Market Trends of US Virtual Cards Industry
This section covers the major market trends shaping the US Virtual Cards Market according to our research experts:
Increase in the Penetration of Internet in the USA
The percentage of households using the internet has increased over time, even in the non-urban areas. The internet has impacted the work life as well by facilitating greater ability to work from home. Also due to the nuanced learning and working models in the present day, the Internet is expected to expand furthermore. Growing adoption of digital platforms and rising adoption of online payments modes augments the demand for the virtual cards market. The rising adoption of smartphones and rising power of the digital platform is fueling the demand for the virtual cards market. In recent years, internet use is at the peak owing to many reasons such as advanced technologies such as 4G/5G and high internet penetration in US. Thus it propels the demand for the virtual cards market.
Increase in the Online Shopping and Rise of E-Commerce Platforms
Rising number of electronics transactions in the United States is expected to propel the demand for the virtual cards market. In addition, adoption of smartphones, online payment mode and use of online shopping is increasing due to increasing urbanization. The rapid growth of e-commerce is also contributed by the advent of technology such as Artificial Intelligence (AI), Chatbot, and Machine Learning. AI and Machine Learning (ML) are helping e-retailers to understand customer demand and thereby, leverage these technologies by making smart product recommendations and personalized guidelines. The trend is expected to continue as it gives more comfortable, efficient and helpful experience. Thus it is expected to spur the demand for the virtual cards market in coming years. Such growing market for the real-time payments transactions is expected to boosts the demand for the virtual cards market.
