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Virtual Cards Market to Grow by USD 428.6 Billion from 2025-2029, Driven by Focus on Customer Satisfaction and AI-Driven Market Transformation – Technavio

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NEW YORK, Jan. 13, 2025 /PRNewswire/ — Report with the AI impact on market trends – The global virtual cards market size is estimated to grow by USD 428.6 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  17.1%  during the forecast period. Focus on high customer satisfaction is driving market growth, with a trend towards emergence of nfc-based payment technology. However, regulations on contactless payment transactions  poses a challenge. Key market players include Adyen NV, American Express Co., BTRS Holdings Inc., Caxton FX Ltd., Citigroup Inc., Edenred SE, Green Dot Corp., HSBC Holdings Plc, JPMorgan Chase and Co., Marqeta Inc., Mastercard Inc., Paysafe Ltd., Stripe Inc., Travelex International Ltd., U.S. Bancorp, Visa Inc., Walmart Inc., Western Union Holdings Inc., WEX Inc., and Wise Payments Ltd..

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Virtual Cards Market Scope

Report Coverage

Details

Base year

2024

Historic period

2019 – 2023

Forecast period

2025-2029

Growth momentum & CAGR

Accelerate at a CAGR of 17.1%

Market growth 2025-2029

USD 428.6 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.6

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

Europe at 29%

Key countries

US, China, Germany, Canada, and Japan

Key companies profiled

Adyen NV, American Express Co., BTRS Holdings Inc., Caxton FX Ltd., Citigroup Inc., Edenred SE, Green Dot Corp., HSBC Holdings Plc, JPMorgan Chase and Co., Marqeta Inc., Mastercard Inc., Paysafe Ltd., Stripe Inc., Travelex International Ltd., U.S. Bancorp, Visa Inc., Walmart Inc., Western Union Holdings Inc., WEX Inc., and Wise Payments Ltd.

Market Driver

NFC (Near Field Communication) technology enables data exchange between devices within a short range, typically a few centimeters. NFC chips are required in both devices for this technology to function. One-way communication involves a reader or powered device, such as a phone or credit card terminal, reading and writing data on the NFC chip. Two-way communication allows both devices to read and write data. Many retailers, including Target, Macy’s, and Walgreens, use NFC-based contactless pay terminals for mobile payments. In 2021, over 40% of POS terminals installed globally were NFC-ready. Countries like the US, UK, China, Canada, Brazil, and India have high adoption rates for NFC-based contactless payments. The increasing demand for cashless transactions is driving the growth of the global NFC-based POS terminals market. Verifone’s VX 520 countertop POS terminal is an example of an NFC-enabled device. The market is expected to grow due to the rise in contactless payment usage. 

The Virtual Cards market is witnessing significant growth due to the increasing trend of electronic payment systems and online purchases. Cutting-edge features such as touchless payments and biometrics are driving the adoption of virtual cards. With the rise of virtual banks and 5G/4G technology, the use of virtual cards for electronic transactions is becoming more common. However, concerns around data leakage and e-commerce fraud persist, making security a top priority. Millennials and fintech firms are leading the digital transformation in the payment technology industry. The market is also seeing strategic alliances between digital wallets and virtual card providers. The Credit and Debit card segments, as well as the Business use segment, are major contributors to the market. Virtual Card systems are also gaining traction in the Consumer use segment. Incorrect labels and low-quality products are challenges for the market. The MasterCard Payment Index and QR code are other trends shaping the market. Tokenization and contactless payment solutions are expected to further boost growth. Digital currencies are also an emerging trend. Overall, the Virtual Cards market is poised for growth in the B2B transactions space. 

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 Market Challenges

Regulations play a significant role in shaping the virtual cards market, particularly in contactless payment transactions. In the European Union, the Revised Payment Services Directive 2 (PSD2) and General Data Protection Regulation (GDPR) ensure security, privacy, and reliability in digital transactions. The PCI DSS in the US outlines security requirements for handling cardholder information. Regulations often set a limit on single contactless transactions, such as HDFC Bank’s USD127 daily cap and ICICI Bank’s USD254 daily limit. These regulations may negatively impact the adoption of virtual cards and, consequently, the growth of the market.The Virtual Cards market is experiencing significant growth due to the increasing trend of electronic payments and online purchases. With the rise of virtual banks and digital payment systems, consumers and businesses are embracing touchless payments and digital transactions. However, challenges persist, such as data leakage, e-commerce fraud, and incorrect labels on virtual cards. Cutting-edge features like biometrics, tokenization, and QR codes are being adopted to enhance security and user experience. Venture-capital firms and fintech companies are investing heavily in this space, driven by millennials’ preference for digital wallets and 5G/4G technology. The market includes various segments like credit card, debit card, business use, and consumer use. MasterCard Payment Index indicates a positive shift towards digital transactions. Despite these advancements, challenges like ACH payments, low-quality products, and strategic alliances remain. Virtual cards offer convenience, but security remains a top priority.

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Segment Overview 

This virtual cards market report extensively covers market segmentation by  

Product 1.1 B2B virtual cards1.2 B2C remote payment virtual cards1.3 B2C POS virtual cardsService 2.1 Business use2.2 Consumer useGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 B2B virtual cards-  The B2B virtual cards segment led the global virtual cards market in 2023, with significant value and size. This dominance is attributed to the increasing adoption of real-time digital disbursements on mobile platforms due to the widespread internet penetration. Major contributors to market growth include banking, financial services, and insurance (BFSI), e-commerce, healthcare and life sciences, education, utilities, retail, and other industries. Vendors integrate near-field communication (NFC) chips into devices for contactless payments and applications. Virtual cards offer opportunities for suppliers to generate and track leads, fostering relationships with business clients. Innovations, such as partnerships between OPay and MasterCard, and Mastercard’s collaboration with Taulia, introduce advanced features for cash flow optimization and working capital management, fueling B2B virtual cards’ demand and expanding the global virtual cards market.

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Research Analysis

The Virtual Cards market is experiencing exponential growth as digital transactions continue to dominate the economic landscape. The MasterCard Payment Index reveals that contactless payment solutions, QR codes, and biometrics are driving this shift. Digital currencies are also making waves, offering users more convenience and security. Virtual Card systems, a type of electronic payment system, are becoming increasingly popular for online purchases. These cards offer cutting-edge features like tokenization and user-friendly interfaces. However, with the rise of virtual transactions comes the threat of fraud. Data leakage and e-commerce fraud are major concerns for consumers and businesses alike. Virtual banks and fintech firms are addressing these issues with advanced security measures and innovative solutions. ACH payments are another area of focus, offering a faster and more efficient alternative to traditional payment methods. Despite these advancements, it’s crucial to avoid incorrect labels and low-quality products in the market.

Market Research Overview

The Virtual Cards market is experiencing exponential growth due to the increasing trend of digital transactions. The MasterCard Payment Index indicates a significant shift towards electronic payment systems, with virtual cards becoming increasingly popular. Biometrics, digital currencies, QR codes, and tokenization are key features of virtual cards, enhancing user experience and security. However, concerns around fraud, particularly in contactless payment solutions, remain a challenge. The credit card and debit card segments are major contributors to the market, with business use and consumer use segments also showing strong growth. Virtual banks and fintech firms are driving innovation with cutting-edge features, while venture-capital firms invest heavily in this space. Millennials, driven by smartphones and 5G/4G technology, are leading the digital transformation. However, issues around data leakage, e-commerce fraud, and incorrect labels persist, requiring strategic alliances and partnerships to address these challenges. ACH payments and B2B transactions are also expected to fuel market growth. Despite the potential risks, the benefits of virtual cards, including touchless payments and convenience, far outweigh the challenges.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductB2B Virtual CardsB2C Remote Payment Virtual CardsB2C POS Virtual CardsServiceBusiness UseConsumer UseGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Two Agilent Factories Among 13 to Join World Economic Forum Lighthouse Network

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Recognition brings the company a total of four Lighthouse designations as global advanced factory for its breakthroughs in scaling Fourth Industrial Revolution

SANTA CLARA, Calif., Jan. 15, 2025 /PRNewswire/ — Agilent Technologies Inc. (NYSE: A) today announced the World Economic Forum has named two of Agilent’s smart factories in Asia as a Global Lighthouse Network, a community of 189 global leaders leading the way in the Fourth Industrial Revolution (4IR) in advanced manufacturing.

Agilent sites in Shanghai, China, and Penang, Malaysia, are two of 13 factories across the world that have just been added to the latest cohort of Lighthouses.

This recognition marks Agilent’s third and fourth Lighthouses for its breakthroughs in scaling AI, 3D printing, robotics, big-data analytics, and industrial internet of things (IIoT). Since 2022, two of Agilent’s manufacturing sites – Singapore and Waldbronn, Germany – have earned this prestigious distinction. The company remains the sole analytical and clinical laboratory technology company worldwide to be recognized by the Forum.

“This important milestone showcases Agilent’s leadership in building factories of the future by integrating advanced digital technologies across our end-to-end operations,” said Agilent CEO Padraig McDonnell. “Our factories of the future not only elevate our customers’ experiences and exceed their expectations, but they also continuously develop our future workforce.”

Agilent’s Shanghai factory serves as a global strategic manufacturing hub, integrating R&D, quality-assurance, supply-chain and logistics-management capabilities. To enhance the production of highly customized gas chromatography, it deploys smart manufacturing with AI-assisted instrument design, using cutting-edge indexed repository to optimize precision, efficiency, and innovation.

As a result, the site has improved productivity by 56%, lead time by 31%, and customer satisfaction on delivery exceeding 96%. Today, China has become the single largest market for Agilent outside of the U.S. and has been an important part of the company’s growth strategy. 

Agilent Penang deploys game-changing AI in 3D-printing to automate material configuration, optimize printing of highly customized components, and minimize waste. By integrating AI, machine learning, and advanced analytics into additive manufacturing, the factory reshaped a capacity-saturated site into a digital operation with real-time monitoring and predictive insights for smarter, more agile production capabilities.

Its integrated digital platform has improved productivity by 40%, manufacturing cost by 32% and delivery lead time by 48%. As one of Agilent’s global strategic facilities, the Penang factory hosts a state-of-the-art Global Instrument Design Center and a Biochemical Safety and Reliability Lab.  

“Empowering the frontline and fostering inclusive digital cultures is at the heart of success for Lighthouses,” said Fernando Perez, Senior Partner and Head of Operations Innovations, McKinsey & Company. “These pioneering sites are building resilient, future-ready workforces and demonstrate that investing in people is as crucial as investing in technology. It is the powerful combination of both that drives meaningful change that extends beyond factory walls to make positive impact across production ecosystems.”

Tapping into 4IR technologies, Agilent successfully built resilient value chain ecosystems capable of quick response to evolving market demands. These advancements provide scientists with faster access to the instruments they need, accelerating research discoveries. With its long-standing values of innovation, Agilent continues pushing its smart factories around the world to bring great science to life and serve as a beacon to other manufacturers globally.  

About the Global Lighthouse Network

Launched in 2018, the Global Lighthouse Network brings together and celebrates the success of the world’s leading industrial sites which achieved exceptional performance in productivity, supply chain resilience, customer centricity, sustainability and talent. This global community of influential innovators, deploying over 1,000 solutions in multiple industries, includes 189 sites, 25 of which are Sustainability Lighthouses. The network now spans over 30 countries and 35 sectors. The initiative was co-founded by the World Economic Forum and Mckinsey & Company. Learn more at WEForum.org.

About Agilent Technologies

 Agilent Technologies Inc. (NYSE: A) is a global leader in analytical and clinical laboratory technologies, delivering insights and innovation that help our customers bring great science to life. Agilent’s full range of solutions includes instruments, software, services, and expertise that provide trusted answers to our customers’ most challenging questions. The company generated revenue of $6.51 billion in fiscal year 2024 and employs approximately 18,000 people worldwide. Information about Agilent is available at www.agilent.com. To receive the latest Agilent news, subscribe to the Agilent Newsroom. Follow Agilent on LinkedIn and Facebook.

For Information

Media Relations, South Asia Pacific & Korea
Grace Thong
Agilent Technologies
+65 9688 2152
grace.thong@agilent.com

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SOURCE Agilent Technologies

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French Hydrogen New Energy Partners with Dacheng (National) Trustworthy Auto Repair

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Reduce Costs, Improve Efficiency

Promote Energy Conservation and Emission Reduction for Trucks

HONG KONG, Jan. 15, 2025 /PRNewswire/ — In late November last year, Hong Kong-listed company China International Development Holdings (00264.HK) announced that it signed the memorandum of understanding for the possible formation of a joint venture with its strategic partner, French-based Flex Fuel Energy Development Ltd (FFED), are going to form the JV Company as soon as practicable. The collaborate on the research and development, production and sales of the hydrogen injection cleaning system for motor vehicle’s engine, with an aim to address air pollution control for motor vehicles and non-road mobile sources in China, achieving energy-saving, emission reduction, cost reduction, efficiency improvement and contributing to the dual carbon goals of China.

Recently, Dacheng (National) Trustworthy Auto Repair Chain Co., Ltd. and Flex Fuel Energy Development (Shenzhen) Co., Ltd. have reached a strategic partnership for deeper integration. Together, they will provide high-tech, high-efficiency hydrogen engine maintenance equipment to truck drivers and transportation companies across the country, achieving cost reduction, efficiency improvement, energy conservation, and emission reduction benefits—a cooperation worth noting.

As a leading player in the truck repair industry, Dacheng Truck Repair (National) Chain adheres to the principles of “maintenance over repair” and “green repair.” It is a pioneer in China’s truck repair chain industry. Its core business includes technical training, talent supply, vehicle coordination, centralized procurement of spare parts, vehicle lifecycle maintenance services for major clients, and financial services. Additionally, Dacheng Truck Repair and Xinzongan Coordinated Insurance leverage nearly 1,500 chain repair shops nationwide and numerous strategic logistics fleet partnerships to provide internal insurance services for logistics fleets. These services reduce costs, improve efficiency, and increase accident repair volumes for repair shops. This dual approach not only lowers insurance participation costs for logistics fleets and truck drivers but also enhances safety assurance, offering nationwide rescue, joint guarantees, and unified services.

Flex Fuel Energy Development focuses on preventing pollution from motor vehicles and non-road mobile sources. By leveraging technological innovation, it plays a key role in supporting and leading efforts to protect blue skies. It contributes to achieving green, low-carbon, high-quality development while synergizing pollution reduction and carbon reduction. As a leader in “green repair” for the automotive industry, Flex Fuel Energy Development is committed to developing hydrogen-based energy-saving and emission-reduction technologies, helping the industry transition toward high-quality, sustainable, and low-carbon development.

 

 

Flex Fuel Energy Development (Shenzhen) Co., Ltd. is the Asia-Pacific subsidiary of Flex Fuel Energy Development Ltd, a French technology company founded in 2008 and listed among the French Tech 120 Index. The company holds exclusive sales and production authorization for the Asia-Pacific region. Its hydrogen engine maintenance equipment has received official safety certifications from entities such as the French National Railway, the Marine Agency, and the Ministry of Environment. Currently, the group engages in hydrogen research and production equipment, offering comprehensive energy solutions tailored to customer needs. These solutions reduce costs, align with global trends, utilize renewable energy, directly reduce emissions, save energy, and meet commercial ESG standards.

Backed by Real-World Test Data

According to real-world test data, using Flex Fuel’s hydrogen engine maintenance equipment not only effectively improves engine combustion efficiency but also employs advanced hydrogen cleaning technology for engines in a more environmentally friendly and efficient manner. This significantly reduces the maintenance time required by technicians and lowers risks during repairs. For truck drivers, the benefits include improved combustion efficiency, enhanced horsepower, reduced fuel consumption, lower engine noise, reduced idling vibration, lighter throttle response, faster acceleration, elimination of exhaust odor, complete combustion in the engine chamber, and restored vehicle performance to near-new conditions—all in one go.

Advantages for Flex Fuel Energy Development (Shenzhen)

Through its strategic partnership with Dacheng (National) Trustworthy Auto Repair Chain, Flex Fuel Energy Development (Shenzhen) can rely on Dacheng’s extensive network of nearly 1,500 repair chain outlets nationwide and the resources of Xinzongan Coordinated Insurance, which covers nearly 200,000 insured vehicle owners. The hydrogen maintenance project will serve a wide range of truck drivers and logistics fleets. By offering regular maintenance services, large fleet maintenance plans, and value-added insurance services, the partnership between Dacheng and Flex Fuel not only helps truck drivers save costs but also empowers the Dacheng system with the principles of “maintenance over repair” and “green repair,” creating a better future together.

About French Hydrogen New Energy (Shenzhen) Co., Ltd

French Hydrogen New Energy (Shenzhen) Co., Ltd. is an Asia-Pacific subsidiary of French French Hydrogen New Energy Co., Ltd. (founded in 2008, one of the French technology 120 index companies). It has the exclusive sales and production authorisation in the Asia-Pacific region. The engine hydrogen maintenance equipment has been officially certified by the French Railways Agency, the Oceanic Agency, the Ministry of Environmental Protection and other official safety certifications. At present, the group is engaged in hydrogen research and development and production equipment, providing a full range of energy solutions, applying its equipment and the hydrogen produced according to customer needs, so as to reduce costs, meet the world trend, apply renewable energy, directly reduce emissions and save energy, and meet the requirements of commercial ESG.

About Dacheng Car Repair (Nationwide) Chain

Dacheng Car Repair (Nationwide) Chain is the pioneer of China Car Repair Chain. Its business focuses on technical training, talent transfer, vehicle coordination, accessories collection, full life cycle maintenance services for large customer vehicles, and financial business.

Dacheng Car Repair and Xinzhong’an coordinated insurance, taking the opportunity of nearly 1,500 chain repair shops and many strategic cooperation logistics fleets across the country, not only to carry out internal protection for logistics fleets, reduce costs and increase efficiency, but also increase the maintenance volume of accident vehicles for repair shops, that is, reduce the participation fee for large logistics fleets and car friends, and obtain safety and security. . National rescue, joint insurance and continuous service.

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SOURCE CJEF Capital Partners Pte Ltd

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MARBLEX PAVES WAY FOR A NEW BEGINNING THROUGH ITS REBRANDING INITIATIVE BY LEVERAGING “FUN COMES FIRST”

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SEOUL, South Korea, Jan. 15, 2025 /PRNewswire/ — Blockchain gaming company MARBLEX today announced its rebranding initiatives reflecting future business operations. 

First kicked off in 2022, MARBLEX presented its latest slogan “FUN COMES FIRST” furbishing services that encompasses from Expanding Game Partnerships to Reinforcing User Compensation Systems, Strengthening Technology and Sustainability and Enhancing Community-centered Operations.

Moreover, MARBLEX unveiled new BI (Brand Identity) assets including a Mascot, Token Design and the Brand Logo all tied with its core mission related to its watchword of “Fun.”

MARBLEX’s first-ever mascot, a green goblin named “gObY” has been introduced, which is inspired by fantasy-themed goblin characters. gObY is designed to bring about playful wits and spirited energy to MARBLEX through its signature characteristics that are both amusing and mischievous.

The Token design has also been revamped featuring bright neon color palettes and incorporating full wits of gObY anticipated to resonate with younger audiences based on its unique design architecture. The refreshed Brand Logo harnesses a bubble-like design with curved accents, giving it a more approachable ambience.

Meanwhile, in virtue of the rebranding, MARBLEX has over ten game projects – including MMORPGs, casual games and simulation genre titles – in its onboarding blueprint by 2026, further bolstering its presence in the gaming industry.

MARBLEX is a blockchain-specialized subsidiary of the renowned game developer and publisher, Netmarble. The company will progressively integrate its proprietary blockchain ecosystem into upcoming titles through ongoing updates.

More information can be found on the MARBLEX’s official website, Telegram, and X

About MARBLEX

MARBLEX is a blockchain-powered subsidiary of Netmarble Corp. Netmarble Corp. is a well-established developer and publisher of mobile games comprised of more than 6,000 game industry veterans and blockchain technology experts from across the globe. MARBLEX aims to bring the highest quality blockchain games to market by providing key services such as a cryptocurrency wallet, decentralized exchange, token staking, and an NFT Marketplace. MBX, a proprietary blockchain ecosystem launched by MARBLEX, allows gamers to advance their experiences through organic engagement and rewards for participation. The MBX ecosystem can be enjoyed as part of popular Netmarble titles, such as Meta World: My City, A3: Still Alive, Ni no Kuni: Cross Worlds and Pocket Girls:Idle RPG. 

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