Global B2B digital payment market is anticipated to grow at a CAGR of 15.8% during the forecast period. Rising demand for B2B digital payment in various Industries propelled the market growth. B2B is one of the fastest-growing segments for new and established companies. The main reason is the numerous opportunities in digital businesses can provide wholesale products, retailer goods, services or distribution and flexible payment options as well. Cards and digital wallets dominate e-commerce payments but there are alternative payment methods through, internet. According to UN trade and UNCTAD, the e-commerce sector rise in its retail sales, from 16 per cent to 19 per cent in 2020. UK also saw a spike in online transactions over the same period, from 15.8 to 23.3 per cent, so too did China (from 20.7 to 24.9%), the US (11 to 14%), Australia (6.3 to 9.4%) and Canada (3.6 to 6.2%). Retailers are now also focusing on providing innovative payment solutions for customers. For instance, in October 2020, Klarna announced its partnership with Afterpay, a payment solution provider, to provide buy now pay later services for online customers. Klarna and Afterpay both provide service like breaking payments up or pushing them to a later date which also makes easy for merchants to order in bulk amount.
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A single solution for payments and payouts can simplify B2B payments for business. Companies coming up with different solution for B2B merchants helps them to do their business easily. Market player such as Mastercard has been working to educate merchants provide low-cost payment acceptance solutions, and provide last-mile support to merchants as they begin their digital onboarding. For instance, in July 2020, Mastercard India, Axis Bank Ltd and payment service provider, Worldline India, have partnered to launch a digital point-of-sale solution, Soft POS, to help offline merchant’s stores accept payments using their smartphones. To enhance contactless payments in the country, the system enables merchants to accept payments via various digital form factors such as Bharat QR, provide payment links to customers, and even accept NFC-based payments. Mastercard has also teamed with Zoho Corp. to assist large-volume merchants in filing their goods and services tax reports, among other services.
Global B2B Digital Payment Market Report Segment
By Solution
- Payment Gateway
- Payment Processing
- Mobile payment Application
- Others (Transaction Risk Management and Payment Security & Fraud Management)
By Payment Method
- Bank Cards (Credit card, Debit card, Virtual card)
- Digital Wallet
- Net Banking
- Others (Digital Currencies, Point of Sales)
By Industry Vertical
- BFSI
- Retail and E-commerce
- Healthcare
- IT and Telecom
- Travel and Hospitality
- Media & Entertainment
- Transportation
- Others (Government and Public Sector, Manufacturing)
By Transaction Type
- Domestic
- Cross-border
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B2B Digital Payment Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- ACI Worldwide, Inc.
- BharatPe
- EBANX
- FIS
- Global Payments Inc.
- Helcim, Inc.
- HighRadius Corp.
- USPAY Group, LLC
- MatchMove Pay Pte Ltd.
- Payoneer Inc.
- Pay Set Limited
- Paystand Paystand, Inc.
- Paytm
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