Virtual Cards Market in Europe to grow by USD132.23 billion from 2022 to 2027|High adoption of contactless payment solutions boosts the market- Technavio

NEW YORK, July 26, 2023 /PRNewswire/ -- The virtual cards market in Europe size is estimated to grow by USD 132.23 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  20.56%, however, the growth momentum will progress during the forecast period. The virtual cards market in the UK is expected to experience substantial growth during the forecast period due to several factors. These include the presence of a well-developed payment infrastructure, increasing adoption of virtual cards, and a growing preference for virtual payments. The UK has a high penetration of virtual cards, thanks to the large number of financial institutions and vendors offering virtual card services, such as Revolut, Monese, and Paysafe. To facilitate secure, fast, and convenient transactions, banks are introducing new platforms for virtual cards. For example, in December 2020, Barclays launched the Barclaycard Precisionpay Go platform for virtual card payments, catering to customer needs. These developments are likely to boost the demand for virtual cards in the UK and drive the growth of the virtual cards market during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Virtual Cards Market In Europe - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on product (B2B virtual cards, B2C remote payment virtual cards, and B2C POS virtual cards) and application (Business use and Consumer use). 

• The market share growth by the B2B virtual cards segment will be significant during the forecast period. In 2022, the B2B virtual cards segment emerged as the dominant player in the European virtual cards market in terms of value. This was driven by the increasing adoption of real-time digital disbursements in mobile platforms, facilitated by the widespread availability of the Internet in the region. The growing usage of virtual cards has created significant opportunities for suppliers to generate and track potential leads, establishing strong relationships with their business clients. Moreover, virtual cards offer compelling features that enable vendors to strengthen their ties with existing and potential B2B customers. For instance, in April 2023, egabi, a digital services company, partnered with MasterCard to expand access to digital lending solutions in Eastern Europe, showcasing the ongoing innovations in the market. These developments are expected to drive the demand for B2B virtual cards and propel the growth of the virtual cards market in Europe during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Virtual Cards Market In Europe – Market Dynamics
Key factor driving market growth

The high adoption of contactless payment solutions is a significant factor driving market growth. The introduction of payment gateways like Stripe and Mastercard has simplified bill payments, eliminating the need for customers to carry physical cards. Many retailers now utilize Point of Sale (PoS) platforms for virtual payments, leading to an increased demand for virtual cards due to the well-developed payment infrastructure. The market growth is driven by the need for faster checkout, efficient information management among retailers, and a preference for secure payment methods. The adoption of NFC-enabled payment solutions and contactless payment options further contributes to the market's expansion as technology evolves, and more consumers embrace NFC transactions and contactless payment gateways in retail stores. As a result, the European virtual card market is expected to witness significant growth during the forecast period.

Leading trends influencing the market 

Growing new developments is an emerging trend in the Europe virtual cards market. The virtual cards market in Europe is experiencing notable advancements with recent developments from key players. For example, in September 2020, Marqeta introduced physical and virtual credit cards for Vanta, a Berlin-based fintech, making them accessible through Vanta's mobile app and website. Similarly, Barclays launched the Barclaycard Precisionpay Go platform in December 2020, offering virtual card payment options for its customers. These innovations are anticipated to have a positive impact on the growth of the virtual cards market in Europe during the forecast period.

Major challenges hindering the market growth

The popularity of mobile payments is a major challenge hindering market growth. Mobile payments, facilitated by mobile devices, have gained popularity in recent years with the advancement of telecommunication infrastructure and the widespread use of smartphones in the region. The mobile payment ecosystem includes mobile money, mobile wallets, application-based payments, and other financial technologies. To complete mobile payment transactions, users display their mobile wallets over payment terminals, which often include additional authentication measures like fingerprint scans and facial recognition for enhanced security. The increasing adoption of mobile payments is expected to continue during the forecast period, with banks also launching mobile payment services to tap into this growing trend of cashless transactions. However, the rising number of mobile transactions poses a challenge to the virtual cards market in Europe and may hinder its growth in the forecast period.

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Virtual Cards Market In Europe report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the virtual cards market in Europe between 2023 and 2027
• Precise estimation of the virtual cards market in Europe size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the virtual cards market across Europe
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of the virtual cards market vendors in Europe

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Table of contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Country Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Regional - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Europe: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Regional - Market size and forecast 2022-2027 ($ billion)

4 Historic Market Size

• 4.1 Virtual cards market in Europe 2017 - 2021
• Exhibit 18: Historic Market Size – Data Table on virtual cards market in Europe 2017 - 2021 ($ billion)

• 4.2 Product Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ billion)

• 4.3 Application Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size – Application Segment 2017 - 2021 ($ billion)

• 4.4 Country Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 22: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 23: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 24: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 25: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 26: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 27: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 28: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 29: Chart on Product - Market share 2022-2027 (%)
• Exhibit 30: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 31: Chart on Comparison by Product
• Exhibit 32: Data Table on Comparison by Product

• 6.3 B2B virtual cards - Market size and forecast 2022-2027 
• Exhibit 33: Chart on B2B virtual cards - Market size and forecast 2022-2027 ($ billion)
• Exhibit 34: Data Table on B2B virtual cards - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Chart on B2B virtual cards - Year-over-year growth 2022-2027 (%)
• Exhibit 36: Data Table on B2B virtual cards - Year-over-year growth 2022-2027 (%)

• 6.4 B2C remote payment virtual cards - Market size and forecast 2022-2027 
• Exhibit 37: Chart on B2C remote payment virtual cards - Market size and forecast 2022-2027 ($ billion)
• Exhibit 38: Data Table on B2C remote payment virtual cards - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Chart on B2C remote payment virtual cards - Year-over-year growth 2022-2027 (%)
• Exhibit 40: Data Table on B2C remote payment virtual cards - Year-over-year growth 2022-2027 (%)

• 6.5 B2C POS virtual cards - Market size and forecast 2022-2027 
• Exhibit 41: Chart on B2C POS virtual cards - Market size and forecast 2022-2027 ($ billion)
• Exhibit 42: Data Table on B2C POS virtual cards - Market size and forecast 2022-2027 ($ billion)
• Exhibit 43: Chart on B2C POS virtual cards - Year-over-year growth 2022-2027 (%)
• Exhibit 44: Data Table on B2C POS virtual cards - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Product 
• Exhibit 45: Market opportunity by Product ($ billion)
• Exhibit 46: Data Table on Market opportunity by Product ($ billion)

7 Market Segmentation by Application

• 7.1 Market segments 
• Exhibit 47: Chart on Application - Market share 2022-2027 (%)
• Exhibit 48: Data Table on Application - Market share 2022-2027 (%)

• 7.2 Comparison by Application 
• Exhibit 49: Chart on Comparison by Application
• Exhibit 50: Data Table on Comparison by Application

• 7.3 Business use - Market size and forecast 2022-2027
• Exhibit 51: Chart on Business use - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Data Table on Business use - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Chart on Business use - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Business use - Year-over-year growth 2022-2027 (%)

• 7.4 Consumer use - Market size and forecast 2022-2027
• Exhibit 55: Chart on Consumer use - Market size and forecast 2022-2027 ($ billion)
• Exhibit 56: Data Table on Consumer use - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Chart on Consumer use - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Consumer use - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Application 
• Exhibit 59: Market opportunity by Application ($ billion)
• Exhibit 60: Data Table on Market opportunity by Application ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 61: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 62: Chart on Market share by geography - 2022-2027 (%)
• Exhibit 63: Data Table on Market share by geography - 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 64: Chart on Geographic comparison
• Exhibit 65: Data Table on Geographic comparison

• 9.3 UK - Market size and forecast 2022-2027
• Exhibit 66: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 67: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 69: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.4 France - Market size and forecast 2022-2027
• Exhibit 70: Chart on France - Market size and forecast 2022-2027 ($ billion)
• Exhibit 71: Data Table on France - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 73: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.5 Italy - Market size and forecast 2022-2027
• Exhibit 74: Chart on Italy - Market size and forecast 2022-2027 ($ billion)
• Exhibit 75: Data Table on Italy - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Chart on Italy - Year-over-year growth 2022-2027 (%)
• Exhibit 77: Data Table on Italy - Year-over-year growth 2022-2027 (%)

• 9.6 Switzerland - Market size and forecast 2022-2027
• Exhibit 78: Chart on Switzerland - Market size and forecast 2022-2027 ($ billion)
• Exhibit 79: Data Table on Switzerland - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Chart on Switzerland - Year-over-year growth 2022-2027 (%)
• Exhibit 81: Data Table on Switzerland - Year-over-year growth 2022-2027 (%)

• 9.7 Rest of EU - Market size and forecast 2022-2027
• Exhibit 82: Chart on Rest of EU - Market size and forecast 2022-2027 ($ billion)
• Exhibit 83: Data Table on Rest of EU - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Chart on Rest of EU - Year-over-year growth 2022-2027 (%)
• Exhibit 85: Data Table on Rest of EU - Year-over-year growth 2022-2027 (%)

• 9.8 Market opportunity by geography 
• Exhibit 86: Market opportunity by geography ($ billion)
• Exhibit 87: Data Table on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 88: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 89: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 90: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 91: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 92: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 93: Matrix on vendor position and classification

• 12.3 Aion SA 
• Exhibit 94: Aion SA - Overview
• Exhibit 95: Aion SA - Product / Service
• Exhibit 96: Aion SA - Key offerings

• 12.4 Apple Inc. 
• Exhibit 97: Apple Inc. - Overview
• Exhibit 98: Apple Inc. - Business segments
• Exhibit 99: Apple Inc. - Key news
• Exhibit 100: Apple Inc. - Key offerings
• Exhibit 101: Apple Inc. - Segment focus

• 12.5 Bharti Airtel Ltd. 
• Exhibit 102: Bharti Airtel Ltd. - Overview
• Exhibit 103: Bharti Airtel Ltd. - Business segments
• Exhibit 104: Bharti Airtel Ltd. - Key news
• Exhibit 105: Bharti Airtel Ltd. - Key offerings
• Exhibit 106: Bharti Airtel Ltd. - Segment focus

• 12.6 bunq B.V. 
• Exhibit 107: bunq B.V. - Overview
• Exhibit 108: bunq B.V. - Product / Service
• Exhibit 109: bunq B.V. - Key offerings

• 12.7 Deutsche Lufthansa AG 
• Exhibit 110: Deutsche Lufthansa AG - Overview
• Exhibit 111: Deutsche Lufthansa AG - Business segments
• Exhibit 112: Deutsche Lufthansa AG - Key offerings
• Exhibit 113: Deutsche Lufthansa AG - Segment focus

• 12.8 Global Payments Inc. 
• Exhibit 114: Global Payments Inc. - Overview
• Exhibit 115: Global Payments Inc. - Business segments
• Exhibit 116: Global Payments Inc. - Key offerings
• Exhibit 117: Global Payments Inc. - Segment focus

• 12.9 Klarna Bank AB 
• Exhibit 118: Klarna Bank AB - Overview
• Exhibit 119: Klarna Bank AB - Product / Service
• Exhibit 120: Klarna Bank AB - Key offerings

• 12.10 Marqeta Inc. 
• Exhibit 121: Marqeta Inc. - Overview
• Exhibit 122: Marqeta Inc. - Product / Service
• Exhibit 123: Marqeta Inc. - Key offerings

• 12.11 Mastercard Inc. 
• Exhibit 124: Mastercard Inc. - Overview
• Exhibit 125: Mastercard Inc. - Product / Service
• Exhibit 126: Mastercard Inc. - Key news
• Exhibit 127: Mastercard Inc. - Key offerings

• 12.12 Monese Ltd. 
• Exhibit 128: Monese Ltd. - Overview
• Exhibit 129: Monese Ltd. - Product / Service
• Exhibit 130: Monese Ltd. - Key offerings

• 12.13 Paysafe Ltd. 
• Exhibit 131: Paysafe Ltd. - Overview
• Exhibit 132: Paysafe Ltd. - Business segments
• Exhibit 133: Paysafe Ltd. - Key offerings
• Exhibit 134: Paysafe Ltd. - Segment focus

• 12.14 Qonto 
• Exhibit 135: Qonto - Overview
• Exhibit 136: Qonto - Product / Service
• Exhibit 137: Qonto - Key offerings

• 12.15 Revolut Ltd. 
• Exhibit 138: Revolut Ltd. - Overview
• Exhibit 139: Revolut Ltd. - Product / Service
• Exhibit 140: Revolut Ltd. - Key offerings

• 12.16 Stripe Inc. 
• Exhibit 141: Stripe Inc. - Overview
• Exhibit 142: Stripe Inc. - Product / Service
• Exhibit 143: Stripe Inc. - Key offerings

• 12.17 WEX Inc. 
• Exhibit 144: WEX Inc. - Overview
• Exhibit 145: WEX Inc. - Business segments
• Exhibit 146: WEX Inc. - Key news
• Exhibit 147: WEX Inc. - Key offerings
• Exhibit 148: WEX Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 149: Inclusions checklist
• Exhibit 150: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 151: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 152: Research methodology
• Exhibit 153: Validation techniques employed for market sizing
• Exhibit 154: Information sources

• 13.5 List of abbreviations 
• Exhibit 155: List of abbreviations

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