KUALA LUMPUR, Sept 28 (Bernama) -- The number of virtual card transactions exceeds 121 billion globally by 2027; increasing from 28 billion in 2022, according toa new study from Juniper Research.
This represents growth of 340 per cent, according to a statement.
It predicts rising integration of virtual cards to existing digital wallets services, such as Apple Pay and Google Pay, will drive this growth by exploiting existing substantial user bases of these digital wallets.
The research found the global number of virtual card transactions through mobile payment methods will grow from five billion in 2022 to 53 billion in 2027, as adoption of virtual cards in contactless payments accelerates.
It identified the inclusion of virtual cards as a key market driver of consumer adoption of contactless payments in rapidly developing economies, such as India. This allows them to meet market demand for convenient payment options during checkout amongst unbanked populations.
Virtual cards face tough competition from other payment methods, such as traditional contactless cards and QR codes. However, the report anticipates that thesecure nature of virtual cards will drive demand in an increasingly security-conscious market.
Additionally, the report forecasts that the US will account for US$71 billion in B2B virtual card revenue by 2027; representing 72 per cent of global revenue. (US$1 =RM4.614)
It predicts that the growing use of virtual cards in the healthcare sector will be key to driving this growth, with virtual cards increasingly used to pay for supplies and equipment due to the speed of transactions and inherent security of this payment method.
Juniper Research provides research and analytical services to the global hi-tech communications sector; providing consultancy, analyst reports, and industry commentary.
-- BERNAMA
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