The value of global virtual card payments will exceed $17.4 trillion by 2029, according to a new study from Juniper Research.

The research suggests that in four years time, the value of these payments will soar by 235 per cent, up from $5.2 trillion this year.

The study includes in-depth forecasts for 61 countries, with the dataset containing over 23,000 market statistics and an examination of current and future market opportunities.

This represents a significant acceleration compared with 2021 and 2025, during which time virtual card transaction values grew by 175 per cent.

Juniper Research said that this acceleration will be fuelled by growth in the subscription economy in both B2B and consumer markets.

The research also found that consumers in emerging markets are seeking convenient payment methods to access digital subscriptions from overseas companies, which could create a lucrative opportunity for virtual card providers.

It suggests that card providers partner with telecoms companies to offer virtual cards to their vast customer bases.

“Collaborating with local telecoms companies is crucial for connecting financially excluded consumers to the international digital subscription market," said research author Lorien Carter. "To appeal to this group, virtual card providers should innovate their cross-border capabilities, particularly by improving their multi-currency functionalities.”

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