Virtual cards transform corporate payment systems

By Vriti Gothi

The global B2B payments market is poised for remarkable growth, with transaction values projected to surpass $224 trillion by 2030, up from $186 trillion in 2025, according to a new study by Juniper Research. This anticipated 20% increase over the next five years is expected to be largely driven by the expansion of business activity and trade in emerging markets, where digital payment adoption is accelerating as companies diversify their operations.

A key driver of this growth is the rise of virtual cards, which are set to become the fastest-growing B2B payment channel over the same period. Juniper Research predicts a staggering 370% increase in transaction value for virtual cards, reflecting their versatility, configurability, and seamless integration within procurement and treasury processes. These features make virtual cards increasingly attractive to organisations seeking more efficient, controllable, and traceable payment methods, replacing traditional, cumbersome systems.

Michael Greenwood, Senior Research Analyst at Juniper Research, highlighted the importance of expanding card acceptance in emerging markets, noting that supplier adoption remains a major challenge. He added that deploying low-cost acceptance solutions across key supply chain networks could significantly accelerate virtual card adoption, enabling providers to capitalise on the strong growth trajectory of these regions.

Juniper Research’s B2B Payments Competitor Leaderboard evaluated 19 major vendors based on size, commercial proposition, and the breadth of their payment capabilities. The top performers for 2025 include Visa, American Express, Mastercard, Discover, and FIS. Leading providers are prioritising the expansion of virtual card capabilities, introducing new use cases and controls to meet the evolving needs of corporate clients. By enhancing portfolio flexibility and streamlining processes, these vendors are addressing long-standing inefficiencies in B2B payments and improving overall cash flow management for businesses.

The report underscores that differentiation in the B2B payments market increasingly depends on the ability to reduce complexity. Vendors that fail to provide solutions that simplify payments risk losing ground to faster-moving rivals that offer more agile, digitally integrated systems. As corporates continue to digitise procurement and treasury operations, the competitive landscape is likely to intensify, with innovation, efficiency, and control emerging as critical factors for success.

Juniper Research’s comprehensive analysis covers 61,000 datapoints across 61 countries over a five-year horizon, offering forecasts, competitor benchmarking, and insights into future market opportunities. The research highlights the pivotal role of emerging markets in driving transaction volume growth, while also emphasizing the strategic importance of virtual cards and process innovation in shaping the next decade of B2B payments.

As the market evolves, providers that combine scale with localized acceptance, enhanced virtual card offerings, and advanced payment solutions will be best positioned to lead. With emerging markets fueling growth and corporates demanding more efficient payment methods, the B2B payments landscape is entering a transformative period that will redefine how businesses transact globally.