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COVID-19 Impact on Global B2B Payment Market and Trends 2021

During COVID-19, bank wire transfers, bank debit and cheques continued to be the go-to payment choice for B2B companies worldwide.

 

For B2B companies worldwide. Specifically for E-Commerce, however, businesses preferred credit cards, terms (30-60-90), and mobile wallets.

The fact that the digitalization of business-to-business payments is important was understood by many players even before the pandemic.
For B2B companies worldwide. Specifically for E-Commerce, however, businesses preferred credit cards, terms (30-60-90), and mobile wallets.

The fact that the digitalization of business-to-business payments is important was understood by many players even before the pandemic.
For B2B companies worldwide. Specifically for E-Commerce, however, businesses preferred credit cards, terms (30-60-90), and mobile wallets.

This is likely to result in a whole chain of changes on the payment arena in the near future, according to the new yStats.com report.

For example, currently, instant payments hold a rather marginal part of total B2B payments, however, by 2022, the share was forecasted to increase by three percentage points. While this change may seem to be insignificant, for B2B players specifically this is a major step, as they usually have long-established relationships with their customers and are not prone to changes. Furthermore, in just one year, the share of B2B companies that make over 90% of their payments electronically rose by twelve percentage points, reaching about one-fourth of the total B2B payments value in 2020.

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