Virtual Card Transactions to Soar Exceeding $17.4 Trillion by 2029

A new study from Juniper Research has found that the value of virtual card payments will grow 235% by 2029, rising from $5.2 trillion in 2025. This represents a significant acceleration compared with 2021 to 2025, during which time virtual card transaction values grew by 175%.

This acceleration will be fuelled by growth in the subscription economy in both B2B and consumer markets; driving a surge in demand for seamless recurring payment solutions that virtual cards are uniquely positioned to deliver. The report identified the rise in subscription-based services will drive the increased adoption of virtual cards, as businesses and consumers seek more efficient ways to manage recurring payments.

Virtual cards are optimized for managing subscriptions via the ability to set limits, track payments in real time, and assign virtual cards to specific subscriptions or companies. This will be especially valuable in B2B markets, as companies seek to balance automation with oversight when making high-value recurring payments.

The research also found that consumers in emerging markets are seeking convenient payment methods to access digital subscriptions from overseas companies; creating a lucrative opportunity for virtual card providers. To harness this and bypass the low level of banking penetration in emerging markets, virtual card providers should partner with telecom companies to offer virtual cards to their vast customer bases.

“Collaborating with local telecom companies is crucial for connecting financially excluded consumers to the international digital subscription market. To appeal to this group, virtual card providers should innovate their cross-border capabilities, particularly by improving their multi-currency functionalities,” commented research author Lorien Carter.