The global B2B digital payment market revenue was around US$ 4.64 billion in 2022 and is estimated to reach US$ 15.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 14.5% during the forecast period from 2023 to 2031.
B2B digital payments refer to economic transactions between two or more businesses. These payments involve the exchange of goods, funds, or services between companies, rather than between individual consumers (B2C) and businesses. They are processed utilizing secure gateways and deliver numerous payment choices for getting faster payments, enhancing cash flow, and extending at a rapid rate.
Market Driving Factors
Surged speed and efficiency in real-time payment boost the market growth. The increase in digital payments in B2B transactions is surge by several compelling factors. The prior factor is the requirement for efficiency and speed in today's fast-paced business surroundings. Digital payments enable instant transactions, eradicating the delays inherent in conventional paper-based processes. In addition, automated characteristics and electronic invoicing integration facilitate the whole payment cycle, enhancing operational productivity.
An increase in cross-border payments is expected to boost the market. Cross-border payments offer a variety of chances for innovation and expansion in the B2B digital payment business. Simplified cross-border payment solutions are desperately needed as businesses collaborate and trade more internationally. As a result, fintech companies have the opportunity to completely transform this landscape by creating cutting-edge platforms that provide immediate, affordable, and transparent cross-border transactions.
The complex nature of cross-border transactions is compounded by the complications of currency translations, regulatory compliance, and disparate payment practices among nations. Thus, this factor constrains the market growth.
Regional Analysis
North America dominated the market in terms of the largest share and is estimated to maintain its dominance. This can be attributed to the surged digitalization, with businesses rapidly transitioning from conventional payment methods to more secure and efficient digital solutions. Elements driving this transition include the requirement for streamlined cross-border transactions, price savings, and the pursuit of operational efficiency. In addition, this region's robust technological infrastructure and widespread adoption of electronic payment procedures, including automated clearing house (ACH) and credit card transfers, have further catalyzed this trend.
Furthermore, B2B digital payments are growing in this region due to robust legal frameworks and sophisticated cybersecurity safeguards in place. This is opening the door for a more connected and digitalized business environment in the region.
Segmentation Insights
Offering Insight
The services segment is predicted to dominate the market during the projected period. This is because of its emphasis on tailored solutions. These providers excel at incorporating digital payment systems with existing business platforms, improving operational efficiency. In addition, strong security measures, including cutting-edge encryption and scam detection, infuse trust in businesses. Comprehensive analytics and reporting tools empower informed decision-making, while expertise in compliance provides regulatory compliance. Moreover, this segment provides a diverse array of payment procedures, accommodating different business preferences. As a result, value-added services like invoice financing also optimize cash flow management. Thus, this factor drives the segment growth.
Transaction Type Insight
The domestic segment accounted for the largest share of the market. This is due to its concentration on localized solutions. By catering especially to in-country transactions, providers in this segment provide streamlined and cost-effective payment procedures for domestic businesses. This eliminates the complexity associated with cross-border payments, such as global transaction fees and currency conversion.
Payment Mode Insight
The debit/credit card segment dominates the market in terms of significant revenue share. This segment in B2B digital payments is flourishing, maintained by its widespread approval and familiarity. Its convenience and ease of usage have made it the best choice for businesses, encouraging quick and secure transactions. The availability of corporate credit cards along with incentives like rewards and cashback boost the segment.
Industry Vertical Insight
The BFSI segment is witnessing substantial growth in the market. This is due to its core expertise in financial transactions. BFSI entities have spearheaded the growth of efficient and secure digital payment platforms, leveraging their vast industry knowledge. Their specified infrastructure and regulatory compliance proficiency infuse confidence in businesses.
Prominent Companies
Segmentation Outline
The global B2B digital payment market segmentation focuses on Offering, Transaction Type, Payment Mode, Industry Vertical, and Region.
By Offering
By Transaction Type
By Payment Mode
By Industry Vertical
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL B2B DIGITAL PAYMENT MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: B2B DIGITAL PAYMENT MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL B2B DIGITAL PAYMENT MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL B2B DIGITAL PAYMENT MARKET, BY OFFERING
5.1 OVERVIEW
5.2 SOLUTION
5.3 SERVICES
6 GLOBAL B2B DIGITAL PAYMENT MARKET, BY TRANSACTION TYPE
6.1 OVERVIEW
6.2 CROSS-BORDER
6.3 DOMESTIC
7 GLOBAL B2B DIGITAL PAYMENT MARKET, BY PAYMENT MODE
7.1 OVERVIEW
7.2 DIGITAL WALLET
7.3 DEBIT/CREDIT CARD
7.4 OTHERS
8 GLOBAL B2B DIGITAL PAYMENT MARKET, BY INDUSTRY VERTICAL
8.1 OVERVIEW
8.2 IT & COMMUNICATION
8.3 BFSI
8.4 RETAIL & E-COMMERCE
8.5 TRAVEL & HOSPITALITY
8.6 OTHERS
9 GLOBAL B2B DIGITAL PAYMENT MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL B2B DIGITAL PAYMENT MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 ADYEN N.V.
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 BILLTRUST
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 COUPA SOFTWARE INC
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 DWOLLA INC
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 EARTHPORT PLC
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 FLEETCOR TECHNOLOGIES INC
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 INTUIT INC.
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8. MASTERCARD INCORPORATED
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 NVOICEPAY, INC
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 OPTAL LIMITED
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 PAYONEER INC
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 PAYTM MOBILE SOLUTIONS PRIVATE LIMITED
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 PAYPAL HOLDINGS, INC
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 STRIPE INC.
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 TRANSFERWISE LTD
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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