B2B Payments Transaction Market is Anticipated to Witness High Growth Owing to Expanding E-Commerce Industry
The B2B payments transaction market involves financial transactions that take place between businesses. These payments include invoices, expenses, and reimbursements. B2B payments allow businesses to securely and seamlessly transfer funds to suppliers, vendors, contractors, and other business partners. With the expansion of the e-commerce industry and growing adoption of technology-driven payment solutions, businesses are increasingly focusing on streamlining and digitizing their B2B payment processes for improved efficiency. Some key advantages of B2B digital payments include enhanced security, real-time payments, ease of use, and access to additional payment modes like bank transfers and digital wallets.
The Global B2B Payments Transaction Market is estimated to be valued at US$ 3,021.25 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the B2B Payments Transaction are Mastercard Inc., FIS , Stripe, Inc. , Paystand, Inc., Flywire , Squareup Pte. Ltd, Edenred Payment Solutions , Payoneer Inc. , American Express , Visa Inc. , JPMorgan & Chase, Adyen N.V., Billtrust, Coupa Software Inc., Dwolla, Inc., Earthport PLC, FLEETCOR Technologies, Inc., Intuit Inc., Nvoicepay, Inc., Optal Limited, Paytm Mobile Solutions Private Limited, PayPal Holdings, Inc., TransferWise Ltd. (Now known as Wise), and Scoot and Ride.
The key opportunities in the B2B Payments Transaction Market Size Transaction market include growing cross-border B2B payments and a rise in adoption of payment technologies and platforms with value-added services. With higher internet penetration and growing globalization of businesses, companies are increasingly exploring expansion opportunities in international markets which is anticipated to drive cross-border B2B payments.
Many key players in the market are focusing on global expansion through strategic collaborations and acquisitions. For instance, Paypal acquired Paystack in October 2020 to boost its presence in Africa. Similarly, American Express acquired Kabbage to expand in the small business lending space. Such strategic moves are helping players enhance their technological capabilities and global footprints.
Market Drivers
The expanding e-commerce industry globally is a key driver spurring growth of the B2B payments transaction market. As businesses move their operations online, there is a rising need for digital, seamless and secure payment solutions for B2B transactions. Further, growing adoption of mobile and cloud-based technologies is enabling payments from anywhere, anytime through digital modes.
Market Restrain
Strict regulations around data privacy and security pose a key challenge in the B2B payments transaction market. Businesses are cautious about sharing sensitive financial data on payment platforms due to increasing cyber threats. Ensuring compliance with dynamic and stringent privacy laws across countries can also increase operating costs for players. This acts as a restrain for the market to a certain extent.
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