B2B Payments Market Report by Payment Type (Domestic Payments, Cross-Border Payments), Payment Mode (Traditional, Digital), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (BFSI, Manufacturing, IT and Telecom, Metals and Mining, Energy and Utilities, and Others), and Region 2024-2032

B2B Payments Market Report by Payment Type (Domestic Payments, Cross-Border Payments), Payment Mode (Traditional, Digital), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (BFSI, Manufacturing, IT and Telecom, Metals and Mining, Energy and Utilities, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112023A5143
Year End sale Buy Now

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.

Global B2B Payments Market

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:

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
  • Digital
     

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:

Market Breakup by Region

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • 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.

Key Questions Answered in This Report

The global B2B payments market was valued at US$ 1,108.6 Billion in 2023.

We expect the global B2B payments market to exhibit a CAGR of 7.3% during 2024-2032.

The growing prominence of B2B payment systems across numerous industries, such as manufacturing, telecom, BFSI, etc., to easily trace and assist in avoiding ambiguity and discrepancy between merchants is primarily driving the global B2B payments market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing inclination towards digital B2B payments for exchange of goods or services so as to reduce the need for manual transactions and to combat the risk of the coronavirus infection.

Based on the payment type, the global B2B payments market has been segmented into domestic payments and cross-border payments. Currently, domestic payments hold the majority of the total market share.

Based on the payment mode, the global B2B payments market can be divided into traditional and digital, where traditional mode of payment currently exhibits a clear dominance in the market.

Based on the enterprise size, the global B2B payments market has been categorized into large enterprises and small and medium-sized enterprises. Currently, large enterprises account for the majority of the global market share.

Based on the industry vertical, the global B2B payments market can be segregated into BFSI, manufacturing, IT and telecom, metals and mining, energy and utilities, and others. Among these, the manufacturing industry currently holds the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global B2B payments 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., and Wise Payments Limited.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
B2B Payments Market Report by Payment Type (Domestic Payments, Cross-Border Payments), Payment Mode (Traditional, Digital), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (BFSI, Manufacturing, IT and Telecom, Metals and Mining, Energy and Utilities, and Others), and Region 2024-2032
Purchase options Year End sale



Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More