Virtual card transactions volume to reach 175 billion globally by 2028 – Report

A new study from Juniper Research, experts in fintech and payments, has found that the total volume of virtual card transactions will reach 175 billion by 2028, rising from 36 billion in 2023.

Growing by a significant 388%, the market will be accelerated by the adoption of API (Application Programming Interface) virtual card issuing platforms.

With the stoppage of international transactions on Naira-denominated cards by Nigerian banks, many Nigerians have switched to virtual card platforms to be able to carry out international transactions, thus adding to the global virtual card market.