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Virtual Cards Market to Grow by USD 428.6 Billion (2025-2029), Driven by Focus on Customer Satisfaction, Report on AI-Powered Market Evolution – Technavio

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NEW YORK, Jan. 21, 2025 /PRNewswire/ — Report on how AI is driving market transformation – 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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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

on

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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