B2B Digital Payment Global Market Report 2024

The B2B digital payment market size has grown rapidly in recent years. It will grow from $4.41 billion in 2023 to $5.1 billion in 2024 at a compound annual growth rate (CAGR) of 15.6%. The growth observed in the historic period can be attributed to several factors, including the expansion of the internet, adoption of electronic data interchange (EDI), implementation of enterprise resource planning (ERP) systems, utilization of payment gateways, and the introduction of virtual payment cards.

The B2B digital payment market size is expected to see rapid growth in the next few years. It will grow to $8.93 billion in 2028 at a compound annual growth rate (CAGR) of 15%. The projected growth in the forecast period can be attributed to advancements in artificial intelligence and machine learning, integration with the Internet of Things (IoT), the implementation of real-time payment systems, and the adoption of biometric authentication methods. Major trends expected in this period include the rise of contactless payments, increased adoption of digital invoicing solutions, expansion of subscription-based payment models, and enhanced integration with supply chain finance systems.

The burgeoning growth of e-commerce is set to act as a catalyst for the expansion of the B2B digital payments market in the foreseeable future. E-commerce, characterized by the exchange of goods and services via electronic platforms, is gaining prominence due to its inherent advantages such as consumer convenience, accessibility, diverse product offerings, time efficiency, and operational effectiveness. In this digital landscape, B2B digital payments play a pivotal role in augmenting efficiency, convenience, security, and cost-effectiveness for businesses engaged in online transactions, thereby appealing to e-businesses seeking to streamline their operational and financial workflows. Recent data from the United States Census Bureau indicates a notable uptick in e-commerce sales, with a 7.6% increase in the 3rd quarter of 2023 compared to 6.9% in the 4th quarter of 2022, underscoring the driving force of e-commerce in propelling the growth of the B2B digital payments market.

Key players within the realm of B2B digital payments are actively directing their efforts towards the development of innovative solutions aimed at addressing various challenges encountered by businesses. One such solution is NeuX, a neo-banking platform, heralding a transformative shift in the financial landscape. This platform, categorized as a form of financial technology, delivers direct banking services to individuals and organizations sans traditional brick-and-mortar branches. For instance, in October 2023, Safexpay, an India-based financial technology company, unveiled NeuX, specifically tailored to usher in digital transformation within businesses, with a focus on micro, small, and medium enterprises, as well as corporates and B2B entities. NeuX seeks to revolutionize B2B payments and workflows by providing comprehensive banking and payment management solutions, thereby presenting an innovative digital payment avenue. Its tailored banking and payment management services cater to businesses aiming to optimize their operations and embrace digital transformation seamlessly. Additionally, NeuX boasts features such as a comprehensive solution suite and robust transaction capabilities, further solidifying its position as an avant-garde digital payment solution for businesses.

In January 2023, American Express, a prominent US-based financial company, successfully acquired Nipendo for an undisclosed sum. This strategic acquisition is intended to bolster American Express' B2B payment offerings by leveraging Nipendo's expertise in streamlining business-to-business (B2B) payment processes. Furthermore, American Express aims to harness automation and innovation in financial transactions, addressing industry challenges while strategically expanding its business capabilities. Through this move, American Express seeks to reinforce its position in the ever-evolving digital payment landscape.

Major companies operating in the b2b digital payment market are Visa International Inc., Stripe Payments Inc., Mastercard Corporation, Fiserv Technologies Inc., Fidelity National Information Services Corporation, Adyen Solutions N.V., BharatPe Payments Technologies Ltd., PayPal Holdings Inc., Global Payments Corporation, Paytm Mobile Solutions Pvt. Ltd., Coupa Software Solutions Inc., Payoneer Solutions Inc., Ripple Labs Inc., HighRadius Systems Group, Razorpay Innovations Co., Juspay Financial Technologies Inc., FLEETCOR Technologies Corporation, Stax Payments Corporation, Dwolla Technologies Inc., Billtrust Corporation, Helcim Solutions Inc., Ramp Technologies Inc., Optal Technologies Limited, MatchMove Solutions Inc., EBANX Global Ventures LLC, Payset Technologies LLC, Rapyd Financial Services Ltd., Earthport Global PLC, Nvoicepay Solutions Inc., Terraform Labs Inc.

Asia-Pacific was the largest region in the B2B digital payment market in 2023. The regions covered in the b2b digital payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the b2b digital payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Business-to-business (B2B) digital payments involve the electronic transfer of funds or transactions between two businesses, conducted over digital platforms or networks. These transactions typically encompass the exchange of goods, services, or payments for business-related purposes, playing a pivotal role in modernizing and streamlining financial operations for businesses. This fosters efficiency, transparency, and competitiveness within the marketplace.

The primary categories of B2B digital payments include digital commerce, digital remittances, and mobile point-of-sale (POS) payments. Digital commerce entails the online buying and selling of goods or services through electronic platforms such as websites or mobile applications. It encompasses various payment modes, including digital wallets, debit/credit cards, and others. The end-users of these digital payment solutions span across various industries, including banking, financial services, and insurance (BFSI), transportation and logistics, information technology and telecommunications, healthcare, retail, travel and hospitality, e-commerce, among others.

The B2B digital payment market research report is one of a series of new reports that provides B2B digital payment market statistics, including B2B digital payment industry global market size, regional shares, competitors with a B2B digital payment market share, detailed B2B digital payment market segments, market trends and opportunities, and any further data you may need to thrive in the B2B digital payment industry. This B2B digital payment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The B2B digital payment market consists of revenues earned by entities by providing services such as payment processing services, invoice management, electronic funds transfer (EFT), and cross-border payment solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The B2B digital payment market also includes sales of virtual credit cards, digital wallets, tokenization, fraud detection and prevention systems, payment processors, and reporting tools. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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