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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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MEDIA ADVISORY -Terrestar Solutions highlights how satellite infrastructure and Hybrid IoT unlock economic growth at CRRBC 2026

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SASKATOON, SK, Nov. 2, 2026 /CNW/ — Terrestar Solutions Inc., Canada’s only domestically headquartered and controlled mobile satellite service operator, will participate in the upcoming Canada’s Rural & Remote Broadband Community Conference & Expo (CRRBC 2026) in Saskatoon from November 2–3, 2026.

During the conference, Stéphane Miljours, Director, Business Product – IoT at Terrestar Solutions, will participate in a panel session titled “Space as Infrastructure: Driving Sovereign Connectivity and New Revenue Growth in Canada’s North.”

Miljours will address how satellite-enabled Hybrid IoT technology can unlock economic opportunities across Canada. By providing seamless connectivity beyond conventional terrestrial networks, Terrestar’s solution enables resource and regional industries–including mining, forestry, utilities, energy, and agriculture–to transform remote field operations, optimize productivity, and drive sustainable growth through data-driven intelligence.

At the conference, Terrestar Solutions is also pleased to showcase its partnership with Toccata, a Saskatchewan-based full-stack data technology company that builds remote monitoring solutions. Terrestar’s Hybrid IoT solution powers Toccata’s Canaro remote monitoring platform, which makes it easy for non-technical operators and their teams to monitor remote infrastructure, properties and facilities.

Toccata’s CEO and founder, Noah Little, will also be in attendance and available for media interviews.

Event Details:

Event: Canada’s Rural & Remote Broadband Community Conference & Expo (CRRBC 2026)Speaker: Stéphane Miljours, Director, Business Product – IoT, Terrestar SolutionsPanel Session: Space as Infrastructure: Driving Sovereign Connectivity and New Revenue Growth in Canada’s NorthDate & Time: November 3, 2026, at 9:45 a.m. CSTLocation: Delta Hotels Saskatoon Downtown

Spokesperson Availability:

Stéphane Miljours and Noah Little will be available for pre-event (phone/virtual) and on-site 1-on-1 interviews to discuss:

Unlocking economic growth with satellite-cellular Hybrid IoT innovation.Hybrid IoT pilot deployments in real-world environments, such as Twinberry Farms.Terrestar’s collaboration with local Saskatoon partner Toccata on the Canaro remote monitoring platform.

SOURCE Terrestar Solutions Inc.

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Virginia Ranked Top 5 State in Nation for Innovation & Research Ecosystem by Area Development

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National ranking builds on record growth across Virginia’s innovation ecosystem. 

RICHMOND, Va., Nov. 2, 2026 /PRNewswire/ — The Virginia Innovation Partnership Corporation (VIPC) announced today that Virginia has been ranked #5 in the country for “Innovation and Research Ecosystem” in Area Development’s 2026 Top States for Doing Business report. This latest recognition follows Virginia’s Top 10 national ranking (#6) for “Technology & Innovation” in CNBC’s 2026 America’s Top States for Business study and builds on record growth across Virginia’s statewide innovation ecosystem during the past five years. VIPC serves as the Commonwealth’s nonprofit economic development authority dedicated to growing Virginia’s innovation ecosystems through public-private partnership.

Area Development is a leading executive publication covering corporate site selection and business investment. Its 16th annual Top States for Doing Business rankings are based on a survey of expert industry consultants who evaluated states across 20 categories. “Innovation and Research Ecosystem” was Virginia’s second-highest ranked category. Virginia ranked #8 overall nationally, including #1 for “Workforce Training Programs.”

“Virginia has cultivated a robust ecosystem that connects innovation, talent, and capital, enabling businesses of all sizes to build and grow in the Commonwealth,” said Virginia Secretary of Commerce and Trade Carrie H. Chenery. “Through collaboration with Virginia Innovation Partnership Corporation and statewide partners, we are helping researchers and entrepreneurs transform ideas into companies that create thriving communities, good jobs, and create opportunities for all Virginians.”

Over the past five years, Virginia’s innovation ecosystem has accelerated, achieving record growth milestones across university research, high-growth startup formation, and venture capital investment. Annual university research expenditures in Virginia have increased more than 40% during this period, outpacing the national growth rate and climbing to an all-time high of $2.6 billion. Over 25,000 new high-growth startups have launched throughout the Commonwealth since 2020, representing a record five-year cumulative total. Venture capital investment in Virginia startups and early-stage technology companies has also nearly doubled since 2020, reaching a record-high $2.9 billion in 2025.

“Virginia is where innovation thrives, and our Top 5 national ranking reflects the tremendous momentum across our innovation ecosystem,” said Joe Benevento, President and CEO of VIPC. “This shared success is driven by collaboration with partners throughout the Commonwealth, united by a vision to make Virginia the best place to launch, grow, and thrive.”

Virginia is continuing to innovate. Last year, VIPC created Lab-to-Launch, a unique statewide collaboration with Virginia’s leading R1 and R2 research universities to accelerate research commercialization, technology transfer, and startup spinouts. Designed to simplify and streamline technology transfer, Virginia’s Lab-to-Launch offers a faster, easier, and less costly pathway for licensing university intellectual property (IP) and advancing innovation into the marketplace. This new initiative aims to help Virginia universities double their annual technology startup spinouts.

About Virginia Innovation Partnership Corporation
The Virginia Innovation Partnership Corporation (VIPC) serves as the Commonwealth’s nonprofit statewide economic development authority dedicated to growing Virginia’s innovation ecosystems through public-private partnership. For more information, visit www.VIPC.org.

CONTACT:

 Amber Salter
804-591-9591
Amber.Salter@VirginiaIPC.org

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SOURCE VIPC

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HelloNation Article Highlights Downsizing Strategies From Real Estate Experts Holly Abel Grimm and Rich Grimm

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The article explains how long-time homeowners and seniors can prepare emotionally and financially for a successful move.

NEW PHILADELPHIA, Ohio, Nov. 2, 2026 /PRNewswire/ — When is the right time for long-time homeowners or seniors to consider downsizing? A HelloNation article offers a clear, thoughtful guide to when and how to make this critical life transition.

In the feature, New Philadelphia-based real estate professionals Holly Abel Grimm and Rich Grimm, of Holly & Rich Grimm at REMAX Crossroads, offer practical advice to help seniors sell their homes or prepare to downsize. The article highlights the emotional and logistical challenges that often accompany selling a family home and outlines how homeowners can approach the process with confidence and clarity.

For many longtime homeowners, downsizing isn’t just about reducing space. It’s about finding a living arrangement that better matches current needs. The HelloNation article reframes downsizing as rightsizing, a mindset shift that helps lessen the emotional weight of the decision. This approach encourages homeowners to focus less on what they’re leaving behind and more on how they want to live going forward.

The article explains that preparing for downsizing is most effective when started early and approached gradually. Holly Abel Grimm and Rich Grimm emphasize that signs often emerge over time—whether in unused rooms, maintenance issues, or daily tasks that become more tiring. Recognizing these signs can prompt meaningful conversations and reduce the chance of rushed decisions later.

Seniors selling a home often face the added challenge of emotional attachment. Memories and family history tied to a house can make moving overwhelming. The HelloNation feature suggests breaking the process into small steps, starting with organizing storage areas and sorting personal items in manageable sessions. This helps long-time homeowners see progress without feeling burdened.

One key recommendation from the article is to engage in open conversations with family members early in the process. Discussing plans, financial concerns, and future goals helps align expectations and avoid misunderstandings. For seniors selling a home, these discussions also help ensure their wishes remain central to the plan, rather than being shaped by outside pressure.

From a practical standpoint, preparing a property for sale begins long before a home is listed. According to the article, addressing basic maintenance, minor repairs, and cosmetic updates can significantly improve the home’s market performance. This not only improves the sales experience but also allows homeowners to move at a pace that feels right for them.

Working with experienced real estate agents, such as Holly Abel Grimm and Rich Grimm, can provide clarity throughout this process. With a strong understanding of New Philadelphia’s local market, these professionals help clients navigate every stage, from determining the right time to move to assessing financial readiness. Their insight supports thoughtful decision-making and reduces uncertainty for those preparing to downsize.

Financial planning is another significant component of rightsizing. As the HelloNation article notes, seniors selling a home benefit from understanding how the sale will affect their overall financial situation. This includes considerations around retirement income, future housing costs, and long-term care. Having a strategy in place creates a smoother path toward a new chapter in life.

Ultimately, the article’s message is clear: downsizing a home should never be a rushed or reactive decision. By starting early and focusing on emotional, physical, and financial readiness, long-time homeowners can view the process as a step toward greater comfort and security.

Downsizing or Rightsizing Your Home: A Practical Guide for Long-Time Homeowners and Seniors features insights from Holly Abel Grimm and Rich Grimm, real estate experts at Holly & Rich Grimm at REMAX Crossroads in New Philadelphia, OH, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

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SOURCE HelloNation

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