CHICAGO, Sept. 19, 2023 /PRNewswire/ -- Innovation, security upgrades, additional payment alternatives, and improved collaboration will define the B2B Digital Payment Market's future as it tries to keep up with the business world's growing desire for effective and frictionless digital payment solutions.
The B2B Digital Payment Market size is projected to grow from USD 4.2 billion in 2023 to USD 8.2 billion by 2028, at a CAGR of 14.3% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the fintech sector has introduced innovative payment solutions, such as digital wallets, blockchain-based payments, and peer-to-peer platforms. These innovations have contributed to the diversification of B2B digital payment options.
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268 - Tables
50 - Figures
262 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2018-2028 |
Base year considered | 2022 |
Forecast period | 2023–2028 |
Forecast units | Value (USD) Million/Billion |
Segments Covered | Offering (Solutions and Services), Transaction Type (Domestic and Cross Border), Payment Method (Credit Cards/Debit Cards/Virtual Cards, Digital Wallet and Other Payment Methods), Vertical, and Region |
Region covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Companies covered | PayPal (US), Fiserv (US), FIS (US), Global Payments (US), ACI Worldwide (US), Block (US), MasterCard (US), Visa (US), Payoneer (US), Stripe (US), Helcim (Canada), Payset (UK), Paytm (India), Razorpay (India), Rapyd (UK), Stax (US), EBANX (Brazil), Ramp (US), HighRadius (US), MatchMove (US), BharatPe (India), Juspay (India), Ripple (US), Terra (South Korea), Lolli (US), Paystand (US) |
Based on offering, the solutions segment holds the largest market size during the forecast period
The solutions segment of the digital payment market has been classified into payment infrastructure, billing and accounting management, and security, compliance, and fraud prevention management. Major B2B digital payment vendors are gradually adopting smart technologies, such as cloud computing, analytics, and big data, to offer comprehensive solutions to potential customers.
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Based on solutions, the billing and accounting management segment is expected to grow with the highest CAGR during the forecast period
Billing and accounting management solutions are integral in the B2B Digital Payment Market, streamlining financial processes, reducing errors, and enhancing overall financial management for businesses. These solutions encompass features like invoicing, payment processing, automated reminders, and expense tracking. They facilitate efficient creation and tracking of invoices, offer diverse payment methods, and provide automated reminders for overdue payments. The ability to categorize expenses, generate comprehensive financial reports, and integrate with accounting software ensures accurate financial insights. Security measures and compliance with regulations safeguard sensitive data, while streamlined approval processes and scalability accommodate diverse business needs. Ultimately, these solutions play a pivotal role in optimizing financial operations, promoting transparency, and supporting informed decision-making in the B2B digital payment landscape.
North America is expected to have the largest market size during the forecast period.
The B2B Digital Payment Market in North America is highly competitive, as the US and Canada have a strong focus on Research and Development (R&D) and innovation. North America has been a global innovator, constantly at the forefront of payment technology along with retail and financial services. The region has always been dependent on the stability and convenience of its well-established payment infrastructure. The widespread adoption of mobile devices, such as smartphones and tablets, and the need to have convenient access to financial solutions have positively affected the B2B Digital Payment Market in North America. The shift from paper-based processes to digital solutions, including digital wallets and virtual cards, was enhancing efficiency and security. Mobile payments gained traction, while blockchain and cryptocurrencies were explored for potential disruption.
Top Key Companies in B2B Digital Payment Market:
The B2B Digital Payment Market comprises major providers, such PayPal (US), Fiserv (US), FIS (US), Global Payments (US), ACI Worldwide (US), Block (US), MasterCard (US), Visa (US), Payoneer (US), Stripe (US), Helcim (Canada), Payset (UK), Paytm (India), Razorpay (India), Rapyd (UK), Stax (US), EBANX (Brazil), Ramp (US), HighRadius (US), MatchMove (US), BharatPe (India), Juspay (India), Ripple (US), Terra (South Korea), Lolli (US), Paystand (US). To increase their market share in the B2B digital payment industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
Recent Developments
- In April 2023, a new version of PayPal Payment Solution provided acceptance of PayPal payments with Apple Pay, save payment methods with PayPal Vault, real-time account updater for small and medium-sized businesses.
- In April 2023, FIS announced the launch of Worldpay. Worldpay obtained a category II payment services license, enabling card acquisition and disbursements in the UAE. This domestic license empowered Worldpay to provide its top-tier payment services to local companies with global aspirations and fast-growing enterprises seeking market expansion opportunities.
- In August 2023, Payoneer acquired Spott. Spott's technology will enable Payoneer to better understand and serve customers, which supports our mission to make it easier for SMBs to operate and grow their business around the world.
- In April 2023, Payoneer collaborated with Zoho, to provide innovative payment solutions to businesses using Zoho Books. The collaboration will benefit small and medium-sized businesses (SMBs) and freelancers working globally in India, Australia, New Zealand, the UK, and the Philippines, with plans to expand the offering into new markets in the future.
- In January 2023, Amazon and Stripe have signed an expanded global agreement under which Amazon will significantly expand its use of Stripe's core payments platform and Amazon Web Services (AWS) will provide crucial compute infrastructure to help Stripe serve millions of businesses around the world.
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B2B Digital Payment Market Advantages:
- Digital payments between businesses (B2B) improve financial procedures by cutting down on manual labour and administrative burden, resulting in quicker and more effective transactions.
- Digital payments save businesses a lot of money since they do away with the costs of paper checks, mailing, and manual data input.
- Compared to conventional payment methods like checks, digital payments are processed more quickly, allowing for quicker settlement and fund access.
- Automated digital payment systems minimise the possibility of mistakes brought on by manual data entry, resulting in transactions that are accurate and error-free.
- B2B digital payment systems use strong security controls, such as authentication and encryption, to safeguard sensitive financial data and lower the possibility of fraud.
- Due to their constant accessibility, digital payment platforms give organisations greater flexibility by enabling them to start and monitor transactions at any time.
- B2B digital payment systems make cross-border payments easier and cheaper while facilitating international transactions.
- Insights into spending habits, cash flow, and financial performance can be gained by analysing the valuable transaction data that digital payments create.
Report Objectives
- To determine, segment, and forecast the global B2B Digital Payment Market by offering, application, vertical, and region in terms of value.
- To forecast the size of the market segments to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To provide detailed information about the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the B2B Digital Payment Market
- To study the complete value chain and related industry segments and perform a value chain analysis of the B2B Digital Payment Market landscape.
- To strategically analyze the macro and micro markets to individual growth trends, prospects, and contributions to the total B2B Digital Payment Market
- To analyze the industry trends, pricing data, patents, and innovations related to the B2B Digital Payment Market.
- To analyze the opportunities for stakeholders by identifying the high-growth segments of the B2B Digital Payment Market
- To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies.
- To track and analyze competitive developments, such as mergers & acquisitions, product launches & developments, partnerships, agreements, collaborations, business expansions, and Research & Development (R&D) activities.
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