The value of virtual card payments is expected to grow 235% by 2029, surging to $17.4 trillion from $5.2 trillion in 2025.
A recent study by Juniper Research estimates that the total worth of virtual card payments will grow exponentially between 2025 and 2029, with an increase rate of 235% that significantly surpasses the 175% growth registered in the 2021 – 2025 period.
The research analysis forecasts that virtual card payments will reach $5.2 trillion in 2025 and $17.4 trillion in 2029. The growth will be driven by more businesses and consumers using subscription models for their services. Subscriptions accelerate demand for seamless recurring payment solutions. Virtual cards, in turn, make managing subscriptions easier by allowing users to set limits, track spending, and assign different cards to specific payments.
Virtual card payments are digital versions of traditional credit or debit cards that exist only online. They are generated for specific transactions or purposes and provide extra security. Since the card details are not physically stored, they reduce fraud risks. This is especially helpful for B2B businesses handling high-value recurring payments. Top payment solution providers create mobile virtual card apps for such businesses to simplify business expense reports and reconciliation processes.
The study also highlighted an opportunity for payment providers and telecom companies in emerging markets. The number of internet users worldwide has grown from 5.35 billion users in 2024 to 5.56 billion in early 2025. The growth is largely driven by emerging markets. As of 2022, approximately 3 billion internet users resided in emerging markets, which was three times the corresponding number in developed regions.
India alone is projected to have around 900 million active internet users by 2025, up from 759 million in 2022. As more people gain internet access, especially in highly-populated and digitally active countries like India, the demand for digital services, including subscriptions, is expected to increase. Thus, as of August 2024, India’s leading streaming platforms (Disney+ Hotstar, Amazon Prime Video, or Netflix) had substantial subscriber bases between 10 million and 38 million paid customers each.
People in developing countries want better ways to pay for digital subscriptions from foreign companies. At the same time, they often lack access to traditional bank accounts and resort to some sort of mobile money. Therefore, virtual card providers can partner with telecom companies to offer these services, even in areas with little banking access. To further help financially excluded users, virtual card companies should improve their cross-border payment procedures and support multiple currencies.
