Europe Virtual Cards Market – Growth, Trends, COVID-19 Impact and Forecast (2022-2027)

Europe Virtual Cards Market is segmented by Product type (B2B Virtual cards, B2C Remote payments virtual cards, and B2C POC virtual cards), by end-user (Consumer use and Business use), and by Country (United Kingdom, Germany, Switzerland, France, Italy, Spain and Rest of Europe).

Market Snapshot

Europe Virtual Cards Market
Study Period: 2018-2027
Base Year: 2021
CAGR: >5 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

Pandemic pushed Businesses and consumers to move towards Virtual cards, Europe witnessing a spike in the adoption of virtual cards in place of traditional plastic corporate cards as business travel begins a tentative recovery. As the cards aren't physically present, adoption requires a shift in how travelers and businesses engage. Contactless payments' rapid adoption during the outbreak has overcome both of these obstacles, allowing businesses to achieve substantial progress with virtual payments.

Virtual cards are progressively making their way into the UK financial system, with new businesses getting regulated on a frequent basis. As People started using online banking more than traditional in-branch banking, digital banks rose rapidly in the United Kingdom. Business spend management firm Coupa Software is collaborating with HSBC in 2022 to offer companies in Europe virtual cards to better manage payments.

Scope of the Report

A virtual card is a digital card, it doesn’t exist physically, but works exactly like physical bank cards, it is stored in a digital wallet on a phone and can be used to pay contactless in stores or online. It is secured by encryption and has its own unique card number, expiry date, and CVC. Europe Virtual Cards Market is segmented by Product type (B2B Virtual cards, B2C Remote payments virtual cards, and B2C POC virtual cards), by end-user (Consumer use and Business use), and by Country (United Kingdom, Germany, Switzerland, France, Italy, Spain and Rest of Europe).

By Product type
B2B Virtual cards
B2C Remote Payments Virtual Cards
B2C POC Virtual Cards
By End-user
Consumer use
Business use
By Country
United Kingdom
Rest of Europe

Report scope can be customized per your requirements. Click here.

Key Market Trends

Increasing Online Payments and Adoption of Digital Platforms Driving the Market

In 2022, the total transaction value in the digital payments in Europe is about to reach USD 1675 billion growing at 16% CAGR, average transaction value per person in digital commerce is USD 2000. 2 in 3 consumers in Europe agree that they now use contactless more often than before the pandemic, and a similar proportion agree that they now prefer to pay contactless.

Over the years, cashless payments have become an appealing alternative to many European consumers, causing a significant impact on the payments industry traditionally dominated by cash, credit cards, and debit cards. The United Kingdom is the largest e-commerce market in Europe, most of the e-commerce is completed on a mobile device in the UK, accounting for 51% of all transactions.

Europe Virtual Cards Market

Growth of B2B Virtual Cards in Europe Boosting the Market

Businesses started using Virtual cards growing at a substantial rate in Europe, and many companies collaborating to offer virtual cards and provide customers a better experience. The evolution of digital technologies and demand for solutions that enable efficiency and convenience across business operations spurred virtual card growth in Europe.

The adoption of virtual cards in the B2B segment is being driven by their payment automation benefits, operational cost reductions, prevention of excessive spending, access to real-time spending data and the digital experiences professionals have experienced as consumers.

Europe Virtual Cards Market

Competitive Landscape

The report covers major players operating in the Europe Virtual Cards Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and service innovation, domestic to international companies are increasing their market presence by securing new contracts and tapping new markets. It has major players including Skrill, Mastercard, Qonto and Stripe, etc.,

Recent Development

On December 07, 2021, Klarna, the Swedish fintech company best known for its buy now pay later (BNPL) service collaborated with Marqeta's financial technology platform to provide virtual credit cards with limited use in 13 new European jurisdictions. These one-time virtual cards will be available in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Poland, Spain, and the UK, to allow customers to have a smoother shopping experience.

On April 09, 2021, Stripe launched Stripe Issuing in European countries. Stripe Issuing enables users to create, manage, and distribute virtual and physical payment cards, giving businesses more control over how they spend their money.

Table of Contents


    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Insights on Various Regulatory Landscape

    5. 4.5 Insights on impact of technology and innovation in the market

    6. 4.6 Industry Attractiveness - Porters' Five Forces Analysis

      1. 4.6.1 Threat of New Entrants

      2. 4.6.2 Bargaining Power of Buyers

      3. 4.6.3 Bargaining Power of Suppliers

      4. 4.6.4 Threat of Substitutes

      5. 4.6.5 Intensity of Competitive Rivalry

    7. 4.7 Impact of COVID-19 on the Market


    1. 5.1 By Product type

      1. 5.1.1 B2B Virtual cards

      2. 5.1.2 B2C Remote Payments Virtual Cards

      3. 5.1.3 B2C POC Virtual Cards

    2. 5.2 By End-user

      1. 5.2.1 Consumer use

      2. 5.2.2 Business use

    3. 5.3 By Country

      1. 5.3.1 United Kingdom

      2. 5.3.2 Germany

      3. 5.3.3 Switzerland

      4. 5.3.4 France

      5. 5.3.5 Italy

      6. 5.3.6 Spain

      7. 5.3.7 Rest of Europe


    1. 6.1 Market Concetration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 WEX Inc

      2. 6.2.2 Skrill

      3. 6.2.3 Qonto

      4. 6.2.4 Marqeta Inc

      5. 6.2.5 Stripe

      6. 6.2.6 Master card Inc

      7. 6.2.7 MineralTree

      8. 6.2.8 Klarna

      9. 6.2.9 Bunq

      10. 6.2.10 Aion bank

      11. 6.2.11 Monese Mastercard

      12. 6.2.12 Revolut

      13. 6.2.13 Wirecard*

    3. *List Not Exhaustive


You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Europe Virtual Cards Market market is studied from 2018 - 2027.

The Europe Virtual Cards Market is growing at a CAGR of >5% over the next 5 years.

WEX Inc, Skrill, Master card Inc, Stripe, Bunq, Qonto are the major companies operating in Europe Virtual Cards Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!