NEW YORK—Credit unions not only have to pay attention to the big shift to contactless plastic, they must also recognize the growing movement to virtual cards, according to a new report.
In 2022, the virtual card market size was $411 billion. By 2032, this valuation is expected to shoot up to triple to $1.3 trillion, Finance Feeds reported.
According to the report, transacting using virtual cards is not only faster and seamless but also secure and convenient. Virtual cards are widely accepted: over 39% of businesses in the US use virtual cards to make B2B payments. Virtual cards are also environmentally friendly, Finance Feeds added.
“COVID-19 and various environmental factors have highlighted the importance of (payments) flexibility,” Jeremy Baber, CEO of virtual payment card provider Lanistar, told Finance feeds.
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