B2B Payments Market Report

Global B2B Payments Market:

The global B2B payments market size reached USD 1,189.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 2,189.0 Billion by 2033, exhibiting a growth rate (CAGR) of 7% during 2025-2033. The market is primarily driven by the rising focus on enhancing financial decision-making and strategic planning, the implementation of robust security measures to protect sensitive payment data in transit and at rest, and the extensive utilization of mobile wallets to make payments.

Global B2B Payments Market Analysis:

• Major Market Drivers: The B2B payments market growth is expanding as a result of the growing trend towards digitization, which is pushing firms to use quicker, more effective, and safer electronic payment systems. Accordingly, the growing preference for electronic payment methods over conventional paper-based ones, such as cheques, is driving up market growth, as they have fewer processing costs, require less manpower, and produce fewer errors.
• Key Market Trends: The industry is expanding at a faster rate, owing to new and creative B2B payment solutions that provide more security, transparency, and efficiency, made possible by ongoing technological advancements, including blockchain and real-time payment systems. In addition to this, the market is growing since many firms are using electronic payment methods extensively to enhance their financial planning, forecasting, and decision-making processes.
• Competitive Landscape: Some of the major B2B payments market companies 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, among others.
• Geographical Trends: Asia Pacific represents the largest market for B2B payments market outlook, owing to its expanding e-commerce operations, the proliferation of smartphones, and the launch of favorable government policies and incentives. In addition to this, the growing fintech ecosystem and the widespread adoption of blockchain-based platforms and supply chain finance are positively influencing the growth of the market in this region.
• Challenges and Opportunities: One of the major challenges of the B2B payments market trends include the heightened risk of cyberattacks and fraud and the elevated processing fee costs, especially for cross-border transactions. However, the emerging trend of digitalization and the continuous innovations in blockchain, AI, and real-time payment systems are presenting significant opportunities for market growth.

Global B2B Payments Market Trends:

Digital Transformation

The increasing digital transformation and the extensive utilization of online payment platforms in place of traditional paper-based methods which involve manual printing, postage, processes, and administrative overhead are improving the B2B payments market statistics. Additionally, the growing popularity of automated systems as they enable approval workflows, instant payments, and real-time tracking is expected to support further market growth. In addition, the fact that international organizations are widely adopting digital platforms to easily make and receive payments worldwide will positively affect the market expansion. For instance, Vertiv, a provider of critical digital infrastructure and continuity solutions, announced the opening of its official store in Tokopedia, Indonesia's e-commerce platform. This is part of Vertiv's continuous expansion into the e-commerce space in Southeast Asia. Moreover, in September 2023, Visa Inc. declared its alliance with Swift to streamline international business-to-business (B2B) payments by enhancing connectivity between their networks that move trillions in value globally.

Globalization and Cross-Border Transactions

The rise in globalization has led to a surge in demand for cross-border payment solutions, which can be advantageous for international payment service providers. In addition, the growing collaboration between payment service providers, banks and fintech companies to develop new and innovative payment solutions is increasing the B2B payments market revenue. Moreover, digital payment platforms offer competitive exchange rates and tools for managing currency risk and reducing the financial complexities related to international trade, which is also catalyzing the global market. For example, a cross-border B2B platform called Joybuy was introduced by JD Worldwide, the international division of JD.com (Jingdong). Through the company's chosen supplier network, Joybuy links international retailers with top-notch Chinese factories. JD's B2B platform Joybuy will primarily cater to foreign clients, including vendors on e-commerce marketplaces, direct-to-consumer (DTC) sellers, and small- and medium-sized stores. Moreover, in April 2024, Cross-border payments platform, Nium, and payments processor, Thredd, have expanded their fintech partnership. This expansion allows Nium to issue virtual cards in the Asia-Pacific (APAC) region, thereby boosting the growth of innovative B2B travel payment solutions.

Enhanced Security Measures

The widespread adoption of enhanced security measures, such as biometric verification, significantly reduces the risk of fraud in B2B payments. These methods ensure that only authorized personnel can initiate and approve payments, mitigating the threat of unauthorized transactions. Besides this, the elevating requirement for robust encryption technologies to protect sensitive payment data in transit and at rest, making sure information remains confidential and cannot be intercepted or compromised by cybercriminals, is positively influencing the market growth. In addition to this, blockchain technology is being leveraged to create immutable and transparent payment records that cannot be altered or deleted, providing an indisputable audit trail for financial transactions, which is propelling the B2B payments market demand forward. For instance, according to Merchant Savvy, a UK-based consulting firm, the frequency of global payment frauds is expected to increase incessantly and is most likely to cost US$ 40.62 Billion by 2027. Moreover, Visa Inc. launched India’s roadmap to strengthen payment security. This program aims at securing India’s dynamic digital payments ecosystem from emerging threats and cyberattacks. Moreover, in April 2023, Citigroup Inc. announced its collaboration with Hokodo to deliver a best-in-class and frictionless B2B Buy Now, Pay Later (BNPL) solution that enables large global businesses to offer trade credit on e-commerce platforms and marketplaces.

Global B2B Payments Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on the payment type, payment mode, enterprise size, and industry vertical.

Breakup by Payment Type:

• Domestic Payments
• Cross-Border Payments
   

Domestic payments account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the payment type. This includes domestic payments and cross-border payments. According to the report, domestic payments represented the largest market share.

Domestic payments comprise transactions that occur within the borders of the company. This segment is characterized by a high volume of payments, often involving businesses paying their local suppliers, employees, and service providers. Domestic payments are preferred by various individuals for their simplicity and familiarity, as they generally adhere to the national banking and payment infrastructure. For instance, PayU, the foremost provider of digital payment solutions in India, unveiled the introduction of its three revolutionary mobile app Software Development Kits (SDKs). These advancements are specifically crafted to meet the demand for smooth payment encounters on mobile gadgets, effectively enhancing transaction success rates by up to 56%.

Breakup by Payment Mode:

• Traditional
• Digital
   

Traditional holds the largest share in the industry

The report has provided a detailed breakup and analysis of the market based on the payment mode. This includes traditional and digital. According to the report, traditional accounted for the largest share in the B2B payments market forecast.

The traditional mode of payment remains the dominating segment in the market, representing the conventional methods that have been utilized for several years. Paper cheques, wire transfers, and cash transactions are some examples of the traditional mode of payments. Moreover, various businesses rely on conventional payment techniques, on account of their established processes and familiarity.

Breakup by Enterprise Size:

• Large Enterprises
• Small and Medium-sized Enterprises
   

Large enterprises represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the enterprise size. This includes large enterprises and small and medium-sized enterprises. According to the report, large enterprises accounted for the largest B2B payments market demand.

Large enterprises refer to well-established companies with substantial financial resources and a broad customer or supplier base. They often have complex payment needs, including managing a high volume of transactions, dealing with diverse suppliers and partners, and demanding sophisticated financial systems. Large enterprises adopt advanced payment technologies, such as electronic invoicing, supply chain financing, and customized payment solutions, to optimize their payment processes. Additionally, these companies have the resources to invest in comprehensive payment automation and security measures, ensuring efficiency and compliance in their B2B payments. For instance, Conduent Incorporated, a worldwide technology enterprise, introduced its latest digital integrated payments hub. This innovation is geared towards granting businesses and public sector agencies access to secure, efficient, and expedited methods for sending, receiving, or requesting payments.

Breakup by Industry Vertical:

• BFSI
• Manufacturing
• IT and Telecom
• Metals and Mining
• Energy and Utilities
• Others
   

Manufacturing exhibits a clear dominance in the market 

The report has provided a detailed breakup and analysis of the industry vertical. This includes BFSI, manufacturing, IT and telecom, metals and mining, energy and utilities, and others. According to the report, manufacturing represented the largest segment of the B2B payments market share.

The manufacturing industry encompasses several businesses that are involved in the production of goods, including automotive, consumer electronics, industrial equipment, etc. Manufacturers often engage in complex supply chain networks, making efficient B2B payments crucial. This segment emphasizes streamlined payment processes to oversee supplier payments, procure raw materials, and facilitate distribution effectively, thereby elevating the B2B payments market recent price. As manufacturing processes become increasingly automated and globalized, the adoption of digital payment solutions and supply chain financing is escalating within this sector. For instance, Rupifi, a B2B payment application provider, raised US$ 25 Million in a series-A round funding, led by Tiger Global Management, LLC, and Bessemer Venture Partners. Rupifi plans to utilize this funding to build complete B2B checkout products and omnichannel mobile-first B2B payments solutions for distributors, merchants, and sellers.

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 leads 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); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

Asia Pacific represents the largest market as per the B2B payments market overview, owing to its expanding e-commerce operations, the proliferation of smartphones, and the launch of favorable government policies and incentives. In addition to this, the growing fintech ecosystem and the widespread adoption of blockchain-based platforms and supply chain finance are positively influencing the growth of the market in this region. For instance, Peer Connexions, a B2B E-commerce platform created to represent the industry's shift toward digital commerce, is released by Tech Data India. Peer Connexions gives resellers unmatched ease, enabling Tech Data to support and facilitate their company more effectively. The portal allows its channel partners access to technical, commercial, and product catalogs, price and inventory status, promotions, and special offers. It also enables them to sign up and do business around the clock on a common platform.

Competitive Landscape:

Key players in the B2B payments market are actively pursuing strategies to enhance their offerings and stay competitive. They are investing heavily in technology, particularly in developing user-friendly and secure digital payment platforms, which is one of the B2B payments market recent opportunities. These platforms often incorporate features like real-time payments, automated invoicing, and data analytics to streamline B2B transactions. Additionally, many top companies are expanding their global reach through partnerships and acquisitions, enabling them to provide comprehensive cross-border payment solutions. Furthermore, a strong focus on compliance and security measures is evident, with investments in robust fraud detection and prevention systems to ensure the safety of B2B transactions. Moreover, leading companies in the B2B payments market are committed to innovation and customer-centric solutions to meet the evolving needs of businesses worldwide.

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the major market players in the B2B Payments industry 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
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

B2B Payments Market Recent Developments:

• April 2024: Paystand, a blockchain-enabled B2B payments network, has acquired spend management software provider Teampay. The transaction creates a B2B payments powerhouse whose continued goal is to revolutionize payments by expanding the largest, fastest, and most cost-efficient B2B payments network.
• April 2024: Cross-border payments platform, Nium, and payments processor, Thredd, have expanded their fintech partnership. This expansion allows Nium to issue virtual cards in the Asia-Pacific (APAC) region, thereby boosting the growth of innovative B2B travel payment solutions.
• April 2024: A B2B credit card platform, Pliant, is planning to expand after raising US $19 Million. The funding round was led by PayPal Ventures and brings the Berlin-based Pliant’s total Series A financing to worth of US$ 53 Million.

B2B Payments Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry 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 2019-2033.
• The research report 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 assists 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.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.