Countries Covered: Australia, Canada, China, France, Germany, India, Italy, Japan, Russia, Spain, UK, USA
Publication Date: 30/01/2020
Questions Covered in the report:
- What is the size of the global B2B payments market?
- How high are B2B payments revenues in 2019 and what is the forecast for 2025 and beyond?
- What are the key trends in global B2B payments?
- Which technologies are most relevant for B2B payments and how are they transforming the industry?
- Which payment methods are most used by businesses in selected top markets worldwide?
Technology transforms global B2B payments
Innovation trends in global B2B payments
B2B payments are becoming more digital, as the latest technological developments help reduce the complexities of corporate payments and power the emerging payment channels and means. Some of the top technologies disrupting the B2B payments landscape include AI, machine learning and blockchain. AI and machine learning help optimize the checkout process through the online channels, while blockchain is projected to enable cross-border B2B transactions worth several trillion U.S. dollars by 2024, according to a forecast cited in the yStats.com report, due to its ability to help reduce the costs and processing times of such transactions. Furthermore, B2B payment has been named the top beneficiary of the introduction of real-time payments across the globe.
B2B payment methods landscape
In terms of the payment methods, traditional payment means like checks and bank transfers still dominate the overall payment transaction volume in the top markets covered in the yStats.com report. However, there is also a trend towards a greater diversity of payment methods depending on the channel and usage. For example, credit cards are frequently used as settlement means for business expenses in Japan and the leading payment method used in the B2B E-Commerce checkout in the USA. Furthermore, surveys conducted in various countries across the world’s regions point to the rise of direct debit and digital wallets as means of payment for recurring costs and digital subscriptions. Another 2019 survey cited by yStats.com shows that offering a range of payment methods is essential for B2B sellers, with close to one in two buyers ready to abandon a purchase if their favorite payment method was not offered.