, will drive this growth. A virtual card is a randomly generated card number linked to a payment account. For mobile payment methods, the global number of virtual card transactions will grow from five billion in 2022 to 53 billion in 2027. Virtual cards face tough competition from other payment methods, such as traditional contactless cards and QR codes. However, the report anticipates that the secure nature of virtual cards will drive demand in an increasingly security-conscious market.
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