Evolution of virtual credit and debit cards (part 1): Origins, mechanics and future innovations

According to McKinsey, by 2030 global payment fees are expected to exceed $3trillion p.a. and virtual card payments are set to play help expand global payments as well as disrupt incumbent players in the payments space. The historical background of virtual cards and payments, highlights pivotal points in their evolutionary journey. According to Stratis research: “The global virtual cards market size was worth USD 278.2 billion in 2021. It is expected to reach USD 1,291.05 billion by 2030, growing at a CAGR of 21.15% during the forecast period (2022–2030). In the late 1990s, Orbiscom, an Irish payment solutions company, pioneered the technology to enable the use of virtual cards. Early adopters since have included companies such as MBNA, AIB, Carte Bleue, Swedbank, Credit Lyonnais and Nippon Shinpan, but although initially positioned as a consumer product, virtual cards struggled to gain traction. They did, however, gain prominence in business to business transactions, particularly

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