The integration of virtual cards into digital wallet services like Apple Pay and Google Pay will drive a 340% increase in virtual card transactions, from 28bn in 2022 to 121bn by 2027, Juniper Research predicts.
Virtual card transactions through mobile payment methods will account for 53bn of the 121bn transactions forecast for 2027, up from 5bn in 2022, the researchers say.
Virtual cards — randomly generated card numbers linked to a payment account — will be a key market driver of consumer adoption of contactless payments in rapidly developing economies, such as India, they add.
“Virtual cards face tough competition from other payment methods, such as traditional contactless cards and QR codes,” Juniper explains, but “the secure nature of virtual cards will drive demand in an increasingly security-conscious market.”
Juniper forecasts 121bn virtual card transactions by 2027 was written by Sarah Clark and published by NFCW.