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.
Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=254915304
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.
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.
Market Players
The B2B digital payment market comprises major providers, such PayPal (US), Fiserv (US), FIS (US), Global Payments (US), ACI Worldwide (US), Block (US), MasterCard (US), Visa (US), Payoneer (US), Stripe (US), Helcim (Canada), Payset (UK), Paytm (India), Razorpay (India), Rapyd (UK), Stax (US), EBANX (Brazil), Ramp (US), HighRadius (US), MatchMove (US), BharatPe (India), Juspay (India), Ripple (US), Terra (South Korea), Lolli (US), Paystand (US). To increase their market share in the B2B digital payment industry, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
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. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. 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 work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
