LOS ANGELES, April 14, 2020 (GLOBE NEWSWIRE) – Acumen Research and Consulting, a global market research provider, in a recently released report titled “B2B payment transaction market (Transaction Type: Traditional & Digital; Business Segment: Small Business, Medium Business & Large Business; Operation Channel: Cross Border & Domestic) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019- 2026 â.
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B2B payments are payments between two merchants for goods and services. Paper checks are still the most popular form of payment for businesses. A digital B2B payment solution is a fast payment method, all of which can improve a business’s cash flow, including issuing, receiving, and processing systems. In the typical supply chain, business-to-business transactions are common, where companies purchase parts and goods to be used in production procedures, such as other raw materials. Finished products can be marketed to people through business-to-consumer transactions.
In 2018, the North American market accounts for a high revenue share due to the high spending capacity of consumers in food and entertainment services, coupled with the availability of advanced internet infrastructure for smart payment options. In addition, the presence of large service providers operating in the country, such as the United States and Canada, is expected to support the growth of the regional market.
The gradual increase in income along with the increase in consumer spending on goods and services are major factors that are expected to increase the growth of the market. The government of developed and developing countries is focusing on the development of payment infrastructure in order to facilitate the approach of the digital economy as well as the introduction of various applications which are factors having a positive impact on the growth of the market. global B2B payments market. In 2016, the Association of Indian Banks launched the Unified Payment Interface (UPI) and the NPCI developed the Bharat Interface for Money (BHIM) application. UPI manages multiple bank accounts within a single mobile application from any participating bank.
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Moreover, factors such as high internet penetration and increasing adoption of smart phones are slowly increasing consumer preference for mobile payments through various applications which is expected to further support the market growth. In 2016, out of total UPI transactions, approximately 16.5 million transactions amounting to INR 68,872.57 were made through the BHIM app. The interface processed 93,000 transactions worth US $ 30 million for 21 banks.
However, the growing threats / activities related to data theft and the lack of regulatory scenario related to overseas payments are factors that are hampering the growth of the market. With easy access to high speed internet, hackers can easily track and steal the data. According to the World Economic Forum, two billion data records were compromised in 2017, and over 4.5 billion records were breached in the first half of 2018. In addition, the limited visibility of related end-to-end transactions With multiple payments, cost inculcation, chargebacks, and payment cycle interruptions result in a lower preference for B2B payment methods. Another factor that is expected to limit market growth is the limited transparency of transactions.
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The government spends a lot on cybersecurity, developing government regulations related to cybercrime and improving infrastructure are factors creating revenue opportunities for target market players. In addition, the flourishing e-commerce industry and the advent of new technologies such as big data analytics, AI and blockchain are expected to help entrepreneurs to simplify the B2B payment system, further supporting the market revenue growth. .
The major players operating in the global b2b payment transactions market are American Express Co. Inc., Ant Financial Services Co. Ltd., Bottomline Technologies Inc., Coupa Software Inc., FleetCor Technologies Inc., Intuit Inc., JPMorgan Chase & Co., MasterCard Inc. and SAP. The competitive scenario in the market is high because there is a strong presence of players operating in the market. The trend of major players to increase their customer base and improve the customer experience is expected to further increase competition.
The global b2b payment transactions market was valued at approximately US $ 63,084 billion in 2026. Among the transaction types segment, the digital segment is expected to contribute significant revenue shares in the global market.
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