Market Overview:
The global B2B payments market size reached US$ 1,108.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,117.0 Billion by 2032, exhibiting a growth rate (CAGR) of 7.3% during 2024-2032. The rising digital transformation across various industries, the increasing number of international business transactions, and various advancements in technology, such as artificial intelligence (AI), machine learning (ML), blockchain, are some of the major factors propelling the market.
Report Attribute
|
Key Statistics
|
Base Year
|
2023 |
Forecast Years
|
2024-2032
|
Historical Years
|
2018-2023
|
Market Size in 2023 |
US$ 1,108.6 Billion |
Market Forecast in 2032 |
US$ 2,117.0 Billion |
Market Growth Rate 2024-2032 |
7.3%
|
B2B payments, or business-to-business payments, refer to financial transactions between two or more businesses. These payments involve the exchange of funds, goods, or services between companies, rather than between businesses and individual consumers (B2C). They are processed using secure gateways and offer multiple payment options for getting faster payments, improving cash flow, and expanding at a quicker rate.
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The market is primarily driven by the development of small and medium-sized enterprises (SMEs) around the world. Businesses are looking for faster payment settlements, real-time visibility into payment status, and flexible payment options to meet growing suppliers and consumer expectations. In addition, the increasing utilization of the automated clearing house (ACH) in B2B payments as they are relatively faster and more efficient, represents another major growth-inducing factor. Furthermore, the rising adoption of B2B payments in large enterprises to enhance their market value and increase sales of goods and services through online channels is also contributing to the market growth. Moreover, the rising automation in B2B payment systems for networking and connecting with various suppliers, wholesalers, and retailers is propelling the market growth.
B2B Payments Market Trends/Drivers:
Rapid digital transformation across various industries
The ongoing digital transformation across industries has a significant impact on B2B payments. Nowadays, businesses are shifting from traditional paper-based payment methods such as checks and invoices to electronic payment methods such as online transfers, mobile payments, and digital wallets. Moreover, the integration with accounting software and ERP systems that provide real-time visibility into financial data and improve reconciliation processes is also contributing to the market growth. As businesses seek to automate and streamline their processes, they are adopting digital payment solutions. This shift towards digitization drives the growth of B2B payment solutions and platforms.
Increasing globalization and cross-border payments
The expansion of global trade and the increasing number of international business transactions is escalating the demand for efficient cross-border payment solutions. As traditional methods, such as international wire transfers or checks, can be slow, costly, and prone to errors, B2B payment platforms that offer fast, secure, and low-cost cross-border payment capabilities are gaining traction in the market. Besides this, cross-border payments involve dealing with different currencies. Currency exchange and conversion can add complexity and cost to B2B payments. Therefore, organizations are adopting payment platforms that offer real-time exchange rates, competitive conversion rates, and multi-currency support that simplify the process and enable to settle payments in the desired currency.
Various technological advancements
Advancements in technology, such as artificial intelligence (AI), machine learning (ML), blockchain, and real-time payment systems, are transforming the B2B payments landscape. Advancements such as real-time payment systems enable businesses to process payments instantly. Real-time payments eliminate the delays associated with traditional payment methods, allowing businesses to receive funds faster and improving cash flow management. Additionally, technology has led to significant improvements in payment security. Advanced encryption techniques, tokenization, and biometric authentication provide robust security measures, protecting businesses from fraud and unauthorized access. Moreover, these advanced solutions allow for seamless integration between B2B payment platforms and other business systems such as enterprise resource planning (ERP), customer relationship management (CRM), and supply chain management systems which is further accelerating the product adoption rate.
B2B Payments Industry Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global B2B payments market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on payment type, payment mode, enterprise size and industry vertical.
Breakup by Payment Type:

- Domestic Payments
- Cross-Border Payments
Domestic payments are dominating the market
The report has provided a detailed breakup and analysis of the market based on the payment type. This includes domestic and cross-border payments. According to the report, domestic payments represented the largest segment.
Domestic markets often have a larger number of businesses compared to international markets. This larger pool of potential customers and suppliers leads to a higher volume of domestic B2B transactions. Moreover, domestic markets are often more concentrated, with businesses primarily operating within their own country, which further strengthens the dominance of domestic payments.
Besides this, domestic payments benefit from well-established regulatory frameworks and payment infrastructures within a specific country. This includes domestic payment networks, banking systems, and regulatory frameworks that facilitate efficient and secure payment processing. These local systems are designed to cater to the specific needs and requirements of domestic businesses, making domestic payments more straightforward and convenient.
The cross-border payment segment is also expected to grow during the forecast period owing to the rise in manufacturers’ efforts to expand supply chains across borders, the emergence of efficient cross-border asset management and global investment flows.
Breakup by Payment Mode:
Traditional mode holds a larger share in market
A detailed breakup and analysis of the market based on the payment mode has also been provided in the report. This includes traditional and digital modes. According to the report, the traditional mode accounted for the largest market share.
The main factor driving the growth of this segment is the established trust and familiarity with traditional payment methods. These methods are often perceived as more secure and reliable as businesses have been using checks and bank transfers for decades and are familiar with the processes and the associated risks. This familiarity breeds trust, and some businesses may be reluctant to adopt newer payment methods that they perceive as less proven or secure. Moreover, traditional payment methods often align with existing regulations and compliance requirements. Businesses may prefer to stick to familiar methods to ensure they are meeting legal and regulatory obligations.
On the other hand, with the rising digital transformation and growing automation across various industries, the digital B2B payment segment is also expected to witness positive growth.
Breakup by Enterprise Size:
- Large Enterprises
- Small and Medium-sized Enterprises
Large enterprises hold a larger share in market
The report has provided a detailed breakup and analysis of themarket based on the enterprise size. This includes large enterprises, and small and medium-sized enterprises (SMEs). According to the report, large enterprises represented the largest segment.
Large enterprises typically engage in a higher volume of transactions compared to smaller businesses. They have extensive supply chains, multiple business units, and numerous suppliers and vendors. As a result, they generate more payment transactions, contributing to a larger share of the market.
In addition, large enterprises often have long-standing relationships with their suppliers, customers, and financial institutions. These established relationships may come with preferred payment terms, negotiated pricing, and customized payment processes. Such relationships can incentivize both parties to follow traditional payment methods and maintain a consistent approach to B2B payments.
SMEs, on the other hand, are embracing B2B payments to improve operational efficiency, reduce costs, enhance security, and meet the evolving demands of the modern business environment. Besides this, with the increasing development and technological advancements, SMEs are also adopting newer options.
Breakup by Industry Vertical:
- BFSI
- Manufacturing
- IT and Telecom
- Metals and Mining
- Energy and Utilities
- Others
Manufacturing industry hold a larger share in market
A detailed breakup and analysis of the market based on the industry vertical has also been provided in the report. This includes BFSI, manufacturing, IT and telecom, metals and mining, energy and utilities, and others. According to the report, the manufacturing industry accounted for the largest market share.
The manufacturing sector involves a high volume of transactions due to the nature of its operations. Manufacturers purchase raw materials, components, and equipment from suppliers, engage in contract manufacturing for other businesses, and sell finished products to wholesalers, retailers, and distributors. These transactions contribute to a significant share of B2B payments in the market.
Moreover, manufacturing companies typically have complex and extensive supply chains involving multiple suppliers, subcontractors, and logistics partners. This complexity leads to a greater number of payment transactions occurring within the manufacturing industry. Moreover, many manufacturing companies have a global presence, with supply chains and customers spread across different countries. As a result, manufacturers have a larger presence in the market.
Breakup by Region:

- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Asia Pacific exhibits a clear dominance in the market, accounting for the largest B2B payments market share
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
Asia Pacific has experienced rapid economic growth over the past few decades, resulting in the emergence of a strong and dynamic business landscape. The region also includes some of the world's fastest-growing economies. The expanding economies and increasing trade activities in these countries have contributed to the dominance of Asia Pacific in the B2B payment market.
Besides this, Asia Pacific has a large and diverse market comprising a wide range of industries, including manufacturing, technology, retail, and finance. The region's diverse industries generate a significant volume of B2B transactions, leading to a dominant position in the B2B payment market. The presence of multinational corporations and thriving domestic businesses further boosts the transaction volumes in the region.
Competitive Landscape:
The top B2B payments companies are introducing fast and reliable cross-border payment solutions due to the expanding e-commerce and international trade. In addition, as businesses need to comply with regulatory requirements and protect their payment systems from fraud and other cyber threats, leading companies are developing compliance and security solutions that are reliable and efficient. Apart from this, several leading players are adopting blockchain technology to offer innovative payment solutions that are secure, transparent, and tamper-proof. Moreover, they are also expanding their services across different geographies and industries and engaging in partnerships with various organizations, including global e-commerce platforms, to enhance their B2B payment capabilities and provide businesses with a comprehensive payment solution. Furthermore, key players are integrating their platform with accounting software, to streamline B2B payment processes for businesses.
The report has provided a comprehensive analysis of the competitive landscape in the global B2B payments market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:
- American Express Company
- Bank of America Corporation
- Capital One
- Citigroup Inc.
- JPMorgan Chase & Co.
- Mastercard Inc.
- Payoneer Inc.
- PayPal Holdings Inc.
- Paystand Inc.
- Stripe Inc.
- Visa Inc.
- Wise Payments Limited.
Recent Developments:
- American Express has launched a new digital solution called American Express Global Pay for US-based small businesses. This solution enables SMEs to securely make domestic and international business-to-business (B2B) payments.
- Stripe Inc. has rolled out a new version of bank transfers that addresses challenges such as reconciliation and refunds. It uses virtual bank account numbers (VBANs) to automate reconciliation, simplify refunds and return processes, and integrate directly with other systems like invoicing, subscriptions, and revenue recognition. It has also developed online invoices with a built-in electronic payment option.
- Citigroup, Inc. and Hodoko, a B2B payment solutions provider, have declared their collaborative venture to streamline payments for Covento, a marketplace in the renewable energy sector. This strategic alliance offers a seamless B2B Buy Now, Pay Later (BNPL) service, facilitating international businesses to extend trade credit on e-commerce platforms and marketplaces.
B2B Payments Market Report Scope:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Scope of the Report |
Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Payment Type
- Payment Mode
- Enterprise Size
- Industry Vertical
- Region
|
Payment Types Covered |
Domestic Payments, Cross-Border Payments |
Payment Modes Covered |
Traditional and Digital |
Enterprise Sizes Covered |
Large and Small and Medium Sized Enterprises |
Industry Verticals Covered |
BFSI, Manufacturing, IT and Telecom, Metals and Mining, Energy and Utilities, and Others |
Regions Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered |
American Express Company, Bank of America Corporation, Capital One, Citigroup Inc., JPMorgan Chase & Co., Mastercard Inc., Payoneer Inc., PayPal Holdings Inc., Paystand Inc., Stripe Inc., Visa Inc. and Wise Payments Limited. |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the B2B payments market from 2018-2032.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global B2B payments market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the B2B payments industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.