Market Trends of UK Virtual Cards Industry
This section covers the major market trends shaping the UK Virtual Cards Market according to our research experts:
Increasing Online Payments is Driving the Market for Virtual Cards in United Kingdom
The demand for virtual cards is increasing as more people use digital platforms and more people use online payment methods. The demand for virtual cards is being fueled by the increasing adoption of smartphones and the increasing power of the digital platform. Internet usage has increased in recent years due to a variety of factors including sophisticated technology such as 4G/5G and high internet penetration, which is driving demand for virtual cards. Similarly, the increasing adoption of smartphones and online shopping is also fueling the demand for virtual cards. Young people give more preference to online shopping with digital payments in the United Kingdom which further spurs the demand for virtual cards in the country.
B2B Payments Dominates the Transaction Value for Virtual Card Payments in UK
The majority of virtual card transaction value will continue to come from B2B payments in the United Kingdom. While B2B sales are less common, accounting for less than 1% of total transaction volume, typical transaction values are substantially greater, with the B2B segment accounting for the vast bulk of transaction value. This means that vendors must prioritize security and automation in order to handle large payments efficiently. The RFi study revealed that the greatest opportunity to grow virtual card adoption was found in specific verticals in the United Kingdom. In the professional services industry in the UK and within that vertical, the study found that the primary use cases for virtual cards were most prevalent for fuel expenses in the UK,
