By 2028, global virtual card spending will increase by 355% from $3.1 trillion in 2023, according to Juniper Research. The key driver will be the adoption of API-based virtual card issuing platforms.
The report reveals that Stripe, Revolut, and Marqeta are the established leaders in the virtual cards space. It has identified intuitive, API-based platforms, with easy-to-use functionality to securely deploy cards and manage spending restrictions, as the most important factors in their success.
“Virtual cards offer an adaptable solution that can be heavily customized, including spending limits and restrictions; enabling businesses to significantly improve their spend management, while reducing costs,” commented research author Daniel Bedford.
In the highly competitive consumer virtual cards space, Juniper Research recommends that vendors offer loyalty- and rewards-linked cards, to differentiate themselves. Exclusive offers on partner products, rewards points, and cashback on specific merchants can successfully encourage virtual card spending and customer retention. This will require virtual card platforms to build out partnership ecosystems, either by partnering directly with merchants, or with existing loyalty services.
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