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Netherlands Virtual Cards Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2024-2032

Published Date: April, 2024
Base Year: 2023
Delivery Format: PDF+ Excel
Historical Year: 2017-2023
No of Pages: 126
Forecast Year: 2024-2032

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Market Overview

The Netherlands virtual cards market is experiencing significant growth driven by the increasing adoption of digital payment solutions, rising e-commerce activities, and the need for secure and convenient payment methods. Virtual cards, also known as digital cards or e-cards, are virtual representations of physical payment cards that can be used for online transactions. They offer enhanced security features, expense management capabilities, and flexibility, making them attractive to businesses and consumers alike. With the growing shift towards digital payments and the rise of online shopping, the Netherlands virtual cards market presents lucrative opportunities for players in the fintech and banking sectors.


Virtual cards refer to digital payment cards that are issued electronically and used for online transactions. Unlike traditional plastic cards, virtual cards exist only in digital form and are typically associated with a specific payment account or funding source. They are generated dynamically for each transaction or can be preloaded with funds for recurring payments. Virtual cards offer enhanced security features such as single-use functionality, spending limits, and merchant restrictions, making them ideal for online purchases and expense management.

Executive Summary

The Netherlands virtual cards market is witnessing rapid growth driven by factors such as the proliferation of e-commerce, the demand for contactless payment solutions, and the need for secure and efficient payment methods. Businesses and consumers are increasingly embracing virtual cards for their convenience, security, and flexibility. Key players in the market are innovating to offer advanced features such as real-time transaction tracking, integration with expense management systems, and compatibility with mobile wallets. As virtual cards continue to gain traction, the market is poised for further expansion, with opportunities for partnerships, collaborations, and product enhancements.

Netherlands Virtual Cards Market

Key Market Insights

  1. Rising E-commerce Activities: The growth of e-commerce in the Netherlands is fueling the demand for virtual cards as consumers seek secure and convenient payment options for online purchases. The shift towards digital shopping platforms and the preference for contactless transactions are driving the adoption of virtual cards among businesses and consumers.
  2. Security and Fraud Prevention: Virtual cards offer enhanced security features such as tokenization, encryption, and dynamic CVV codes, making them more secure than traditional payment cards. Businesses value virtual cards for their ability to mitigate fraud risks and safeguard sensitive payment information, especially in the context of online transactions.
  3. Expense Management and Control: Virtual cards provide businesses with greater control over expenses by enabling customizable spending limits, transaction restrictions, and real-time monitoring capabilities. Companies use virtual cards to streamline procurement processes, manage vendor payments, and track employee expenses more effectively.
  4. Integration with Digital Wallets: Virtual cards are increasingly integrated with mobile wallets and digital payment platforms, allowing users to make contactless payments in-store and online. The convenience of mobile payment solutions combined with the security of virtual cards enhances the overall payment experience for consumers and promotes adoption.

Market Drivers

  1. Shift Towards Digital Payments: The Netherlands is witnessing a gradual shift towards digital payments driven by factors such as technological advancements, changing consumer preferences, and the convenience of cashless transactions. Virtual cards are emerging as a preferred payment option for their ease of use, security, and versatility in the digital economy.
  2. E-commerce Expansion: The growth of e-commerce platforms and online marketplaces is creating opportunities for virtual card providers to offer tailored solutions for online shopping. As more consumers shop online for goods and services, the demand for secure and seamless payment methods like virtual cards is expected to rise.
  3. Contactless Payment Trends: Contactless payment methods, including virtual cards, are gaining popularity in the Netherlands due to their speed, convenience, and hygiene benefits. The widespread acceptance of contactless payments at retail stores, restaurants, and transportation hubs is driving the adoption of virtual cards among consumers and merchants.
  4. Business Expense Management: Businesses are increasingly turning to virtual cards for expense management purposes, including procurement, vendor payments, and employee reimbursements. Virtual cards offer features such as spending controls, real-time tracking, and automated reconciliation, helping companies streamline financial processes and reduce administrative overheads.

Market Restraints

  1. Security Concerns: Despite their enhanced security features, virtual cards may still be susceptible to fraud and unauthorized transactions, posing concerns for businesses and consumers. Security breaches, data leaks, and phishing attacks are potential risks associated with virtual card usage, requiring robust cybersecurity measures and risk mitigation strategies.
  2. Limited Merchant Acceptance: While virtual cards are widely accepted for online transactions, their acceptance at physical retail locations may be limited compared to traditional payment cards. Some merchants may not support virtual card payments or may impose additional fees, restricting the usability of virtual cards in certain contexts.
  3. Regulatory Compliance: Compliance with regulatory requirements and industry standards, such as the Payment Services Directive (PSD2) and the General Data Protection Regulation (GDPR), poses challenges for virtual card issuers and payment service providers. Ensuring compliance with data protection, privacy, and anti-money laundering regulations is essential but can be complex and resource-intensive.
  4. Customer Education and Awareness: Despite the benefits of virtual cards, awareness and understanding of these payment solutions among consumers and businesses may be limited. Educating users about the features, benefits, and security practices associated with virtual cards is crucial for driving adoption and building trust in the market.

Market Opportunities

  1. Partnerships and Collaborations: Virtual card providers can explore partnerships and collaborations with banks, fintech startups, e-commerce platforms, and payment processors to expand their reach and enhance their product offerings. Collaborative initiatives can facilitate interoperability, innovation, and market penetration in the Netherlands.
  2. Integration with Expense Management Systems: Integrating virtual card solutions with expense management platforms and accounting software can streamline financial workflows for businesses and offer seamless expense tracking, reporting, and reconciliation capabilities. Providing integrated solutions enhances the value proposition of virtual cards and attracts corporate clients.
  3. Enhanced Security Features: Investing in advanced security features such as biometric authentication, multi-factor authentication, and AI-powered fraud detection can differentiate virtual card offerings and address concerns about security and fraud prevention. Enhancing security measures strengthens consumer trust and confidence in virtual cards as a safe payment option.
  4. Targeted Marketing and Awareness Campaigns: Virtual card providers can launch targeted marketing campaigns and educational initiatives to raise awareness about the benefits and use cases of virtual cards among consumers, businesses, and industry stakeholders. Highlighting key features, case studies, and success stories can drive adoption and foster trust in virtual card solutions.

Market Dynamics

The Netherlands virtual cards market operates in a dynamic environment influenced by technological advancements, regulatory developments, consumer behaviors, and competitive dynamics. Key market dynamics shaping the landscape include:

  1. Technological Innovation: Advances in payment technology, security protocols, and digital infrastructure drive innovation in the virtual cards market, enabling providers to offer new features, improve user experiences, and address evolving customer needs.
  2. Regulatory Landscape: Regulatory frameworks, compliance requirements, and industry standards impact the operations and offerings of virtual card providers, shaping market dynamics and driving changes in business practices, risk management, and customer protection measures.
  3. Consumer Preferences: Changing consumer preferences, demographics, and lifestyles influence the demand for virtual cards and shape market trends such as contactless payments, mobile banking, and digital wallet adoption. Providers must align their offerings with evolving consumer expectations to remain competitive.
  4. Competitive Landscape: The virtual cards market in the Netherlands is characterized by intense competition among banks, fintech startups, payment processors, and technology companies vying for market share and differentiation. Strategies such as product innovation, pricing strategies, and customer service excellence are critical for success in a competitive market environment.

Regional Analysis

The Netherlands virtual cards market exhibits unique regional characteristics influenced by factors such as economic conditions, technological infrastructure, regulatory frameworks, and consumer behaviors. Key insights into the regional dynamics of the market include:

  1. Amsterdam Metropolitan Area: The Amsterdam metropolitan area serves as a major hub for fintech innovation, digital commerce, and international business in the Netherlands. Virtual card providers leverage the region’s vibrant ecosystem, access to talent, and supportive regulatory environment to drive growth and innovation.
  2. Rotterdam Port and Logistics Cluster: The Rotterdam port and logistics cluster plays a crucial role in facilitating trade, supply chain management, and cross-border transactions. Virtual card solutions cater to businesses operating in the logistics, transportation, and international trade sectors, offering secure and efficient payment options for procurement and vendor management.
  3. Eindhoven High-Tech Campus: The Eindhoven high-tech campus is renowned for its concentration of technology companies, research institutions, and innovation centers. Virtual card providers collaborate with tech startups, R&D labs, and corporate innovators to develop cutting-edge payment solutions, harnessing the region’s expertise in digital technology and entrepreneurship.
  4. Utrecht Financial Services Cluster: The Utrecht financial services cluster serves as a hub for banking, insurance, and financial technology in the Netherlands. Virtual card providers target financial institutions, corporate clients, and SMEs in the region, offering tailored solutions for expense management, corporate payments, and digital banking services.

Competitive Landscape

The Netherlands virtual cards market is characterized by intense competition among domestic and international players seeking to capitalize on the growing demand for digital payment solutions. Key players in the market include:

  1. ING Bank: ING Bank is a leading provider of virtual cards and digital banking solutions in the Netherlands, offering a range of payment products and services for consumers, businesses, and corporate clients.
  2. Rabobank: Rabobank is a major player in the Dutch banking sector, offering virtual card solutions, mobile banking apps, and digital payment platforms to its customers.
  3. ABN AMRO Bank: ABN AMRO Bank provides virtual card services, online payment solutions, and corporate banking services to businesses and individuals in the Netherlands.
  4. Bunq: Bunq is a Dutch fintech startup that offers virtual cards, mobile banking apps, and personal finance management tools designed to simplify banking and payments for consumers.
  5. Adyen: Adyen is a global payments technology company headquartered in Amsterdam, offering virtual card processing, payment gateway services, and omnichannel payment solutions to merchants and businesses worldwide.
  6. iCard: iCard is a fintech company that provides virtual card issuance, payment processing, and digital wallet solutions for individuals and businesses, with a focus on convenience, security, and innovation.
  7. N26: N26 is a European neobank that offers virtual cards, mobile banking services, and digital financial products designed for modern consumers, freelancers, and digital nomads.
  8. Revolut: Revolut is a UK-based fintech unicorn that offers virtual cards, multi-currency accounts, and international money transfer services through its digital banking platform, catering to a global user base.

These players compete on factors such as product features, pricing, customer service, and brand reputation to gain market share and differentiate their offerings in the competitive landscape.


The Netherlands virtual cards market can be segmented based on various factors such as:

  1. User Type: Segmentation by user type includes individual consumers, businesses, corporate clients, and financial institutions, each with distinct needs and preferences for virtual card solutions.
  2. Industry Vertical: Segmentation by industry vertical encompasses sectors such as e-commerce, retail, travel, hospitality, transportation, healthcare, and financial services, each with specific use cases and requirements for virtual card usage.
  3. Payment Use Case: Segmentation by payment use case includes online purchases, subscription services, recurring payments, business expenses, travel bookings, and corporate procurement, reflecting the diverse applications of virtual cards in different contexts.
  4. Technology Platform: Segmentation by technology platform covers virtual card solutions integrated with mobile wallets, digital banking apps, payment gateways, and accounting software, offering seamless payment experiences across digital channels.

Segmentation enables virtual card providers to target specific market segments, tailor their product offerings, and address the unique needs of customers in different industries and use cases.

Category-wise Insights

  1. Consumer Virtual Cards: Consumer virtual cards are designed for individual users and offer features such as online shopping, digital wallet integration, and budgeting tools to manage personal finances, track expenses, and make secure payments in the digital economy.
  2. Business Virtual Cards: Business virtual cards cater to corporate clients, SMEs, and freelancers, providing solutions for expense management, vendor payments, employee reimbursements, and procurement processes, with features such as spending controls, real-time reporting, and integration with accounting software.
  3. Corporate Virtual Cards: Corporate virtual cards target large enterprises, multinational corporations, and financial institutions, offering customized solutions for corporate payments, commercial cards, travel expenses, and strategic procurement, with enhanced security, compliance, and analytics capabilities.
  4. Travel Virtual Cards: Travel virtual cards are specialized solutions for travel and hospitality industry players, offering benefits such as contactless payments, currency conversion, travel insurance, and loyalty rewards, tailored to the needs of frequent travelers and travel managers.

Key Benefits for Industry Participants and Stakeholders

The Netherlands virtual cards market offers several benefits for industry participants and stakeholders:

  1. Convenience: Virtual cards provide a convenient and hassle-free payment experience for consumers, businesses, and corporate clients, enabling seamless transactions across digital channels without the need for physical cards or cash.
  2. Security: Virtual cards offer enhanced security features such as tokenization, encryption, and biometric authentication, reducing the risk of fraud, identity theft, and unauthorized transactions compared to traditional payment methods.
  3. Flexibility: Virtual cards offer flexibility in terms of spending limits, transaction controls, and funding sources, allowing users to customize their payment preferences and manage expenses more effectively in real-time.
  4. Cost Savings: Virtual cards help businesses and corporate clients reduce costs associated with paper-based processes, manual reconciliation, and fraudulent activities, leading to operational efficiencies and bottom-line savings.
  5. Streamlined Processes: Virtual cards streamline financial workflows, procurement processes, and expense management tasks for businesses, enabling automation, digitization, and integration with accounting systems and ERP platforms.

SWOT Analysis

A SWOT analysis provides insights into the strengths, weaknesses, opportunities, and threats facing the Netherlands virtual cards market:

  1. Strengths:
    • Strong digital infrastructure and tech-savvy population.
    • Growing acceptance of digital payments and e-commerce.
    • Regulatory support for fintech innovation and digital banking.
  2. Weaknesses:
    • Limited merchant acceptance and awareness.
    • Security concerns and fraud risks.
    • Dependency on internet connectivity and technology infrastructure.
  3. Opportunities:
    • Collaboration with banks, fintech startups, and e-commerce platforms.
    • Integration with mobile wallets and digital banking apps.
    • Expansion into new industry verticals and use cases.
  4. Threats:
    • Competition from traditional payment methods and alternative payment solutions.
    • Regulatory changes and compliance requirements.
    • Cybersecurity threats and data breaches impacting consumer trust.

Market Key Trends

  1. Contactless Payments: Contactless payments are gaining momentum in the Netherlands, driven by consumer preferences for hygienic and convenient payment methods, leading to increased adoption of virtual cards and mobile wallets.
  2. Embedded Finance: Embedded finance solutions, such as virtual cards integrated into e-commerce platforms, mobile apps, and software applications, are emerging as a trend, offering seamless payment experiences and value-added services to users.
  3. Open Banking: Open banking initiatives and PSD2 regulations are fostering collaboration between banks, fintechs, and third-party developers to create innovative virtual card solutions, leveraging APIs and data sharing to enhance customer experiences.
  4. Cryptocurrency Integration: Integration of virtual cards with cryptocurrency wallets and decentralized finance (DeFi) platforms is gaining traction, enabling users to spend digital assets for online purchases, cross-border transactions, and investment opportunities.

Covid-19 Impact

The Covid-19 pandemic has accelerated the adoption of virtual cards in the Netherlands due to factors such as:

  1. Contactless Payments: The pandemic has heightened awareness of hygiene and safety concerns, leading to increased demand for contactless payment methods such as virtual cards, mobile wallets, and QR code payments.
  2. E-commerce Surge: Lockdown measures and social distancing restrictions have fueled the growth of e-commerce, prompting consumers to shift towards online shopping and digital payments, driving the adoption of virtual cards for online transactions.
  3. Remote Work: The shift to remote work and digital collaboration has created demand for virtual cards for business expenses, employee reimbursements, and remote procurement, enabling companies to manage finances and payments remotely.
  4. Digital Transformation: The pandemic has accelerated digital transformation initiatives across industries, leading to increased digitization of financial services, adoption of digital payment solutions, and acceptance of virtual cards as a mainstream payment option.

Key Industry Developments

  1. Product Innovation: Virtual card providers are innovating to offer new features such as real-time transaction notifications, virtual card tokenization, biometric authentication, and AI-powered fraud detection, enhancing security and user experience.
  2. Partnerships and Alliances: Virtual card providers are forming strategic partnerships and alliances with banks, payment processors, fintech startups, and e-commerce platforms to expand their market reach, offer integrated solutions, and drive customer acquisition.
  3. Regulatory Compliance: Virtual card providers are focusing on regulatory compliance initiatives such as GDPR, PSD2, and anti-money laundering (AML) regulations to ensure data protection, customer privacy, and financial transparency in accordance with regulatory requirements.
  4. Customer Engagement: Virtual card providers are investing in customer engagement initiatives such as loyalty programs, rewards schemes, and personalized offers to attract and retain users, drive card usage, and increase customer lifetime value.

Analyst Suggestions

  1. Enhanced Security Measures: Virtual card providers should prioritize security measures such as tokenization, encryption, and multi-factor authentication to protect against fraud, data breaches, and cyber threats, enhancing consumer trust and confidence in virtual card solutions.
  2. User Education and Awareness: Virtual card providers should educate users about the benefits, features, and security practices associated with virtual cards through targeted marketing campaigns, educational content, and customer support initiatives to drive adoption and usage.
  3. Seamless Integration: Virtual card providers should focus on seamless integration with mobile wallets, digital banking apps, e-commerce platforms, and accounting software to offer frictionless payment experiences and enhance user convenience across digital channels.
  4. Value-added Services: Virtual card providers should explore value-added services such as expense management tools, budgeting features, cashback rewards, and financial insights to differentiate their offerings, increase card usage, and improve customer retention.

Future Outlook

The future outlook for the Netherlands virtual cards market is optimistic, with opportunities for growth, innovation, and market expansion driven by:

  1. Digital Transformation: Continued digital transformation initiatives across industries and sectors will drive demand for virtual cards as businesses and consumers embrace digital payments, online shopping, and contactless transactions.
  2. Fintech Innovation: Fintech innovation and regulatory support for digital banking and payment solutions will spur the development of new virtual card offerings, enhanced security features, and value-added services tailored to user needs and preferences.
  3. Consumer Adoption: Increasing consumer adoption of virtual cards for online purchases, subscription services, and digital wallets will fuel market growth, driving transaction volumes, card issuance, and merchant acceptance across the Netherlands.
  4. Partnership Opportunities: Collaborations between banks, fintechs, payment processors, and technology companies will create opportunities for partnerships, alliances, and ecosystem collaborations to offer integrated solutions and expand market reach.


The Netherlands virtual cards market presents significant opportunities for growth, innovation, and market expansion driven by the shift towards digital payments, rising e-commerce activities, and the need for secure and convenient payment solutions. With increasing consumer adoption, regulatory support, and technological advancements, virtual card providers are well-positioned to capitalize on market trends and drive the next wave of digital transformation in the Dutch financial services industry. By focusing on security, user experience, and value-added services, virtual card providers can enhance their offerings, differentiate their brands, and lead the evolution of digital payments in the Netherlands.

Netherlands Virtual Cards Market Segmentation Details:

Segment Details
Type Single-use Virtual Cards, Multi-use Virtual Cards
Application Travel and Entertainment, B2B Payments, Others
End User Corporates, SMEs
Region Netherlands

Leading Companies in the Netherlands Virtual Cards Market:

  1. Adyen N.V.
  2. Rabobank Group
  3. ING Group N.V.
  4. ABN AMRO Bank N.V.
  5. bunq B.V.
  6. Knab
  7. Triodos Bank N.V.
  8. SNS Bank N.V.
  9. De Volksbank N.V.
  10. Moneyou B.V.

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