According to Juniper Research B2B Virtual Card Payments Set to Hit $14.6 Trillion by 2029            

A massive increase in B2B virtual card payments is likely to revolutionize the global payments and cards sector by 2029, according to Juniper Research.

Research from Juniper forecasts that payments made via B2B virtual cards will reach $14.6 trillion by 2029, representing 83% of the worldwide virtual card market size. By 2029, B2B virtual card payments are anticipated to form 83% of a $14.6 trillion market.

The booming growth points to an international movement identifying alternatives that boost companies’ flexibility and safety in a digital era. Virtual cards significantly improve security and simplify transactions in industries such as healthcare and travel by providing distinct digital numbers and easily coordinating with accounting systems.

Multi-currency options and instant international transactions are helping drive higher uptake of virtual cards in a world of changing exchange rates. These card payment trends improve businesses’ ability to tackle financial difficulties associated with international trade and fluctuating tariff structures.

Competing effectively in the space requires that virtual card providers provide data analytics services that allow companies to monitor expenditures and cut costs where necessary. Adding valuable services like API connectivity and carbon tracking makes virtual cards increasingly relevant to businesses in the rapidly changing payments & cards sector.

Researchers at Juniper predict that partnerships between fintech and payments & cards companies will drive virtual cards to dominate the B2B sector by 2030.