The B2B payments transaction market refers to financial transactions conducted between businesses, from large enterprises to small and medium-sized businesses. This includes all methods of payment for purchasing goods and services from other companies. Key aspects of B2B payments include commercial cards, direct debits, business checks, and electronic payments like wire transfers and automated clearing house (ACH) transactions. The global pandemic has accelerated the trend of digital transformation across industries and the shift towards digital and remote B2B transaction models. This has propelled growth in the market for electronic B2B payments as businesses seek convenient, secure and cost-effective payment solutions.
Market Dynamics:
The B2B payments transaction market is driven by factors such as the growing emphasis on streamlining workflows, the need for real-time payment capabilities and flexible payment options among enterprises. The market sees restraints from legacy systems that hamper the migration to new technologies. However, opportunities lie in the modernization of B2B infrastructure to support digital transactions. The COVID-19 outbreak has created a strong impetus for contactless and digital B2B commerce, augmenting the demand for automated payment methods. Innovations in fields like AI and blockchain also promise to disrupt traditional models and forge new pathways for secured, seamless and traceable B2B transfers.
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