B2B Spending to Dominate Global Virtual Cards Market

A new study from Juniper Research found that the value of global B2B virtual card payments will reach $14.6 trillion by 2029, representing 83% of the total virtual card market. This is an increase from 2025 when the B2B sector will comprise 76% of the $5.2 trillion market.

This accelerated adoption is driven by a broader shift in B2B payments, as global businesses prioritize financial agility and security. Virtual cards provide unique digitally generated card numbers that can be integrated with accounting software and assigned to suppliers; increasing visibility and reducing fraud. This is particularly valuable in high-value sectors such as healthcare and travel; often using inefficient legacy systems and experiencing cashflow constraints.

The research found that a significant driver of virtual card growth is the appeal of multi-currency features amongst ongoing global uncertainty. Real-time, cross-border functionalities enable international businesses to reduce risk amid volatile trade conditions and shifting tariffs. To strengthen market relevance, vendors must tailor value-added services, such as accounting software API integration, to key global trade corridors.

To further innovate, virtual card providers must harness advanced data analytics to help businesses gain deeper insights into their spending patterns. By leveraging transaction-level data generated with virtual cards, businesses will optimize internal processes and reduce costs. “Virtual card providers should collaborate with fintechs to integrate value-added services, such as carbon tracking calculators, into their tech stack. This is critical for positioning virtual cards as the leading innovative solution in a competitive B2B payments space,” commented research author Lorien Carter.