According to recent study by Research Nester, the global B2B payments market size is predicted to surpass more than USD 38.2 billion by 2036 and is projected to expand at a CAGR of 8.8% between 2024 and 2036, due to the rising cross-border transactions across the globe. 

Read also: Creating a Personalized B2B Marketing Plan: Tips and Strategies

Growing Technological Advancement to Promote Global Market Share of Cross-border B2B Payments

The global B2B payments market is expected to expand during the forecast period owing to rising number of cross-border transactions. This has resulted in growing demand for efficient and safe cross-border payments. Moreover, key players are investing in research and development activities to launch secure, fast, and efficient cross-border payment solutions. For instance, in April 2024, Nium partnered with Kapronasia to launch, a new data-backed white paper to address the cross-border B2B payment challenges in Asia.  “Breaking Borders” addresses cross-border B2b payment challenges along with current initiatives and the role of intermediaries to overcome the challenges.

Growth Drivers:

• Consumer Preference towards Real-Time Payments 
• Growing Integration of Virtual Payment Methods 

Challenges:

• Rising Concerns about Security

• High Cost of Advanced Solutions and Shortage of Skilled Personnel

By payment type, the cross-border segment is expected to witness a rapid revenue CAGR during the forecast period owing to rising international trade, improving regulatory norms, and rapid advancements in payment technology. Key players in the market are focused on developing novel, effective, and safe B2B payment models for international trade. This is another factor boosting segment revenue growth.

By region, Asia Pacific B2B payments market is anticipated to register staggering growth between 2024 and 2036 owing to rising digitalization across the region, increasing adoption of advanced payment solutions, and government support for B2B payments. 

The North American region in the B2B payments market is projected to record more than 40.1% revenue share during the forecast period. The growth of this industry can be attributed to several key factors, including the availability of advanced digital payment systems and the rapidly expanding e-commerce sector in the region. These innovative payment solutions not only streamline transactions but also enhance consumer trust, encouraging more people to engage in online shopping. As the region capitalizes on these technological advancements, it creates a fertile ground for further innovation and investment, driving the overall development of the industry. 

This report provides the competitive scenario of some of the key players of the global B2B payments market which includes company profiling of Sprinque B.V., Bank of America Corporation, Capital One, Mastercard Inc, Citigroup Inc., TransferWise Ltd., Balance Payments, Inc., Payoneer Inc., PayPal Holdings Inc., Square Inc., Visa Inc., and others.      

Source – https://www.researchnester.com/reports/b2b-payments-market/6321 

The post B2B Payments: The Next USD 38.2 Billion Market appeared first on Global Trade Magazine.