What Has Been the Progress and Growth of the B2B Digital Payment Market in Recent Years?
The b2b digital payment market has seen considerable growth due to a variety of factors.
• The size of the b2b digital payment market has seen swift expansion in the past few years. The market is expected to increase from a value of $5.1 billion in 2024 to reach $5.87 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 15.0%.
Factors contributing to the growth during the historical period include the growth of the internet, electronic data interchange (EDI), enterprise resource planning (ERP) systems, payment gateways, and virtual payment cards.
What Can Be Expected from the B2B Digital Payment Market Size?
The b2b digital payment market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of b2b digital payments is anticipated to experience swift expansion in the upcoming years, reaching $10.29 billion in 2029 with a CAGR of 15.1%.
This growth during the predicted period can be due to the advancements in artificial intelligence and machine learning, compatibility with the internet of things (IoT), immediate payments, and biometric verification. The future trend projections comprise the emergence of contactless payments, an upsurge in the use of digital invoicing, growth of subscription-based payment frameworks, and improved collaboration with supply chain finance.
What Are the Critical Driver Fuelling The B2B Digital Payment Market's Growth?
The B2B digital payments market's expansion is predicted to be fueled by the rise of e-commerce. This refers to the online or electronic system transactions for purchasing and selling products or services. The popularity of e-commerce stems from its customer convenience, accessibility, extensive product range, time efficiency, and effective operations. B2B digital payments play a crucial role in e-commerce by improving efficiency, security, cost-effectiveness, and convenience for businesses involved in online transactions, thereby appealing to e-businesses looking to optimize operations and financial procedures. For example, the United States Census Bureau, a government entity, reported a 7.6% increase in e-commerce sales in the 3rd quarter of 2023 compared to 6.9% in the 4th quarter of 2022. Thus, the B2B digital payments market's growth is heavily influenced by e-commerce.
How Is The B2B Digital Payment Market segmented?
The b2b digital payment market covered in this report is segmented –
1) By Type: Digital Commerce, Digital Remittances, Mobiles POS Payments
2) By Offering: Solution, Services
3) By Payment Mode: Digital Wallet, Debit Or Credit Card, Other Payment Modes
4) By End User: Banks Financial Institutions And Insurance(BFSI), Transportation And Logistics, Information Technology And Telecommunications, Healthcare, Retail, Travel And Hospitality, E-Commerce, Other End Users
Subsegments:
1) By Digital Commerce: E-invoicing Solutions, Online Payment Gateways, marketplace Transactions
2) By Digital Remittances: Cross-Border Payments, Domestic Transfers, Payment Processing Services
3) By Mobile POS Payments: Contactless Payments, Mobile Wallets, In-App Payment Solutions
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What Trends Are Reshaping The Future Of The B2B Digital Payment Market?
Leading businesses in the B2B digital payments sector are concentrating on the creation of innovative products like NeuX, a neo-banking platform. This new technology is designed to alter the financial landscape and provide solutions to the myriad of challenges businesses encounter. The concept behind this platform is to offer direct banking services to organizations and people without the need for traditional physical branches. For instance, in October 2023, an India-based fintech firm, Safexpay, rolled out NeuX, a neo-banking platform aimed at digitizing businesses, with a special focus on micro, small and medium scale enterprises, corporates, and B2B enterprises. This avant-garde platform intends to transform the B2B payment and workflow by providing holistic banking and payment management solutions. It symbolizes a novel digital payment option, providing personalized banking and payment management services for businesses seeking to improve their functions and effectively adapt to digital transformation. Besides, it encompasses features like a comprehensive solution and a big transaction capacity.
Who Are the Key Players In The B2B Digital Payment Market?
Major companies operating in the B2B digital payment market are:
• Visa International Inc.
• Stripe Payments Inc.
• Mastercard Corporation
• Fiserv Technologies Inc.
• Fidelity National Information Services Corporation
• Adyen Solutions N.V.
• BharatPe Payments Technologies Ltd.
• PayPal Holdings Inc.
• Global Payments Corporation
• Paytm Mobile Solutions Pvt. Ltd.
• Coupa Software Solutions Inc.
• Payoneer Solutions Inc.
• Ripple Labs Inc.
• HighRadius Systems Group
• Razorpay Innovations Co.
• Juspay Financial Technologies Inc.
• FLEETCOR Technologies Corporation
• Stax Payments Corporation
• Dwolla Technologies Inc.
• Billtrust Corporation
• Helcim Solutions Inc.
• Ramp Technologies Inc.
• Optal Technologies Limited
• MatchMove Solutions Inc.
• EBANX Global Ventures LLC
• Payset Technologies LLC
• Rapyd Financial Services Ltd.
• Earthport Global PLC
• Nvoicepay Solutions Inc.
• Terraform Labs Inc.
What Is The Most Dominant Region In The B2B Digital Payment Market?
Asia-Pacific was the largest region in the B2B digital payment market in 2024. The regions covered in the B2B digital payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
