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The global B2B payment market is rising at an average annual growth rate of 9.2% ……
The B2B payments market size was valued at USD 1,324.43 billion in 2022 and is expected to reach USD 1,589.56 billion by 2023. It is projected to reach USD 2,456.76 billion by 2031, growing at a CAGR of 9.2% during the forecast period (2023-2031).
[Image: https://prtimes.jp/i/135633/3/resize/d135633-3-969d17f900d7404659ec-0.jpg&s3=135633-3-828d6f1a931ee8a0a41a9854d62e6c85-2064×1108.jpg] Business-to-Business (B2B) payments facilitate more secure
transactions for merchants who require routine, recurring
transactions, and provide a variety of functionality to end users such as accounts receivable, accounts payable, payroll, and acquisition departments. We provide. This may include one-off transactions or recurring transactions, depending on the contract concluded between the buyer and the supplier. B2B payments are more complex than business-to-consumer or B2C payments because B2B payment processing takes time to approve and settle transactions.
Rapid digitization and automation in B2B payment systems is
accelerating business owners’ demand for networking and connections with suppliers, wholesalers, and retailers around the world. Furthermore, the growth of global trade and the proliferation of cross-border transactions involve multiple suppliers, wholesalers, retailers, and companies that act as key drivers of the global market. Download free sample report PDF here @
https://straitsresearch.com/jp/report/b2b-payments-market/request-sample Business growth and expansion drive global B2B payments market Business growth depends on the quality of goods and services provided by a company. Therefore, to grow and compete in the marketplace, companies need to develop strong relationships with the suppliers of the goods and services they sell. Maintaining strong relationships with suppliers means improved cash flow between business stakeholders such as wholesalers, retailers, and supply chain managers. Businesses continuously maintain stable B2B payment channels to obtain better and faster supply of goods and services. Additionally, expanding your business means dealing with new supply chains to obtain different types of goods and services to sell further to your customers. Therefore, the increasing business development will accelerate the demand for B2B payments, driving the market growth.
Digitalization of payment systems creates new opportunities in the global B2B payment market
Business owners want real-time updates on payment transactions, and digital B2B payments are overtaking traditional paper check and cash payment processes. Businesses are demanding that marketplaces and third-party providers provide digital systems and payment options. Additionally, digitization reduces trade barriers and payment frictions, enabling B2B payments from payment vendors around the world. Furthermore, digitalization increases the transparency of transactions between businesses and reduces the risks associated with B2B payments.
Additionally, unlike traditional payment methods, digital payments are less dependent on the business hours of a particular institution or bank, further benefiting buyers with flexible business hours to receive payments. Therefore, these factors provide favorable opportunities for the future growth of the B2B payments market. regional insights
Asia Pacific region contributes the most to the market and is estimated to grow at a CAGR of 11.9% during the forecast period. Several financial technology companies from China, Japan, and India are bringing advanced payment technology to businesses. For example, in April 2020, Harbor & Hills, one of China’s leading B2B cross-border payment providers, launched a B2B payment gateway to improve the business payment transaction process for the corporate sector, driving market growth in the region. did. Additionally, checks, bank transfers, dunning letters, and third-party gateways are the mainstream traditional business payment methods that are widely accepted among businesses in Asia Pacific. This is considered an essential factor in driving market growth in this region.
Europe is the second largest region, growing at a CAGR of 9.4% during the forecast period. Increasing adoption of instant payment
technologies within businesses, improvements in commercial cash management systems, and increasing use of digital banking services in the corporate sector are key factors driving the adoption of B2B payment technologies among business owners. is part of.
North America is the third largest region. Most of the world’s leading payment solutions companies have opened new offices in the United States to provide comprehensive payment services across small and medium-sized businesses. For example, in February 2021, leading commercial payment card provider Eedenbull launched a new startup in the US. In addition, we provide commercial payments technology and a commercial payments-as-a-service (CPaaS) portfolio to North American banks. Eedenbull provides commercial B2B payments technology to small business customers. This is essential to boost the region’s B2B payments market.
Main highlights
– Based on type, the global B2B payments market is segmented into domestic payments and cross-border payments. Domestic payments segment contributes the most to the market and is estimated to grow at a CAGR of 9.65% during the forecast period.
– Based on payment mode, the global B2B payments market is categorized into traditional and digital. Traditional payment methods contributed the most to the market and is estimated to grow at a CAGR of 6.3% during the forecast period.
· Based on industry vertical, the global B2B payments market is segmented into Manufacturing, IT & Telecom, Metals & Mining, Energy & Utilities, BFSI, etc.
– On the basis of regions, the global B2B payments market is analyzed across North America, Europe, Asia Pacific, and LAMEA. Asia Pacific is the largest shareholder and is estimated to grow at a CAGR of 11.9% during the forecast period.
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competitive player
The major players in the global B2B payments market are American Express, Bank of America Corporation, Capital One, Mastercard, Payoneer Inc., PayPal Holdings, Inc., Square, Inc., Stripe,
TransferWise Ltd., and Visa Inc.
market news
In June 2022, PayPal Holdings Inc. announced the expansion of its suite of credit services, including a new business credit card to better meet the everyday financing needs of small business owners. The PayPal Business Cashback Mastercard is the first business credit card issued by WebBank and powered by the Mastercard network to be offered through PayPal. This card has no annual fee, gives cardholders 2% cash back on all purchases, has no reward earning limit or expiration date, and offers the highest amount of cash back rewards available. This will be one of the cards.
In June 2022, WebBank’s latest pay later product, PayPal Pay Monthly1, was announced by PayPal Holdings, Inc. This allows American consumers to spread out their payments over a longer period of time. Customers will now have access to new PayPal products through Pay Monthly, giving them more flexible payment options for the items they need. Global B2B Payments Market: Segmentation
By payment type
Domestic payment
cross-border payments
By payment method
Traditional
Digital
By payment method
ACH
wire
check
cash
demand draft
credit card
By Industry
manufacturing
IT and communications
metals and mining
energy and utilities
BFSI
By company size
Large companies
medium-sized company
Small and medium-sized enterprises
By region
north america
Europe
Asia Pacific
Middle East countries and Africa
LATAM
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This article has been partially generated with the assistance of AI.