What Is The Definition Of The Global Business-to-Consumer (B2C) Payment Market?
Business-to-consumer (B2C) payments refer to transactions where businesses accept payments from individual consumers for goods or services rendered. This process typically involves various payment methods such as credit cards, debit cards, and electronic bank transfers, facilitating seamless financial transactions between businesses and their customers.
Business-to-Consumer (B2C) Payment Global Market Report 2024 provides data on the global business-to-consumer (b2c) payment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The business-to-consumer (b2c) payment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Are The Global Business-to-Consumer (B2C) Payment Market Size And Growth Rates Projected To Evolve?
The business-to-consumer (B2C) payment market has experienced rapid growth, increasing from $1,748.42 billion in 2023 to $2,005.58 billion in 2024 at a CAGR of 14.7%. Historical growth was fueled by widespread smartphone adoption, convenience-focused consumer demand, regulatory support, and enhanced security features. The market is projected to grow to $3,488.15 billion by 2028, with a CAGR of 14.8%, driven by financial inclusion efforts, sustainability initiatives, the rise of super apps, fraud prevention, and subscription-based payment models. Key trends include heightened security measures, AI integration, blockchain and cryptocurrency adoption, contactless payments, and the proliferation of mobile wallets.
What Are The Essential Drivers Behind The Growth Of The Business-to-Consumer (B2C) Payment Market?
The expansion of online banking services is poised to propel growth in the B2C payment market. Online banking services, which enable users to conduct financial transactions remotely, are increasingly in demand for their convenience, security, and efficiency. B2C payment solutions facilitate seamless transactions for consumers making purchases, bill payments, and fund transfers. Open Banking Limited reported in March 2023 that open banking transactions in the U.K. rose to 68.2 million in 2022, up from 25.2 million in 2021, reflecting a more than 100% year-on-year increase. This rapid adoption is driving growth in the B2C payment market.
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How Is The Global Business-to-Consumer (B2C) Payment Market Divided Into Key Segments?
The business-to-consumer (B2C) payment market covered in this report is segmented –
1) By Type: Cards, Digital Wallet, Other Types
2) By Technology: Near Field Communication (NFC), Direct Mobile Billing, Mobile Web Payment, Short Message Service (SMS), Interactive Voice Response System, Mobile App, Other Technologies
3) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Healthcare, Hospitality And Tourism, Transportation and Logistics, Retail And E-commerce, Energy And Utilities, Other Industry Verticals
What Trends Are Reshaping The Future Of The Business-to-Consumer (B2C) Payment Market?
Key players in the B2C payment market are advancing digital wallet ecosystems to improve convenience, security, and accessibility for consumers. For example, in September 2022, SumUp, a UK-based financial technology company, introduced SumUp Pay, a digital wallet available in the UK, Germany, and Italy. This wallet facilitates online and in-store purchases, money transfers, and bill payments while offering a rewards program for daily spending, encouraging local shopping and providing value to both consumers and small businesses.
What Is The Fastest Growing Region In The Business-to-Consumer (B2C) Payment Market?
North America was the largest region in the business-to-consumer (B2C) payment market in 2023. The regions covered in the business-to-consumer (B2C) payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
