The Latin America, Middle East and Africa Virtual Cards Market would witness market growth of 22.5% CAGR during the forecast period (2022-2028).
It is anticipated that the increased demand for an additional layer of security, such as tokenization within the digital payment gateway system, will fuel the market for virtual cards. Additionally, the tokenization technology used in virtual cards has several advantages for both customers and businesses, including improved user experience, lower costs associated with security, and others. Additionally, by incorporating tokenization into these cards, retailers may move data between networks while safeguarding the sensitive data of their customers.
In the coming years, these variables are anticipated to produce a favorable picture for the market. One of the key elements driving the adoption of virtual cards is the expanding use of cell phones on a global scale. Progressively incorporating cutting-edge technological innovations like 5G into cellphones that provide users with higher levels of customer satisfaction, manufacturers are boosting market expansion. Moreover, as internet use spreads around the world, an increase in digital payments is fueling a need for virtual cards.
The potential of cashless transactions in Africa has sparked a rush to transform the digital payment environment in the region. However, the prevailing belief is that the market is still highly fragmented despite years of significant expenditures and the presence of major firms striving to shape its infrastructure. The processing of digital payments throughout the region is complicated by the variety of payment methods in various nations—banks, mobile money wallets, and cards—and the challenge of managing online transactions in several local currencies. Hence, the growth of the regional virtual cards market is estimated to rise at a very significant rate in the coming years.
The Brazil market dominated the LAMEA Virtual Cards Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $631.6 million by 2028. The Argentina market is anticipated to grow at a CAGR of 23.2% during (2022 - 2028). Additionally, The UAE market is estimated to witness a CAGR of 22.2% during (2022 - 2028).
Based on Product Type, the market is segmented into B2B, B2C and C2B. Based on Card Type, the market is segmented into Credit and Debit. Based on Application, the market is segmented into Business Use and Consumer Use.Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Virtual Cards Market is Predict to reach $37.5 Billion by 2028, at a CAGR of 19.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mastercard, Inc., American Express Kabbage Inc., JPMorgan Chase & Co., Stripe, Inc., Adyen N.V., BTRS Holdings Inc., Wise Payments Limited, Marqeta Inc., Skrill USA, Inc., and Wex, Inc.
By Product Type
By Card Type
By Application
By Country
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