B2B Digital Payments Set to Double by 2028: Innovations, Trends, and Growth Drivers

According to a research report “B2B Digital Payment Market by Offering (Solutions, Services), Payment Method (Credit Cards/Debit Cards/Virtual Cards, Digital Wallet), Transaction Type (Domestic, Cross-Border), Vertical and Region – Global Forecast to 2028″ published by MarketsandMarkets, the B2B digital payment market size is projected to grow from USD 4.2 billion in 2023 to USD 8.2 billion by 2028, at a CAGR of 14.3% during the forecast period, according to MarketsandMarkets. The growth of the fintech sector has introduced innovative payment solutions, such as digital wallets, blockchain-based payments, and peer-to-peer platforms. These innovations have contributed to the diversification of B2B digital payment options.

MARKET DYNAMICS

DRIVERS

• Aggressive promotion and adoption of digital ecosystem by governments worldwide
• High proliferation of smartphones enabling m-commerce growth
• Exponential expansion of e-commerce and high adoption of embedded payment systems
• Increased consumer preference for contactless payments
• Extensive use of real-time payment systems

RESTRAINTS

• Lack of global standards for cross-border payments
• Complexities associated with B2B payment transactions

OPPORTUNITIES

• Rapid decline in unbanked population globally
• Gradual adoption of open-banking APIs
• Progressive changes in regulatory frameworks pertaining to B2B digital payments
• Rise in cross-border payments
• Collaboration between banks and FinTech institutions to enhance customer experience

According to Market Research Download PDF for business opportunities

Based on offering, the solutions segment holds the largest market size during the forecast period

The solutions segment of the digital payment market has been classified into payment infrastructure, billing and accounting management, and security, compliance, and fraud prevention management. Major B2B digital payment vendors are gradually adopting smart technologies, such as cloud computing, analytics, and big data, to offer comprehensive solutions to potential customers.

Based on solutions, the billing and accounting management segment is expected to grow with the highest CAGR during the forecast period

Billing and accounting management solutions are integral in the B2B digital payment market, streamlining financial processes, reducing errors, and enhancing overall financial management for businesses. These solutions encompass features like invoicing, payment processing, automated reminders, and expense tracking. They facilitate efficient creation and tracking of invoices, offer diverse payment methods, and provide automated reminders for overdue payments. The ability to categorize expenses, generate comprehensive financial reports, and integrate with accounting software ensures accurate financial insights. Security measures and compliance with regulations safeguard sensitive data, while streamlined approval processes and scalability accommodate diverse business needs. Ultimately, these solutions play a pivotal role in optimizing financial operations, promoting transparency, and supporting informed decision-making in the B2B digital payment landscape.

Download Sample Report for Business Growth

Major B2B Digital Payment Companies Include

• PayPal (US)
• Fiserv (US)
• FIS (US)
• Global Payments (US)
• ACI Worldwide (US)

Various globally established players, such as PayPal (US), Fiserv (US), FIS (US), Global Payments (US), ACI Worldwide (US), Block (US), MasterCard (US), Visa (US), Payoneer (US), Stripe (US), are dominating the B2B digital payment market. To increase their market share in the B2B digital payment market, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.

North America is expected to have the largest market size during the forecast period.

The B2B digital payment market in North America is highly competitive, as the US and Canada have a strong focus on Research and Development (R&D) and innovation. North America has been a global innovator, constantly at the forefront of payment technology along with retail and financial services. The region has always been dependent on the stability and convenience of its well-established payment infrastructure. The widespread adoption of mobile devices, such as smartphones and tablets, and the need to have convenient access to financial solutions have positively affected the B2B digital payment market in North America. The shift from paper-based processes to digital solutions, including digital wallets and virtual cards, was enhancing efficiency and security. Mobile payments gained traction, while blockchain and cryptocurrencies were explored for potential disruption.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s Best Management Consulting Firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. With the widest lens on emerging technologies, we are proficient in co-creating supernormal growth for clients across the globe.

Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem.

The B2B economy is witnessing the emergence of $25 trillion in new revenue streams that are replacing existing ones within this decade. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts.

In addition, MarketsandMarkets SalesIQ enables sales teams to identify high-priority accounts and uncover hidden opportunities, helping them build more pipeline and win more deals with precision.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter , LinkedIn and Facebook .

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: [email protected]

Visit Our Website: https://www.marketsandmarkets.com/