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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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Global AI Leader and Enterprise Transformation Visionary Zeya Ottomone Appointed Chief Executive Officer of Integrow

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Author of Empowered to Execute in the Agentic Era to Lead Next Generation of AI-Powered Enterprise Innovation

ATLANTA, July 24, 2026 /PRNewswire-PRWeb/ — Integrow announced the appointment of Zeya Ottomone as Chief Executive Officer, marking a significant milestone in the company’s evolution as it accelerates its vision to become a global leader in Agentic AI-powered enterprise software and business transformation.

Integrow announced the appointment of Zeya Ottomone as Chief Executive Officer, marking a significant milestone in the company’s evolution as it accelerates its vision to become a global leader in Agentic AI-powered enterprise software and business transformation.

With more than three decades of executive leadership spanning Fortune 500 enterprises, global technology organizations, and enterprise software innovation, Ottomone joins Integrow at a defining moment in the evolution of artificial intelligence.

Widely recognized for helping organizations modernize operations, simplify complex business ecosystems, and deliver measurable transformation outcomes, Ottomone has led some of the industry’s largest enterprise modernization initiatives across ERP, CRM, workforce management, cloud computing, cybersecurity, artificial intelligence, and intelligent automation. His appointment signals Integrow’s commitment to redefining how enterprises execute strategy in the era of autonomous AI.

“Artificial Intelligence is no longer about automation alone, it’s about empowering organizations to execute faster, make smarter decisions, and fundamentally rethink how work gets done,” said Zeya Ottomone, Chief Executive Officer of Integrow. “We’re entering the Agentic Era, where intelligent AI agents become trusted digital teammates capable of planning, reasoning, collaborating and executing alongside people. At Integrow, we’re building the enterprise platform that makes that future practical, secure and measurable for every organization.”

Ottomone is internationally recognized as a leader in enterprise technology, SaaS transformation, digital modernization and AI-enabled business strategy. Throughout his career he has held executive leadership and C-level positions with ABB, Honeywell, AmerisourceBergen, Cable & Wireless, Chicago Tribune and Rimini Street, leading global organizations through large-scale transformation initiatives across North America, Europe, Asia-Pacific and the Middle East. His expertise spans enterprise applications, Salesforce ecosystems, ServiceNow, ERP modernization, customer experience, intelligent operations, data strategy, and the emerging field of Agentic AI.

Before joining Integrow, Ottomone led global SaaS Centers of Excellence focused on enterprise transformation, helping organizations modernize critical business operations while reducing technology complexity and accelerating innovation. A certified Lean Six Sigma Master Black Belt and recognized executive advisor, Ottomone has consistently delivered operational excellence by combining strategic leadership with emerging technologies to create sustainable business value.

His appointment also coincides with the upcoming publication of his new book, Empowered to Execute in the Agentic Era, which explores how organizations can bridge the gap between strategy and execution by leveraging AI, empowering people, and building intelligent enterprises capable of continuous innovation. The book reflects many of the same principles that will guide Integrow’s next phase of growth: human-centered AI, intelligent automation, operational excellence, and measurable business outcomes.

Under Ottomone’s leadership, Integrow will accelerate investment across:

Agentic AIEnterprise AI PlatformsIntelligent ERPAI-powered CRMHuman Capital ManagementIT Service ManagementPredictive AnalyticsAutonomous WorkflowsEnterprise CopilotsIndustry-specific AI Solutions

The company’s vision is to deliver a unified enterprise platform where AI is embedded into every business process, enabling organizations to eliminate operational silos, automate decision-making, increase productivity, and create competitive advantage through intelligent execution. “Zeya represents exactly the type of visionary leader required for the next generation of enterprise software,” said Harvey Nicholson, Chair of Corporate Governance and Member of Integrow’s Board of Directors. “His global experience, deep understanding of enterprise technology, and forward-looking vision for Agentic AI position Integrow to become one of the industry’s most innovative AI-powered enterprise software companies.”

Wayne Gadson, Chair of Growth Strategy, added: “The future belongs to organizations that can execute strategy with intelligence, speed and confidence. Zeya has spent his career helping enterprises achieve exactly that. His appointment marks the beginning of an exciting new chapter for Integrow, our customers and our partners worldwide.” As enterprises face mounting pressure to modernize operations, reduce costs, improve workforce productivity and harness the power of artificial intelligence, Integrow is uniquely positioned to help organizations transform through a single AI-powered enterprise platform that unifies finance, operations, customer engagement, workforce management, projects and service delivery.

“Our mission is simple,” Ottomone concluded. “We don’t believe AI should replace people. We believe AI should elevate people. The organizations that will define the next decade won’t simply adopt AI—they’ll empower every employee to execute better decisions every day. That’s the future Integrow is building.”

About Integrow

Integrow is a global enterprise software company delivering next-generation AI-powered business applications built on Salesforce. The platform unifies ERP, CRM, Human Capital Management, IT Service Management, Project Management, Field Service, Finance and Operations into a single intelligent ecosystem enhanced by Agentic AI.

By embedding artificial intelligence into every workflow, Integrow enables organizations to modernize operations, accelerate innovation, improve decision-making and execute strategy with confidence.

For more information, visit www.integrow.com.

Media Contact

Media Team, Integrow, Inc., 1 855-333-4769, info@integrow.com, www.integrow.com 

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SOURCE Integrow, Inc.

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Lufax Announces Board and Management Changes

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SHANGHAI, July 24, 2026 /PRNewswire/ — Lufax Holding Ltd (“Lufax” or the “Company”) (NYSE: LU and HKEX: 6623), a leading financial services enabler for small business owners in China, today announced changes to its board of directors and senior management, effective July 25, 2026.

Ms. Fangfang Cai (“Ms. Cai”), Mr. Shibang Guo (“Mr. Guo”) and Mr. Peifeng Li (“Mr. Li”) have resigned as non-executive directors of the Company and from their respective positions on the Board’s committees. Mr. Tongzhuan Xi (“Mr. Xi”) has resigned as an executive director, the chief financial officer and the authorised representative of the Company (“Authorised Representative”) under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Hong Kong Listing Rules”), with effect from July 25, 2026. Each of the four directors cited personal work arrangements as the reason for their resignation and confirmed there is no disagreement with the Board and no matter relating to their departure that needs to be brought to shareholders’ attention.

The Company has begun a search for a new chief financial officer. During the transition, the CFO’s duties will be temporarily assumed by the Company’s internal team to ensure continuity of the Company’s financial functions. Mr. Xiang Ji, an executive director and the Company’s chief executive officer, has been appointed as the Authorised Representative, the Company’s designated liaison with the Stock Exchange under the Hong Kong Listing Rules, in place of Mr. Xi, with effect from July 25, 2026.

The Board has appointed Mr. Wai Kin Chim (“Mr. Chim”) as an independent non-executive director for an initial three-year term commencing July 25, 2026.

Mr. Chim, aged 65, has over 40 years of experience in international banking and extensive board experience in Asia Pacific, having worked in Hong Kong, Singapore and Beijing. He specializes in risk management and internal control, with a strong emphasis on corporate governance, credit risk, market risk and capital management.

Mr. Chim served as a loan officer at Standard Chartered Bank, Hong Kong Branch, from October 1985 to August 1988. He was then employed by Bankers Trust Company, Hong Kong Branch, as a vice president of the Asia Credit Department from September 1988 to October 1996. He subsequently served as the managing director and the chief credit officer for Deutsche Bank AG, a company listed on the Frankfurt Stock Exchange under ticker symbol DBK, for Asia Pacific (non-Japan Asia), from October 1996 to November 2006. He joined Bank of China Limited, a company listed on the Main Board of the Stock Exchange under stock code 3988, as the chief credit officer from March 2007 to March 2015.

Mr. Chim was an independent non-executive director of Standard Chartered Bank (China) Limited from October 2015 to October 2017. He served as an independent non-executive director of HDR Global Trading Limited, owner and operator of the BitMEX digital asset trading platform, from February 2021 to February 2022. Mr. Chim served as a non-executive director of China Chengtong Hong Kong Company Limited from July 2022 to June 2025. Mr. Chim is currently an independent non-executive director of OCBC Bank (Hong Kong) Limited, since November 2017; an independent non-executive director of Banco OCBC (Macau), S.A., since August 2023; an independent non-executive director of China Intellogis Technology Co., Ltd., since June 2024; and a director of Hong Kong Dance Company Limited since June 2026.

Mr. Chim obtained a Bachelor of Science degree from the Chinese University of Hong Kong in 1983 and an MBA degree from Indiana State University, USA, in 1985. He also graduated from the Senior Executive Program at Columbia University in 2000.

In connection with these changes, with effect from July 25, 2026, Ms. Cai will step down from the Nomination and Remuneration Committee, and Mr. Koon Wing Ernest Ip has been appointed as a member to that committee. The Company’s Special Committee will comprise Mr. Dicky Peter Yip, Mr. Koon Wing Ernest Ip and Mr. Siu Hong Cheng, continuing under the chairmanship of Mr. Dicky Peter Yip, with effect from July 25, 2026.

The Board would like to take this opportunity to thank Ms. Cai, Mr. Guo, Mr. Li and Mr. Xi for their service during the tenure of their office and warmly welcome Mr. Chim to the Board.

About Lufax

Lufax is a leading financial services enabler for small business owners in China. The Company offers financing products designed principally to address the needs of small business owners. In doing so, the Company has established relationships with 85 financial institutions in China as funding partners, many of which have worked with the Company for over three years.

Investor Relations Contact

Lufax Holding Ltd
Email: Investor_Relations@lu.com

ICR, LLC
Robin Yang
Tel: +1 (646) 308-0546
Email: lufax.ir@icrinc.com

 

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SOURCE Lufax Holding Ltd

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UMD Smith School Researchers Warn AI Security Lapses Highlight Urgent Need for Independent Oversight

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COLLEGE PARK, Md., July 24, 2026 /PRNewswire/ — A series of recent AI security lapses—including the OpenAI–Hugging Face breach—raises a fundamental question, say a pair of researchers at the University of Maryland’s Robert H. Smith School of Business: Can tech companies safely govern the powerful AI systems they build, or is stronger outside oversight now essential?

In its incident report, OpenAI confirmed that one of its experimental AI agents exploited a weakness in its testing environment while working on a routine benchmark task. The system wasn’t instructed to behave maliciously; instead, its persistence turned a small design flaw into a real escape. Earlier tests showed similar behavior, including agents that learned to bypass security checks by manipulating authentication tokens.

This pattern echoes findings from Dean’s Professor of Information Systems Siva Viswanathan at the Smith School, who studies how large technology platforms enforce rules. His research on mobile app privacy—published in Management Science—examined Google’s rollout of Android 6.0, which gave users more control over what data apps could collect. Developers were granted a flexible window to update their apps. Many used that flexibility to delay compliance for months, continuing to gather user data until Google imposed consequences such as lower search rankings and reduced visibility in its app store.

Viswanathan’s takeaway: when companies rely on voluntary compliance, self‑interested actors often exploit the slack. Real accountability requires pairing flexibility with firm, enforceable penalties.

That lesson now reverberates across the AI sector. As companies race to build increasingly capable systems, Viswanathan says oversight must treat these AI systems as strategic actors and must include strong safeguards that can pause or reverse a system before harm occurs.

He notes that a separate study from Anthropic underscores the stakes. In controlled tests, even an AI system designed to monitor another AI inherited the same flaws it was supposed to catch. In some cases, the “judge” model failed to flag clear sabotage because it agreed with the agent’s goals, allowing dangerous behavior to pass without human review.

Balaji Padmanabhan, Dean’s Professor of Decisions, Operations and Information Technologies and director of the Smith School’s Center for Artificial Intelligence in Business, extends Viswanathan’s governance argument into the realm of autonomous AI agents, warning that the same structural weaknesses now carry far higher stakes.

“The fact that this breach occurred organically without the AI agent being asked to be malicious is itself notable. Imagine what someone who actually intends to do harm can do. It’s also not terribly reassuring that the same firms we depend on for AI infrastructure, who are facing these issues, are the ones assuring enterprises that their systems with guardrails are perfectly safe,” says Padmanabhan. “We have to wake up to the fact that we’ve created capabilities that let software become as powerful as we want it to be—and then some. It’s time we seriously ask what’s needed to create an infrastructure to play defense well.”

Across the independent studies, the pattern is consistent, says Viswanathan: Voluntary compliance fails when the governed actor is more capable than the regulator. And AI systems cannot be governed by trust or good intentions alone. Oversight must be preventive, independent and capable of stopping harmful behavior before it spreads.

About the University of Maryland’s Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and flex MBA, executive MBA, online MBA, business master’s, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.

Contact: Greg Muraski, gmuraski@umd.edu

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SOURCE University of Maryland’s Robert H. Smith School of Business

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