B2B Payments Transaction Market Will Grow At Highest Pace Owing To Increasing Digitalization
B2B payments transaction involves the exchange of funds between businesses, their suppliers, and customers. It includes online banking transfers, virtual card payments, cross-border payments and other digital payment methods. The market enables companies to pay vendors, suppliers, contractors and partners conveniently and securely.
The global B2B payments transaction market is estimated to be valued at US$ 1,576.61 Bn in 2024 and is expected to exhibit a CAGR of 9.7% over the forecast period 2024 to 2031.
Key players operating in the B2B payments transaction market 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 growing need for automation, security and enhanced payment experiences is driving demand for digital payment solutions among businesses. Digital transactions help businesses to manage cash flows more efficiently and reduce dependency on paper-based payments. B2B digital payments also offer integrated finance solutions, instant payment confirmation, easier reconciliation and streamlined compliance. Businesses can focus more on their core operations with digital payments handling routine transaction tasks.
The global B2B Payments Transaction Market Size is expanding owing to rapid globalization of commerce and flexible payment policies. Cross-border transactions between businesses in different countries have significantly increased in the recent past. Digital payments simplify international trade by offering a unified payment interface, transparent exchange rates and multi-currency support for global B2B partners. The digital transformation of businesses worldwide is facilitating the international expansion of B2B payments market.
Increasing digitalization of the B2B payments experience is driving adoption of digital payment solutions. Automating workflows for procure-to-pay and order-to-cash cycles through application programming interfaces (APIs) is helping businesses implement frictionless digital payment experiences. API-driven integrations enable buyers and suppliers to seamlessly launch digital B2B transactions from within their existing operational systems and processes in real-time. This drives convenient adoption of digital payments by businesses for managing financial flows globally and securely.
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