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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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Call out – Optimize’s glass-box approach provides greater insight to explainable property-specific settings, controls, and demand. Spherexx® Expands Optimize Revenue Management with CoPilot Predictive Simulation and Strategic Governance

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New internal coaching and simulation capabilities expand predictive insight, strategic governance and user control

TULSA, Okla., Oct. 28, 2026 /PRNewswire/ — Spherexx announced the addition of CoPilot to Optimize, its neural-driven multifamily revenue management platform. CoPilot expands Optimize’s strategic governance capabilities with explainable visibility into how recommendations are developed, how operating controls influence outcomes, and how adjustments may affect future performance.

Optimize’s glass-box approach to revenue management gives greater insight into why leasing rates are recommended.

Designed to strengthen Optimize’s glass-box approach to revenue management, CoPilot provides revenue managers with greater insight into why each leasing rate is recommended based on explainable property-specific settings, controls, and demand. Users can evaluate potential adjustments while maintaining direct human oversight, decision authority, and accountability. This methodology also applies to lease-up construction apartments where previous data is nonexistent, Optimize formulated Its neural network to identify occupancy growth patterns based on lease-up data and certificates of occupancy since 2013; becoming the first revenue management platform to successfully target and exceed construction proforma expectations.

A robust, layered simulator allows revenue managers to model the potential impact of changes before implementation, helping teams understand how adaptive controls may influence future results. For each unit type, users can elect to maintain the current published leasing price, accept Optimize’s recommended leasing price, or hold a price from an earlier date. Additionally, Optimize provides a concession simulation against public comparables to reveal how the cost of recurring or one-time concessions will affect actual new lease pricing.

CoPilot consolidates these decisions within a central workspace where users can review available leasing prices by status, existing rates, recommendations, explanations for changes, and the history of prior decisions. Revenue managers can adjust directly within the workflow, while embedded training video segments provide task-specific guidance throughout the platform.

Optimize continuously incorporates client’s property data through property management software integrations, along with client-selected settings for additional intelligence providers.

Forward-looking intelligence provides revenue managers with an expanded view of asset performance. Optimize displays the property’s known upcoming performance based on scheduled expirations, notices to vacate, and future lease data. Based on this information and historical performance, Optimize forecasts future occupancy, projected renewals, and potential new move-ins three months beyond the max lease term the property offers, i.e. a twelve-month lease will forecast a 15-month horizon. Market positioning based on public-comparable data can be reviewed for rent, vacancy, concessions and leasing velocity daily, weekly, or across a custom period.

CoPilot also extends governance capabilities for affordable and rent-controlled floor plans and units, enabling additional controls for fixed maximums, lease terms, and other applicable operating parameters

“We created Optimize as one of the early neural-intelligent revenue management platforms, and its intelligence has continued to evolve,” said Becca Wilson, Owner and CEO of Spherexx. “Our original vision remains the same: give clients pertinent, accurate and accessible intelligence they can understand, evaluate, and govern. CoPilot advances that vision by allowing revenue managers to see not only what Optimize recommends, but why it recommends it, explore the potential impact of their decisions, and remain firmly in control of the outcome.”

CoPilot builds upon Optimize’s established approach to transparent revenue management by combining predictive intelligence, adaptive controls, and strategic governance within a single decision environment.

About Spherexx.com®

Spherexx.com®: Redefining Real Estate Technology

Spherexx.com® continues to lead with cutting-edge predictive, generative, agentic, AI across a suite of software solutions, setting industry benchmarks for innovation.

With over two decades of experience, Spherexx.com® delivers top-tier Software as a Service (SaaS) internet-based software, data analytics, and marketing solutions to clients across the US and Canada. Spherexx expertise spans multifamily, single-family, affordable, senior, rent control, self-storage, and manufactured housing.

Spherexx technology stack streamlines operation and enhances brand experiences for clients, and their residents, and investors. Our technology stack includes:

Website CMS/Inline EditorSEM/GEO/AEO/LLM/PPCILS SyndicationCommission & Bonus ManagementBI DashboardsCRM + AI AgentWebsite Chat & Voice AIComparable AnalyticsRevenue ManagementInteractive Site PlansTouchscreen Leasing KiosksCustom Programming

Spherexx.com® is the authoritative trusted source for innovation and transformation in real estate technology. Visit www.spherexx.com to explore the future of PropTech.

News@spherexx.com

866.491.7500

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Empowering Malaysia’s Digital Future: AWS and Elitery Celebrate Grand Finale of AWS CendekiAwan

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20 Finalist Teams from Four Top Malaysian Universities Reach the Grand Finale of AWS CendekiAwan

KUALA LUMPUR, Malaysia, Nov. 4, 2026 /PRNewswire/ — Amazon Web Services (AWS) and Elitery recently celebrated the Grand Finale of AWS CendekiAwan at Universiti Malaya (UM).

The event brings together 20 student finalist teams from four top Malaysian universities to pitch cutting-edge Generative AI solutions powered by Amazon Bedrock, tackling critical societal and enterprise challenges. Competing across five categories, the finalists will demonstrate how AI can be applied to address real-world challenges across education, healthcare, sustainability, financial inclusion, government technology, and social impact.

The CendekiAwan Malaysia program is a collaborative digital talent initiative by AWS and Elitery designed to bridge academic learning with practical industry requirements. Moving beyond theoretical AI concepts, the hands-on curriculum equipped participants from tech and non-tech backgrounds with practical skills in cloud computing, application development, and Generative AI.

Beginning at Asia Pacific University of Technology & Innovation (APU), the initiative expanded through self-learning, hands-on workshops, and showcase sessions across Multimedia University (MMU), Nilai University, and Universiti Malaya (UM). Utilizing AWS developer tools including PartyRock, Kiro, and Amazon Bedrock, students built functional prototypes from scratch. The program encouraged students to move beyond learning AI concepts and gain practical experience developing technology-driven solutions for real-world needs.

“CendekiAwan reflects our belief that AI should be built and deployed by hands and minds like these students to solve real challenges facing communities across Malaysia,” said Daniel Zhang, Regional Data Center Operations Leader Malaysia, AWS. “Together with Elitery and our partner universities, we are proud to see these students turn skills in Kiro and Amazon Bedrock into practical solutions for education, healthcare, sustainability, financial inclusion and public services.”

The showcase brings together key decision-makers across government, higher education, and industry, including representatives from Dewan Bandaraya Kuala Lumpur (DBKL). Beyond the competition, the event underscores Elitery and AWS’s shared commitment to building a resilient, future-ready AI workforce across Southeast Asia. “The CendekiAwan training programme supports Kuala Lumpur’s vision of ‘A Prosperous City for All by 2030’ by investing in talent development, strengthening capabilities, and fostering knowledge exchange. Through sustained training and collaboration, the programme seeks to contribute to a more dynamic, inclusive, and future-ready Kuala Lumpur, in line with DBKL’s commitment to the city’s socioeconomic progress and well-being,” said Ts. Kamariah binti Kamarudin, Representative of DBKL.

Representing Elitery, President Director Kresna Adiprawira said, “Through CendekiAwan, we help students move beyond learning AI concepts to building practical applications that address real-world challenges. We are proud to see their ideas turn into meaningful innovations and help shape the next generation of digital talent.”

Finalists showcase projects across five categories:

Smart Education: Enhancing learning and accessibility.Digital Health: Improving healthcare and wellbeing.Sustainable Environment & Climate: Advancing sustainability and climate resilience.Financial Inclusion & SME: Supporting business growth and financial access.GovTech & Social Impact: Improving public services and community inclusion.

Through these categories, students demonstrate how Generative AI can translate into practical applications that address challenges faced by communities, institutions, businesses, and society.

“The development process was seamless thanks to the comprehensive technology provided by AWS. For students looking to build AI-powered solutions, the most vital factor is the core idea focus on solving real-world problems.” Dewan AI — Winner, GovTech & Social Impact, Multimedia University (MMU).

As Generative AI transforms industries, CendekiAwan equips students with practical skills and innovation capabilities to develop impactful, real-world solutions through collaboration between AWS, Elitery, and Malaysian universities.

CendekiAwan Malaysia is an AWS and Elitery initiative with partner universities, equipping students from four Malaysian universities with practical cloud computing and Generative AI skills through hands-on learning, culminating in 20 finalist teams competing across five categories using Amazon Bedrock.

PT Data Sinergitama Jaya Tbk  (Elitery, IDX: ELIT)  is an Indonesian publicly listed technology company specializing in IT Managed Services, AI, and cloud solutions, serving over 200 customers across three countries. In 2026, Elitery earned the AWS Migration Competency Designation.

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SOURCE Elitery

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Small Joys, Big Market: Products That Spark Joy Take the Spotlight at 140th Canton Fair

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GUANGZHOU, China, Nov. 3, 2026 /PRNewswire/ — As emotional value becomes a key consumption driver, consumers are increasingly willing to pay for fun, companionship and peace of mind, offering an everyday interpretation of what “Better Life” truly means. This trend was on display throughout Phase 3 of the 140th Canton Fair.

Small Products, Big Feelings

In the Office Supplies Section, beyond traditional business supplies, vibrant products are capturing attention. Pens are expected to be visually appealing while staplers are designed to be cute as well as functional. Products that provide a burst of pleasure are gaining popularity.

3D stickers have emerged as a favorite among journaling enthusiasts. These stickers double as puzzles, requiring no glue and allowing users to assemble them for fun, turning decorations into interactive toys.

In the Toys Section, bag charms in various designs are ubiquitous. Meanwhile, animal-shaped sofa cushions in lazy, prone poses offer a healing touch. Filled with eco-friendly weighted glass beads, they provide a gentle hugging sensation, offering comfort and relaxation.

Emotional Comfort Across Categories

Emotional comfort was equally evident in products designed for children and pets.

A duck-shaped toy created for infants and toddlers aged 6 to 36 months attracted interest from overseas buyers. Simulating the movements of a real duck through head-turning and waddling motions alongside lights, sounds and voice guidance, the toy supports crawling, early learning and emotional comfort. Educational and bedtime-soothing modes offer music, stories, nursery rhymes and bilingual content, helping nurture development and providing a sense of security.

Meanwhile, the Pet Products and Food Section demonstrated how emotional needs also extend to animal companions. From creatively designed cat climbing structures to interactive automatic toys, exhibitors presented products aimed at enriching pets’ daily lives and strengthening the bond between pets and their owners.

As consumers increasingly seek products that deliver emotional as well as practical benefits, Phase 3 of the 140th Canton Fair offers a glimpse into evolving lifestyles and expectations. The message behind “Better Life” is clear: better living is no longer defined solely by utility, but by products that bring comfort, connection and joy.

For more convenient attendance, please click here for pre-registration:

https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

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