What is B2B Virtual Card Market?
A virtual card is a secure way to pay for goods and services without having to issue physical cards to employees. B2B virtual cards improve accounts payable (AP) processes, benefiting both buyers and suppliers by streamlining day-to-day payments, and providing greater control over cash flows. These cards have enhanced security, compared to other credit cards and payment methods. B2B virtual card market is driven by exploding mobile device usage, as the payment method can only be used for designated scenarios, such as AP payments and online or mobile purchases.
Highlights from B2B Virtual Card Market Study
|Unit||Value (USD Million)|
|Key Companies Profiled||Abine, Inc. (United States), American Express (United States), Billtrust, Inc. (United States), Cryptopay (United Kingdom), CSI (Corporate Spending Innovations) (United States), DiviPay (Australia), Emburse (United States), Fraedom (United Kingdom), JP Morgan Chase (United States) and Marqeta (United States)|
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global B2B Virtual Card market throughout the forecasted period. Abine, Inc. (United States), American Express (United States), Billtrust, Inc. (United States), Cryptopay (United Kingdom), CSI (Corporate Spending Innovations) (United States), DiviPay (Australia), Emburse (United States), Fraedom (United Kingdom), JP Morgan Chase (United States) and Marqeta (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Mastercard (United States), Mineraltree (United States) and Pay with Privacy (United States).
B2B Virtual Card Market Segmentation:
|Application / End User||Food, Beverage, Wine, Spirits, Household, Personal Care, Promotional, Industrial and Medical|
|Enterprise||Small and Medium Sized Enterprises,Large Enterprises|
On the basis of geography, the market of B2B Virtual Card has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Advancements in the Virtual Cards
Market Growth Drivers:
Increased Penetration of the Internet and Promotional Activities for B2B Virtual Cards
Cyber Attacks Causing Harm to the Market
Privacy and Security Issues Related to User Data and Technical Issues related to Virtual Cards
Growing Demand from End-users and Adoption of Digitalization by Enterprises
Key Target Audience
B2B Virtual Card Providers, Potential Investors, End-Users, Government & Other Associated Bodies, Banks and Others
Market Leaders & Development Strategies
In August 2019, American Express (NYSE: AXP) has announced that it has signed an agreement to acquire acompaytm, a best-in-class, digital payment automation platform from ACOM Solutions, Inc., that helps business customers make supplier payments easily and securely, manage business spend, and improve cash flow.
In September 2021, American Express and Extend, a New York City-based fintech company specializing in virtual cards, announced a partnership to expand virtual card solutions for US businesses. U.S. companies with eligible American Express business cards can now register and create virtual cards (also known as tokens) in just 5 minutes using their existing American Express card accounts via Extend's app or desktop login.