The business-to-consumer (B2C) payment market has seen rapid growth, increasing from $1,748.42 billion in 2023 to $2,005.58 billion in 2024, with a CAGR of 14.7%. This expansion is due to the widespread adoption of smartphones, increasing consumer demand for convenience, supportive regulatory environments, enhanced security measures, and the expansion of financial services. The market is projected to continue its rapid growth, reaching $3,488.15 billion by 2028 at a CAGR of 14.8%. Key drivers include a focus on financial inclusion, sustainability initiatives, the rise of super apps, improved fraud prevention in payments, and growth in subscription-based and recurring payment models. Trends to watch include enhanced security measures, integration of AI, blockchain and cryptocurrency, contactless payments, and mobile wallet adoption.
Major Driver In The Business to Consumer B2C Payment Market
The expansion of online banking services is expected to propel the B2C payment market. Online banking enables customers to manage their finances and perform transactions remotely via the internet, driven by increased convenience, cost efficiency, and secure digital transactions. B2C payment solutions facilitate safe and convenient transactions for bill payments, purchases, and fund transfers. According to Open Banking Limited, open banking transactions surged to 68.2 million in March 2023, up from 25.2 million in 2021, with a monthly growth rate of approximately 10%. In December 2022 alone, there were 7.7 million open banking payments, marking over a 100% increase year-on-year. This growth in online banking services is expected to drive the B2C payment market forward.
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Business to Consumer B2C Payment Market Competitive Landscape
Bank of America Corporation, American Express Company, Capital One Financial Corporation, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Fiserv Inc., WeChat Pay, Stripe Inc., Adyen N.V., Worldpay Inc., Klarna Bank AB, Paysafe Group Limited, Affirm Holdings Inc., Revolut Ltd., Wise, Payoneer Inc., Afterpay Limited, Verifone Inc., Skrill Limited, Neteller, Samsung Pay, Alipay Hong Kong Limited, Zelle
Key Business to Consumer B2C Payment Market Trend
Major players in the B2C payment market are increasingly investing in digital wallet ecosystems to enhance convenience, security, and accessibility for consumers managing their financial transactions. For example, in September 2022, UK-based SumUp launched SumUp Pay, a new digital wallet available across the UK, Germany, and Italy through major app stores. This innovative e-wallet not only helps users save on daily purchases but also enables small businesses to access a rewards program, encouraging local shopping. SumUp Pay serves as an all-in-one loyalty e-wallet, facilitating bill payments, purchases, and money transfers while rewarding users for their spending.
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Business to Consumer B2C Payment Market Segmentation
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
By Geography:The regions covered in the business-to-consumer (B2C) payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the business-to-consumer (B2C) payment market in 2023.
The Business to Consumer B2C Payment Global Market Report 2024 furnishes information about the global business to consumer b2c payment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
