Global Virtual Cards Market: Introduction
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.
The lock-down issued by governments of various countries due to the Coronavirus has 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 directly impacts the virtual card industry at a global scale.
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Global Virtual Cards Market: Dynamics
Streamlining of Virtual Card Payment Methods
Switching to virtual cards makes 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.
Key Players Operating in the Global Market
Key players operating in the global virtual cards market are listed below:
- Abine, Inc.
- American Express Company
- Billtrust, Inc.
- Cryptopay
- CSI (Corporate Spending Innovations)
- Divipay PTY Ltd.
- Emburse, LLC
- Fraedom Holdings Limited
- JP Morgan Chase
- Marqeta Inc
- Mastercard Incorporated
- MineralTree, Inc.
- Qonto
- Skrill
- Stripe
- WEX Inc.
- Wirecard AG
Global Virtual Cards Market: Research Scope
Global Virtual Cards Market, by Product Type
- B2B Virtual Cards
- B2C Remote Payment Virtual Cards
- B2C POS Virtual Cards
Global Virtual Cards Market, by End-user
- Consumer Use
- Business Use
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
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