Market Size of Europe Virtual Cards Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 51.84 Billion |
| Market Size (2029) | USD 158.40 Billion |
| CAGR (2024 - 2029) | 20.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Virtual Cards Market Analysis
The Europe Virtual Cards Market size is estimated at USD 51.84 billion in 2024, and is expected to reach USD 158.40 billion by 2029, growing at a CAGR of 20% during the forecast period (2024-2029).
The value of Digital transactions has observed a continuous increase over the years rising to more than USD 1.5 Trillion last year and with this increasing amount of digital transaction risk of cyber fraud has also observed a continuous increase in Europe. As a solution to this banks have come up with virtual cards through which a user can make a certain amount of transaction at a time. A specific virtual card can be produced for each transaction with a unique Card number, and credential which differentiate it from the original card the user is holding.
Denmark, Sweden, and the United Kingdom are among the countries in Europe leading in instant payment methods and provide opportunities for banks and financial institutions to expand virtual card payment systems which reduces the level of risk in digital transaction and increase the adoption of transaction-specific virtual cards. With the rising trend of digital payments, Europe's debit card base is observing a y-o-y growth of around 5.5% with a penetration of 1.31 debit cards per capita. This trend is expected to drive the market of virtual cards in the region as an orginal debit card is a precondition condition for having a virtual debit card issued by the bank.
Post Covid, as global businesses are recovering combined with an increase in cyber attacks virtual cards are providing merchants with a more secure way of doing transactions. Instead of using physical cards or checks, virtual cards offer high transaction volume that can be created and used instantly by businesses. With rising e-commerce in Europe, players such as Alibaba, Amazon, and Apple, others have started accepting virtual debit or credit cards, increasing the number of virtual cards issued by the banks. These trends combined with a rising digital payment industry in Europe are creating opportunities for the expansion of Virtual cards in the region.
