PUBLISHER: Allied Market Research | PRODUCT CODE: 1447191
PUBLISHER: Allied Market Research | PRODUCT CODE: 1447191
B2C Payment Market by Type (Cards, Digital Wallet, and Others), Industry Vertical (BFSI, Healthcare, Hospitality & Tourism, Hospitality & Tourism, Transportation & Logistics, Retail & E-commerce, Energy & utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Business-to-consumer or B2C refers selling products and services straight to customers who will personally use them. Most companies that sell directly to buyers are called B2C businesses. The B2C payment market is an essential component of the overall payment ecosystem, particularly in the context of e-commerce, where consumers make purchases from online retailers.
Moreover, the B2C payments domain is experiencing a widening ambit to accommodate flexible options for evolving consumer expectations and merchant requirements. This covers solutions such as account to account bank transfers, mobile payment applications, wearable contactless modes, modern cryptocurrency platforms etc. Each format aims to offer differentiated advantages around cost, security, speed, convenience, and accessibility parameters hence attracting target user base. Instant payment schemes facilitate bank account-to-account transfers in real-time with round-the-clock availability. Bank transfers are now perceived as more convenient options. Mainstream adoption of cryptocurrency payments by brand name merchants such as Microsoft, AT&T, and others is driving increased retail usage of crypto coins.
However, lack of standardization and limited merchant acceptance outside niche categories hinders growth currently. As more money goes into upgrading real-time payments, token tools, and clearing up rules for new companies, people will likely start using these new, fast services more quickly over time. Developments around central bank digital currencies also promise to boost innovation significantly. Overall, the alternate payments segment provides apt competition to cards and wallets to power the next generation B2C transactions ecosystem.
Rise in healthcare costs clubbed with increasing consumption of telemedicine services, wearable diagnosis devices and others are steering patients towards transparent payment tools for expenditure tracking and savings. Adoption of payment apps integrated electronic health records that allow confidential medical data exchange along with insurance claims facilitation offers convenience. Technologies such as tokenization and biometrics also mitigate risks for patients and providers. Personalized financing options for treatment packages augments addressable user base within healthcare payments market. Surge in high-deductible health plans and co-pays/co-insurance costs shift more payment responsibility to patients. Digital payment options enhance patient experience and loyalty.
Telehealth adoption expanding care access and enabling virtual care delivery is coupled with rising usage of digital payment methods for remote consultations. In addition, payment capabilities are being incorporated into platforms for patient communication, medical billing systems, and healthcare facility information technology infrastructure. This allows collection of patient financial obligations through digital methods.
The B2C payment market is segmented by type, industry vertical, and region. In terms of type, the market is fragmented into cards, digital wallet, and others. Depending on industry vertical, it is segmented into BFSI, healthcare, hospitality & tourism, transportation & logistics, retail & e-commerce, energy & utilities, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The key players profiled in the B2C payment market analysis are MasterCard Incorporated, The American Express Company, Visa Inc., Apple Pay, PayPal Payments Private Limited, Capital One Financial Corporation, The Bank of America Corporation, Payoneer Inc., Stripe, and Due Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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