B2B Payments: The Next $38.2 Billion Market

According to a recent study by Research Nester, Global B2B Payment Market Size It is expected to exceed USD 38.2 billion by 2036, with a projected CAGR of 8.8% between 2024 and 2036 due to the increase in cross-border transactions globally.

Also read: Developing a Personalized B2B Marketing Plan: Tips and Strategies

Technological progress continues to promote the global market share of cross-border B2B payments

The global B2B payments market is expected to expand over the forecast period owing to the increase in the number of cross-border transactions. This has led to a growing demand for efficient and secure cross-border payments. Moreover, key players are investing in R&D activities to launch secure, fast, and efficient cross-border payment solutions. For instance, in April 2024, Nium, in collaboration with Kapronasia, released a new data-backed white paper on Cross-Border B2B Payment Challenges in Asia. “Breaking Borders” addresses cross-border B2B payment challenges and the current initiatives and the role of intermediaries in overcoming the challenges.

Growth drivers:

• Consumer preference for real-time payments
• Virtual payment methods are increasingly integrated

challenge:

• Security concerns grow

• High cost of advanced solutions and shortage of skilled personnel

By payment type, the cross-border payment segment is expected to grow at a rapid CAGR in terms of revenue during the forecast period due to growing international trade, improving regulatory norms, and rapid advancement in payment technology. The major players in the market are focusing on developing novel, effective, and secure B2B payment models for international trade. This is another factor driving the growth of the segment’s revenue.

By region, the Asia Pacific B2B payments market is expected to witness phenomenal growth between 2024 and 2036, driven by increasing digitization in the region, rising adoption of advanced payment solutions, and government support for B2B payments.

The North American region is expected to account for more than 40.1% of the B2B payments market revenue share during the forecast period. The growth of the industry can be attributed to several key factors, including the availability of advanced digital payment systems and the rapidly developing e-commerce industry in the region. These innovative payment solutions not only simplify transactions but also enhance consumer trust, encouraging more people to participate in online shopping. As the region takes advantage of these technological advancements, it creates fertile ground for further innovation and investment, driving the overall industry development.

This report provides the competitive landscape of some of the key players in the global B2B payments market, including profiles of Sprinque BV, Bank of America Corp., Capital One, Mastercard Inc., Citigroup Inc., TransferWise Ltd., Balance Payments, Inc., Payoneer Inc., PayPal Holdings Inc., Square Inc., Visa Inc., and others.

Source – https://www.researchnester.com/reports/b2b-payments-market/6321