B2B Payments Market to Grow with a CAGR of 9.45% Globally | TechSci Research

"The growing adoption of open banking and increasing adoption of digital technologies are factors driving the global B2B payments market in the forecast period 2024-2028."

According to TechSci Research report, "Global B2B Payments Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028", the Global B2B Payments Market stood at USD 130.34 trillion in 2022 and is anticipated to grow with a CAGR of 9.45% in the forecast period, 2024-2028. Global B2B payments encompass the financial transactions between businesses on an international scale. These payments facilitate the exchange of goods, services, and funds across borders, underpinning the global economy.

Key drivers shaping this landscape include digitalization, which is replacing paper-based processes with electronic solutions, fintech innovation, offering streamlined and cost-effective payment options, regulatory reforms to ensure transparency and compliance, and globalization, as companies expand their operations internationally. While these trends promise efficiency and convenience, challenges such as currency conversion, regulatory complexity, security, and payment system interoperability must be navigated. In summary, global B2B payments are evolving, reflecting the changing dynamics of global commerce.

One of the most significant trends in global B2B payments is the rapid digitalization and automation of financial processes. Traditional paper-based methods, such as checks and invoices, are increasingly being replaced by digital solutions. This transformation is driven by the pursuit of greater efficiency, accuracy, and convenience in financial transactions.

Electronic payments, including bank transfers, electronic funds transfers, and digital wallets, have become the norm for B2B transactions. These methods offer speed, security, and the ability to initiate payments remotely, making them ideal for cross-border payments. Businesses can initiate payments with just a few clicks, reducing the time and effort required for financial transactions.

E-invoicing is another crucial component of digitalization. Instead of mailing paper invoices, businesses now send and receive electronic invoices, streamlining the billing process. E-invoicing reduces manual data entry, minimizes errors, and accelerates payment cycles. It also enhances transparency by providing a digital trail of invoices and payments.

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API integration is yet another facet of digital transformation. Application Programming Interfaces (APIs) allow for seamless integration between payment platforms and other business systems. This integration enables real-time data exchange and the automation of payment processes. For example, payments can be triggered automatically when specific conditions are met, such as the completion of a project milestone.

Blockchain technology is also contributing to digitalization by providing a secure and immutable ledger for transactions. Smart contracts on blockchain platforms can automate payment processes, ensuring that funds are released upon the fulfillment of predefined conditions. Blockchain enhances trust and transparency in cross-border B2B payments.

Global B2B payments operate within a complex web of regulatory frameworks and compliance requirements. Governments and international bodies are continually updating regulations to combat money laundering, prevent fraud, ensure tax compliance, and promote fair trade practices.

Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are particularly stringent, requiring businesses to conduct thorough due diligence on their partners. Compliance with these regulations necessitates extensive documentation and the implementation of robust due diligence processes.

Payment Services Directive (PSD2), a regulatory framework in Europe, has opened up the payment industry to new players by mandating that banks grant third-party providers access to customer account data and payment initiation services. This has led to the emergence of innovative payment solutions and improved customer experiences.

The global B2B Payments market is segmented into payment type, enterprise size, payment method, industry vertical, regional distribution, and company.

Based on industry vertical, the market is segmented into manufacturing, it and telecom, metals and mining, energy and utilities, others. In the realm of global B2B payments, the IT and Telecom sector stands out as the fastest-growing segment. This growth is propelled by the sector's relentless innovation, rapid globalization, and the increasing reliance on digital technologies. As businesses worldwide invest heavily in IT infrastructure and telecommunications services, the demand for efficient and secure cross-border payments within this sector has surged. Innovations such as cloud computing, 5G connectivity, and cybersecurity solutions have accelerated the need for seamless B2B payment methods. As IT and Telecom continue to shape the digital landscape, their impact on global B2B payments is undeniable, driving ongoing transformation and modernization.

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Major companies operating in Global B2B Payments Market are:

• Payoneer Inc.
• TransferWise Ltd
• JPMorgan & Chase
• Square, Inc.
• Stripe
• Mastercard
• American Express
• Paystand Inc.
• Visa Inc.
• PayPal Holdings, Inc.

"Global B2B payments represent the vital financial transactions between businesses worldwide. These payments are undergoing a significant transformation driven by digitalization, fintech innovation, regulatory reforms, and the globalization of businesses. Digitalization and automation are streamlining payment processes, while fintech disruptors offer innovative solutions. Regulatory compliance and security challenges are ever-present, requiring robust risk management and compliance measures. As companies expand their global reach, the complexity of cross-border payments becomes apparent, necessitating efficient currency management and supply chain financing. Blockchain and cryptocurrency integration hold promise for further revolutionizing B2B payments. In summary, global B2B payments are evolving rapidly, offering both opportunities and challenges in an increasingly interconnected business world," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

"B2B Payments Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Payment Type (Domestic Payments, Cross-border Payments), By Enterprise Size (Large Enterprises, Medium-sized Enterprises, Small-sized Enterprises), By Payment Method (Bank Transfer, Cards, Others), By Industry Vertical (Manufacturing, IT and Telecom, Metals and Mining, Energy and Utilities, Others), By Region, Competition", has evaluated the future growth potential of global B2B Payments market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global B2B Payments market.

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Table of contents

1. Introduction
1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered

2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments

4. Global B2B Payments Market Outlook
4.1. Market Size & Forecast
4.1.1. By Value
4.2. Market Share & Forecast
4.2.1. By Payment Type Market Share Analysis (Domestic Payments, Cross-border Payments)
4.2.2. By Enterprise Size Market Share Analysis (Large Enterprises, Medium-sized Enterprises, Small-sized Enterprises)
4.2.3. By Payment Method Market Share Analysis (Bank Transfer, Cards, Others)
4.2.4. By Industry Vertical Market Share Analysis (Manufacturing, IT and Telecom, Metals and Mining, Energy and Utilities, Others)
4.2.5. By Regional Market Share Analysis
4.2.5.1. North America Market Share Analysis
4.2.5.2. South America Market Share Analysis
4.2.5.3. Middle East & Africa Market Share Analysis
4.2.5.4. Europe Market Share Analysis
4.2.5.5. Asia-Pacific Market Share Analysis
4.2.6. By Top 5 Companies Market Share Analysis, Others (2022)
4.3. Global B2B Payments Market Mapping & Opportunity Assessment
4.3.1. By Payment Type Market Mapping & Opportunity Assessment
4.3.2. By Enterprise Size Market Mapping & Opportunity Assessment
4.3.3. By Payment Method Market Mapping & Opportunity Assessment
4.3.4. By Industry Vertical Market Mapping & Opportunity Assessment
4.3.5. By Regional Market Mapping & Opportunity Assessment ….Conti…

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