PUBLISHER: Allied Market Research | PRODUCT CODE: 1179559
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179559
Business-to-business (B2B) payments is an inter-commerce exchange that does not include a consumer. It typically includes businesses, such as corporations, wholesalers, retailers, and start-ups. B2B payments is executed between two companies that involve in trading at the domestic or international level. Paper checks still hold a large part of the payments space, however, the recent trend of automation led to the advancement of digital B2B payments solutions that are a more effective form of financial services. This B2B method results in faster issuing, receiving, and processing of payments and facilitates significantly improved positive cash flow. Moreover, the advancement and growth of the financial service sector and the increasing alliance of dedicated companies in payment technology contributed to a significant rise in the adoption of the B2B payments market.
The rapid digitalization & automation in the B2B payments system has accelerated its demand among business owners drives the growth of the B2B payments market. Moreover, the growth of global trade, strategies to expand the business sector, and surge in cross-border transactions involving the number of suppliers, wholesalers, retailers, and businesses are boosting the B2B payments market size. However, an increase in fraud in business payment, as well as discontinuations of numerous businesses due to the outbreak of the global COVID-19 pandemic restrict the growth of the market. On the contrary, the advancements in way of digitalization and automation to bring transparency across B2B payments and increase in partnership among B2B payments players & FinTech giants are expected to offer remunerative opportunities for expansion of the market during the forecast period.
The B2B payments market is segmented into payment type, enterprise size, payment method, industry vertical, and region. By payment type, the market is bifurcated into domestic payments and cross-border payments. By payment method, the market is divided into bank transfer, cards, and others. By enterprise size, it is segregated into large enterprises, medium-sized enterprises, and small-sized enterprises. By industry vertical, it is fragmented into manufacturing, IT & telecom, metals & mining, energy & utilities, BFSI, government sector and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the B2B payments market are American Express, JPMorgan & Chase Co., Mastercard, Payoneer Inc., PayPal Holdings, Inc., Paystand, Inc., Square, Inc., Stripe, TransferWise Ltd., and Visa Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
By Payment Type
By Enterprise Size
By Payment Method
By Industry Vertical
By Region