Market Trends of Virtual Cards Industry
Increasing Online Transactions is Augmenting the Virtual Cards Market in Asia-Pacific
In Asia-Pacific, cashless payment methods rapidly evolve with ground-breaking innovations such as mobile wallets, peer-to-peer (P2P) mobile payments, real-time payments, and cryptocurrencies. Due to enhanced broadband connectivity, increasing mobile commerce in China, Japan, and India, and new technologies such as virtual reality, artificial intelligence, and rapid digitization, billions of people have started embracing contactless payments in developed and emerging countries. Besides, surging e-commerce businesses, digital remittances, digital business payments, and mobile B2B payments are boosting the non-cash transaction ecosystem. In addition, as the global usage of smartphones, online payment modes, and online shopping increases due to urbanization, the need for virtual cards will likely rise.
Increasing adoption of Virtual Cards for B2B Payments
The rise of virtual cards for B2B payments has been remarkable. Businesses increasingly recognize the benefits of using virtual cards for their payment needs. Virtual cards offer advanced security features that protect businesses from fraud and unauthorized transactions. With unique card numbers generated for each transaction or vendor, companies can minimize the risk of data breaches and fraudulent activities. Virtual cards are streamlining the entire payment process for B2B transactions. They are eliminating the need for manual paperwork, checks, and wire transfers, reducing administrative burdens and saving time. Virtual cards are seamlessly integrated with existing accounting and payment systems, making the adoption process smoother for businesses.
