Technology

Virtual Cards Market to Reach $2403.3 Billion, Globally, by 2032 at 21.5% CAGR: Allied Market Research

Published

1 week ago

September 13, 2024

The virtual cards market is experiencing growth due to a rise in adoption and acceptance of digital payment solutions, growing need for improved security measures in financial transactions, and increase in integration of virtual cards with mobile wallets.

WILMINGTON, Del., Sept. 13, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Virtual Cards Market by Product Type (B2B Virtual Cards, B2C Remote Payment Virtual Cards and B2C POS Virtual Cards), End-User (Businesses and Individuals), and Industry Vertical (Media and Entertainment, Hospitality, Consumer Goods, Energy and Utilities, Advertising, Education and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the virtual cards market was valued at $415.1 billion in 2023, and is estimated to reach $2,403.3 billion by 2032, growing at a CAGR of 21.5% from 2024 to 2032.

𝐆𝐞𝐭 𝐘𝐨𝐮𝐫 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/A17176

Prime Determinants of Growth

The global virtual cards market is experiencing growth due to rise in adoption and acceptance of digital payment solutions, growing need for improved security measures in financial transactions, and increase in integration of virtual cards with mobile wallets. However, data privacy & security concerns, high development and maintenance costs of virtual cards, and connectivity and technical issues in digital payment mechanisms hinder the market growth. to some extent. Moreover, the growing trends towards touchless payments over physical payments and the rapid innovation in payment technology offer remunerative opportunities for the expansion of the global virtual cards market.

Report coverage & details :

Report Coverage

Details

Forecast Period

2024–2032

Base Year

2032

Market Size in 2023

$415.1 billion

Market Size in 2032

$2, 403.3 billion

CAGR

21.5 %

No. of Pages in Report

250

Segments Covered

Product Type, End User, Industry Vertical, and Region.

Drivers

• Rise in adoption and acceptance of digital payment solutions

• Growing need for improved security measures in financial transactions

• Increase in integration of virtual cards with mobile wallets

Opportunities

• Growing trends towards touchless payments over physical payments

• Rapid innovation in payment technology

Restraints

• Data privacy & security concerns

• High development and maintenance costs of virtual cards

• Connectivity and technical issues in digital payment mechanisms

The B2B virtual card segment held the highest market share in 2023

By product type, the B2B virtual card segment held the highest market share in 2023, accounting for nearly two-thirds of the market revenue and is likely to retain its dominance during the forecast period. The demand for B2B virtual cards is driven by the increased import and export of goods and services across the globe. Further, the integration of virtual cards into their B2B payment processes enhances cash flow, increases security, and facilitates Accounts Payable (AP) automation, resulting in a significant growth prospect for the B2B virtual card segment.

The business segment is expected to lead the market during the forecast period.

By application, the business segment held the highest market share in 2023, accounting for more than two-thirds of the market revenue and is likely to retain its dominance during the forecast period. This can be attributed to the fact businesses utilize virtual cards to make payments online to suppliers and vendors. These cards deliver enhanced security, unlike traditional credit and debit cards, as they cannot be misplaced or stolen. Furthermore, these cards can be used once or for a limited number of transactions, thereby reducing the possibility of fraud

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 𝐁𝐞𝐟𝐨𝐫𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞: https://www.alliedmarketresearch.com/purchase-enquiry/A17176

The media & entertainment segment is expected to lead the market during the forecast period.

By industry vertical, the media and entertainment segment held the highest market share in 2023, accounting for almost one-fourth of the global virtual cards market revenue and is likely to retain its dominance during the forecast period. This is attributed to the fact that sports organizations across the globe have adopted virtual card payment options for reducing major problems for owners, including counting of tickets, pricing & change requirements, reconciliation, transaction times, and improving security, and reducing potential theft. In addition, virtual cards deliver secure payment methods, which are encrypted and secured by an SSL certificate that protects both the user and the transactions.

North America to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2023, accounting for almost two-fifths of the global virtual cards market revenue and is expected to rule the roost in terms of revenue during the forecast timeframe. The growth is driven by the rapid adoption of contactless payment, along with the increased adoption of virtual card methods in the region. Moreover, the convenience offered by virtual cards, such as quick service, faster check-out experience at cafes, drive-thru, and casual dining restaurants with access to coupons, offers, and rewards in the payment experience is the major growth factors for the virtual cards market in North America.

Players

American ExpressBento Technologies Inc.Capital OneCitigroup Inc.DBS Bank Ltd.ePayServiceJPMorgan Chase & Co.Mastercard, Revolut Ltd.WEX Inc.Wise Payments Limited

The report provides a detailed analysis of these key players in the global virtual cards market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

𝐀𝐜𝐜𝐞𝐬𝐬 𝐘𝐨𝐮𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 & 𝐓𝐎𝐂 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-for-customization/A17176

Key Benefits for Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the virtual cards market analysis from 2024 to 2032 to identify the prevailing Virtual Cards Market OpportunityThe market research is offered along with information related to key drivers, restraints, and virtual cards market opportunities.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the virtual cards market segmentation assists to determine the prevailing market opportunities.Major countries in each region are mapped according to their revenue contribution to the global market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes the analysis of the regional as well as global virtual cards market trends, key players, market segments, application areas, and market growth strategies.

Virtual Cards Market Report Highlights

By Product Type

B2B Virtual CardsB2C Remote Payment Virtual CardsB2C POS Virtual Cards

By End-User

BusinessesIndividuals

By Industry Vertical

Media and EntertainmentHospitalityConsumer GoodsEnergy and UtilitiesAdvertisingEducationOthers

By Region

North America (U.S., Canada)Europe (France, Germany, Italy, Spain, UK, Rest of Europe)Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Mexico, Rest of LAMEA)

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Technology

PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”

Published

25 mins ago

September 21, 2024

24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music

MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.

“Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.”

On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.

“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.

Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.

“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.

Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.

“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.

About PEAC Institute

PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.

Media Contact

Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org

View original content to download multimedia:https://www.prweb.com/releases/peac-institute-launches-24-hour-pause-for-peace-a-global-concert-302254527.html

SOURCE Pause for Peace

Technology

Global Times: China opens 12 nuclear research facilities to global scientists

Published

1 hour ago

September 21, 2024

The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.

These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.

The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.

Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.

IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.

Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.

On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.

Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.

China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.

At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.

The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.

Contact: xutianshu@globaltimes.com.cn

View original content:https://www.prnewswire.com/news-releases/global-times-china-opens-12-nuclear-research-facilities-to-global-scientists-302254830.html

SOURCE Global Times

Technology

The Ar-King of Spirits: Ed Arking’s Impact on the Liquor Industry

Published

2 hours ago

September 21, 2024

In the interest of providing luxury liquors in a convenient and stress-free format, Served Neat was born. When asked about his intentions for the company, Ed states, “My goal with Served Neat is to create a one-stop shop where customers can easily discover these rare gems.”

MOORESTOWN, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — Served Neat is an emerging online platform with a curated selection of some of the world’s most popular luxury spirits. The website offers daily flash deals that highlight a variety of high-end international brands including Pappy Van Winkle, Buffalo Trace, Clase Azul, and more.

“While there are websites selling spirits, none have the decades of experience that we bring from WTSO. Served Neat will offer not only incredible bottles but also the best customer service in the industry.”

Ed and Joe Arking, the father-son team behind the concept of Served Neat, have decades of experience hand-selecting and supplying sought-after liquors. Ed Arking, CEO of New Jersey’s Roger Wilco, grew up in the world of wine and spirits and formed his own business aspirations.

“Growing up, I watched my father navigate and succeed in the ever-evolving wine and spirits industry,” Ed explains. “While I always aspired to create something similar, I knew I needed to wait for the right moment.” Ed has gone on to manage his own liquor store and lead projects for up-and-coming brands, such as the vodka-infused and non-carbonated Smooth Water.

As he evolved in his career, Ed discovered the perfect time to make his lifelong vision a reality. He recalls, “I noticed a gap in the market—especially for whiskey and tequila. These categories have surged in popularity, making it difficult for the everyday consumer to find those elusive sought-after allocated bottles.”

When it comes to Served Neat, quality and knowledge is key. Ed adds, “While there are websites selling spirits, none have the decades of experience that we bring from WTSO. Served Neat will offer not only incredible bottles but also the best customer service in the industry.”

Served Neat is the sister company to WTSO and The Wine Market, two online platforms dedicated to sourcing and distributing top-notch wines from every corner of the globe.

At The Wine Market, an online marketplace for the world’s most popular wine brands, convenience and quality are key. Each bottle in their curated collection is a testament to exceptional flavor and craftsmanship.

Since 2006, WTSO has enjoyed creating a unique wine experience and sharing it with new beginners and seasoned connoisseurs alike. Using an extensive network of wineries and wine makers, WTSO connects customers to thousands of brands from top wine appellations around the globe. The strong relationships they’ve formed within the wine world allow the business to deliver authentic and high-quality bottles to homes across the United States.

Wine and spirits lovers alike are invited to explore Served Neat, WTSO, and The Wine Market to find their next favorite bottle. Visit their websites to learn more about these one-of-a-kind online marketplaces!

Media Contact

Julie Blount, WTSO, 1 8669572795, marketing@wtso.com

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SOURCE WTSO