B2B Digital Payment Market worth $8.2 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 19, 2023 /PRNewswire/ -- Innovation, security upgrades, additional payment alternatives, and improved collaboration will define the B2B Digital Payment Market's future as it tries to keep up with the business world's growing desire for effective and frictionless digital payment solutions.
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 a new report by 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.
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Scope of the Report
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.
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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.
Top Key Companies in B2B Digital Payment Market:
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.
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B2B Digital Payment Market Advantages:
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