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B2B Digital Payment Market Research Report: By Payment Type (Electronic Bank Transfers (EFTs), Electronic Data Interchange (EDI), Virtual Credit Cards (VCCs), Automated Clearing House (ACH), Real-Time Gross Settlement (RTGS), Blockchain-based Payments), By Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), By Industry Vertical (Manufacturing, Retail and Wholesale Trade, Healthcare, Financial Services, Technology), By Deployment Model (Cloud-based, On-premises, Hybrid) - Forecast to 2032.


ID: MRFR/ICT/26947-HCR | 100 Pages | Author: Aarti Dhapte| October 2024

B2B Digital Payment Market Overview


As per MRFR analysis, the B2B Digital Payment Market Size was estimated at 8.16 (USD Billion) in 2022. The B2B Digital Payment Market Industry is expected to grow from 9.15(USD Billion) in 2023 to 25.5 (USD Billion) by 2032. The B2B Digital Payment Market CAGR (growth rate) is expected to be around 12.07% during the forecast period (2024 - 2032).


Key B2B Digital Payment Market Trends Highlighted


The digitization of the economy has strengthened the B2B segment of the market for digital payments. More and more companies are adopting digital payment systems to simplify their activities, enhance efficiency, and cut costs. The key trends in the market are the growth of e-commerce, the expansion of mobile device usage, and adding usage of cloud services.


There are considerable opportunities for growth in the area of cross-border payments, improvement of existing payment methods, and including digital payments in supply chain processes. The recent trends encompass the use of blockchain technology, embedded payments and the adoption of real-time payment systems.


In this market, the participants will need to focus on offering valuable and creative solutions, ensuring security and legal compliance and organization of high-quality customer support. The participants in the market for B2B digital payments will benefit from investments, innovations and services as long as their business practices continue to evolve.


B2B Digital Payment Market Overview


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


B2B Digital Payment Market Drivers


Increasing Adoption of Digital Technologies in Businesses


The rapid adoption of digital technologies by businesses across various industries is a key driver of growth in the B2B Digital Payment Market Industry. As companies increasingly embrace digital transformation, they are looking for efficient and secure ways to manage their financial transactions. Digital payment solutions offer a range of benefits, including faster processing times, reduced costs, and improved transparency, making them an attractive option for businesses of all sizes.Additionally, the growing popularity of e-commerce and online marketplaces is contributing to the demand for digital payment solutions that can facilitate seamless and secure transactions between businesses.


Growing Need for Improved Efficiency in Business Processes


The increasing pressure on businesses to optimize their operations and improve efficiency is another major factor driving the growth of the B2B Digital Payment Market Industry. Digital payment solutions offer a number of advantages that can help businesses streamline their payment processes and reduce administrative costs. For example, digital payments can eliminate the need for manual check processing, reduce errors, and provide real-time visibility into cash flow.These benefits can lead to significant operational improvements and cost savings for businesses.


Expansion of Cross-Border Business Transactions


The growing volume of cross-border business transactions is also contributing to the growth of the B2B Digital Payment Market Industry. As businesses expand their operations into new international markets, they need efficient and cost-effective ways to manage their cross-border payments. Digital payment solutions can provide a number of advantages for cross-border transactions, including faster processing times, lower fees, and improved currency exchange rates.These benefits can make it easier and more affordable for businesses to conduct business across borders, which is driving the demand for digital payment solutions in the B2B Digital Payment Market Industry.


B2B Digital Payment Market Segment Insights


B2B Digital Payment Market Payment Type Insights


The B2B Digital Payment Market is segmented into various payment types, including Electronic Bank Transfers (EFTs), Electronic Data Interchange (EDI), Virtual Credit Cards (VCCs), Automated Clearing House (ACH), Real-Time Gross Settlement (RTGS), and Blockchain-based Payments. By leveraging these digital channels, businesses can streamline their payment processes, reduce costs, and enhance security. Electronic Bank Transfers (EFTs) accounted for a significant share of the B2B Digital Payment Market revenue in 2023. With the rise of online banking and the convenience of transferring funds electronically, EFTs offer a fast and secure way to conduct B2B transactions.


Automated Clearing House (ACH) payments, another widely used payment type, facilitate electronic fund transfers between financial institutions and are expected to experience steady growth in the coming years. Virtual Credit Cards (VCCs) provide a secure and convenient alternative to traditional credit cards. VCCs offer single-use or limited-use virtual card numbers, reducing the risk of fraud and improving expense management. Blockchain-based Payments, leveraging the distributed ledger technology, are gaining traction due to their enhanced security, transparency, and the potential to streamline cross-border payments.Electronic Data Interchange (EDI) enables the electronic exchange of business documents such as invoices and purchase orders. By eliminating paper-based processes, EDI streamlines communication and reduces processing times. Real-Time Gross Settlement (RTGS) systems facilitate instant and irrevocable fund transfers, making them suitable for high-value transactions and time-critical payments. 


The B2B Digital Payment Market is projected to grow steadily, with various payment types contributing to the overall market expansion. The increasing adoption of digital technologies, globalization of businesses, and the need for efficient and secure payment solutions drive the market growth.As businesses seek innovative ways to manage their finances and optimize their operations, the adoption of digital payment solutions is expected to continue expanding in the future.


B2B Digital Payment Market Insights


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


B2B Digital Payment Market Organization Size Insights


The B2B Digital Payment Market is segmented by Organization Size into Small and Medium-sized Enterprises (SMEs) and Large Enterprises. SMEs held the larger share of the market in 2023, accounting for around 60% of the B2B Digital Payment Market revenue. This is due to the increasing adoption of digital payment solutions by SMEs to streamline their financial operations and improve efficiency. This growth is driven by the increasing need for secure and efficient payment solutions to manage complex financial transactions.


B2B Digital Payment Market Industry Vertical Insights


The B2B Digital Payment Market is segmented into various industry verticals, including Manufacturing, Retail and Wholesale Trade, Healthcare, Financial Services, and Technology. Among these segments, Manufacturing is expected to hold the largest market share in 2023, owing to the increasing adoption of digital payment solutions to streamline supply chain management, improve efficiency, and reduce costs. The Retail and Wholesale Trade segment is also expected to witness significant growth due to the rise of e-commerce and the increasing adoption of digital payments by consumers.The Healthcare segment is expected to grow rapidly as healthcare providers seek to improve patient experience, reduce administrative costs, and enhance efficiency. The Financial Services segment is also expected to experience strong growth due to the increasing adoption of digital payment solutions by banks, insurance companies, and other financial institutions. The Technology segment is expected to grow at a steady pace due to the increasing adoption of digital payment solutions by technology companies to facilitate online transactions and subscription-based services.


B2B Digital Payment Market Deployment Model Insights


The B2B Digital Payment Market is segmented based on deployment model into cloud-based, on-premises, and hybrid. Among these, the cloud-based segment is projected to hold the largest market share during the forecast period. The growth of this segment can be attributed to the increasing adoption of cloud-based solutions by businesses of all sizes. Cloud-based solutions offer several advantages over on-premises solutions, such as scalability, flexibility, and cost-effectiveness. The on-premises segment is expected to witness a steady growth rate during the forecast period.On-premises solutions offer greater control and security over data, which makes them suitable for businesses that handle sensitive information. However, the high cost of implementation and maintenance of on-premises solutions is expected to limit their growth. The hybrid segment is expected to grow at a significant rate during the forecast period. Hybrid solutions combine the benefits of both cloud-based and on-premises solutions. They allow businesses to deploy their applications and data in the cloud while maintaining control over sensitive information on-premises.


B2B Digital Payment Market Functional Capability Insights


The Functional Capability segment plays a crucial role in the B2B Digital Payment Market. Bill Payment and Reconciliation dominates the segment, accounting for a substantial B2B Digital Payment Market revenue share of over 35% in 2023. This dominance is attributed to the increasing adoption of automated bill payment systems and the need for efficient reconciliation processes. Invoicing and Purchase Order Management follows closely, driven by the growing need for seamless invoice processing and streamlined procurement operations. Fraud Detection and Prevention is another key segment, with a projected market growth of over 15% CAGR during 2024-2032.The rising incidence of cybercrimes and the need for robust security measures are fueling this growth. Supply Chain Finance and Cross-border Payments are also significant segments, supported by the expansion of supply chains and the increasing volume of international transactions.


B2B Digital Payment Market Regional Insights


The B2B Digital Payment Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest region in the B2B Digital Payment Market, accounting for a majority of the market share in 2023. The region is home to a large number of B2B businesses, which are increasingly adopting digital payment solutions to improve efficiency and reduce costs. Europe is the second largest region in the B2B Digital Payment Market, with a significant market share. The region has a well-developed financial infrastructure, which is supporting the growth of the digital payment market.APAC is the third largest region in the B2B Digital Payment Market, with a growing market share. The region is home to a large number of emerging economies which are rapidly adopting digital payment solutions. South America and MEA are the smallest regions in the B2B Digital Payment Market, with a relatively small market share. However, both regions are expected to experience significant growth in the coming years as businesses in these regions increasingly adopt digital payment solutions.


B2B Digital Payment Market Regional Insights


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


B2B Digital Payment Market Key Players And Competitive Insights


Major players in the B2B Digital Payment Market are constantly innovating and developing new technologies to stay ahead of the competition. For instance, PayPal, one of the leading B2B Digital Payment Market players, recently launched a new service called "PayPal Business in a Box" that provides small businesses with a suite of tools to help them manage their finances. This service includes features such as invoicing, payments, and expense tracking. Other leading B2B Digital Payment Market players, such as Stripe and Square, are also investing heavily in research and development to improve their offerings. The B2B Digital Payment Market industry is highly competitive, and players are constantly vying for market share. 


In order to succeed in this market, players need to have a strong understanding of the competitive landscape and be able to differentiate their offerings from those of their competitors. The B2B Digital Payment Market is expected to continue to grow in the coming years as more and more businesses adopt digital payment solutions. This growth is being driven by a number of factors, including the increasing popularity of e-commerce, the growing number of small businesses, and the increasing adoption of mobile payments.Among the leading B2B Digital Payment Market players, PayPal is a leader in digital payments, with over 377 million active accounts. The company offers a wide range of payment solutions for businesses, including invoicing, payments, and fraud protection. PayPal is known for its ease of use and security, and it has a strong presence in both developed and developing markets. Another leading B2B Digital Payment Market player is Stripe, which provides a suite of payment tools for businesses of all sizes. Stripe is known for its developer-friendly APIs and its focus on innovation. The company has a strong presence in the United States and is expanding rapidly into other markets.


One of the key competitors of PayPal in the B2B Digital Payment Market is Square, a financial services and mobile payment company. Square offers a range of payment solutions for businesses, including point-of-sale systems, online payments, and invoicing. Square is known for its affordability and ease of use, and it has a strong presence in the small business market. Another key competitor of PayPal is Adyen, a Dutch payment processing company. Adyen offers a range of payment solutions for businesses, including online payments, mobile payments, and point-of-sale systems. Adyen is known for its reliability and security, and it has a strong presence in Europe and Asia.


Key Companies in the B2B Digital Payment Market Include




  • Authorize.Net




  • Adyen




  • Ramp




  • Braintree




  • Checkout.com




  • Cybersource




  • Divvy




  • Square




  • Stripe




  • Afterpay




  • Brex




  • PayPal




  • Worldpay




  • Klarna




  • Affirm




B2B Digital Payment Market Industry Developments


The B2B digital payment market is projected to reach USD 25.5 billion by 2032, exhibiting a CAGR of 12.07% from 2024 to 2032. The increasing adoption of digital technologies in business operations and the rising need for efficient and secure payment solutions are driving market growth. Key industry developments include the launch of new payment platforms, the integration of AI and blockchain technology, and the growing popularity of mobile payments. Market players are focusing on expanding their offerings and forming partnerships to cater to the evolving needs of businesses.


B2B Digital Payment Market Segmentation Insights




  • B2B Digital Payment Market Payment Type Outlook





    • Electronic Bank Transfers (EFTs)




    • Electronic Data Interchange (EDI)




    • Virtual Credit Cards (VCCs)




    • Automated Clearing House (ACH)




    • Real-Time Gross Settlement (RTGS)




    • Blockchain-based Payments







  • B2B Digital Payment Market Organization Size Outlook





    • Small and Medium-sized Enterprises (SMEs)




    • Large Enterprises







  • B2B Digital Payment Market Industry Vertical Outlook





    • Manufacturing




    • Retail and Wholesale Trade




    • Healthcare




    • Financial Services




    • Technology







  • B2B Digital Payment Market Deployment Model Outlook





    • Cloud-based




    • On-premises




    • Hybrid







  • B2B Digital Payment Market Functional Capability Outlook





    • Bill Payment and Reconciliation




    • Invoicing and Purchase Order Management




    • Fraud Detection and Prevention




    • Supply Chain Finance




    • Cross-border Payments







  • B2B Digital Payment Market Regional Outlook





    • North America




    • Europe




    • South America




    • Asia Pacific




    • Middle East and Africa




Report Attribute/Metric Details
Market Size 2022 8.16(USD Billion)
Market Size 2023 9.15(USD Billion)
Market Size 2032 25.5(USD Billion)
Compound Annual Growth Rate (CAGR) 12.07% (2024 - 2032)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year 2023
Market Forecast Period 2024 - 2032
Historical Data 2019 - 2023
Market Forecast Units USD Billion
Key Companies Profiled Authorize.Net, Adyen, Ramp, Braintree, Checkout.com, Cybersource, Divvy, Square, Stripe, Afterpay, Brex, PayPal, Worldpay, Klarna, Affirm
Segments Covered Payment Type, Organization Size, Industry Vertical, Deployment Model, Functional Capability, Regional
Key Market Opportunities Crossborder payments Mobile payments Data security and privacy Artificial intelligence Blockchain technology
Key Market Dynamics 1 Growing adoption of cloud-based payment platforms 2 Increasing use of mobile payment technologies 3 Rising demand for real-time payments 4 Growing adoption of digital wallets5 Increasing focus on security and compliance
Countries Covered North America, Europe, APAC, South America, MEA


Frequently Asked Questions (FAQ) :

The B2B Digital Payment Market is expected to reach a valuation of 25.5 billion USD by 2032, growing at a CAGR of 12.07% from a base of 9.15 billion USD in 2023.

North America is expected to dominate the B2B Digital Payment Market, owing to the early adoption of digital payment technologies and the presence of a large number of tech-savvy businesses.

Increasing adoption of digital technologies, rising demand for efficient and secure payment methods, and growing adoption of e-commerce platforms are some of the key factors driving the growth of the B2B Digital Payment Market.

B2B Digital Payment solutions are used across various applications, including accounts payable and receivable, payroll processing, vendor payments, and e-commerce transactions.

Key competitors in the B2B Digital Payment Market include PayPal, Stripe, Square, Adyen, and Amazon Pay.

The Asia-Pacific region is expected to witness a significant growth rate in the B2B Digital Payment Market, with a CAGR of 14.2% from 2024 to 2032.

Emerging trends in the B2B Digital Payment Market include the adoption of blockchain technology, artificial intelligence, and real-time payments.

Government regulations and industry standards play a crucial role in shaping the B2B Digital Payment Market, ensuring data security, and protecting consumer rights.

Challenges faced by the B2B Digital Payment Market include cybersecurity concerns, integration with legacy systems, and competition from traditional payment methods.

Opportunities for growth in the B2B Digital Payment Market lie in the increasing adoption of digital technologies, the expansion of e-commerce, and the growing demand for cross-border payments.

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