Commercial virtual card payments to exceed USD 1 trillion by 2022

Tuesday 19 March 2019 13:41 CET | News

A new research from Juniper Research has found that the annual value of virtual cards will grow 90% from 2019 to 2022, exceeding USD 1 trillion by 2022.

This is up from an estimated USD 568 million in 2019. However, the technology is expected to struggle to establish itself amongst several other payment methods – making up a small proportion of B2B money transfer transactions overall.

The new research notes that financial services will be the fastest growing adopter of virtual cards, with transaction volumes growing at an average of 18.3% between 2019 and 2022. Commercial cards are well established in fleet businesses, but virtual card growth will be slow here due to the need for payments at a POS when purchasing fuel.

Juniper expects consumer virtual cards to generate over USD 14 billion in revenues for card providers by 2022, primarily from remote purchases. Companies offering these services are typically positioned as protecting consumers’ privacy, offering other digital ID-based services alongside virtual cards.

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Keywords: Juniper Research, virtual cards, card payments, payment methods, POS, cards
Countries: World