Juniper Research has released a study examining the global virtual cards market, with a particular focus on B2B spending. The study projects that by 2029, B2B virtual card payments will reach $14.6 trillion, accounting for 83% of the total virtual cards market. In 2025, B2B virtual card payments are expected to constitute 76% of a $5.2 trillion market.

The growth in B2B virtual card adoption is attributed to businesses seeking financial agility and security. Virtual cards provide digitally generated card numbers that can be integrated with accounting software and assigned to suppliers, enhancing visibility and reducing fraud. High-value sectors such as healthcare and travel are particularly benefiting from virtual cards due to their reliance on legacy systems and cashflow constraints.

The report highlights the appeal of virtual cards' multi-currency features amid global uncertainty. Real-time, cross-border functionalities of virtual cards assist international businesses in managing risks related to volatile trade conditions and shifting tariffs. Vendors are encouraged to offer value-added services, such as accounting software API integration, to remain relevant in key global trade corridors.

Virtual card providers are advised to use advanced data analytics to help businesses understand spending patterns and optimise processes. The report suggests that virtual card providers should collaborate with fintechs to integrate services like carbon tracking calculators. "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," said research author Lorien Carter.