The B2B digital payment market size is projected to grow from USD 4.2 billion in 2023 to USD 8.2 billion by 2028, at a CAGR of 14.3% during the forecast period. B2B digital payments offer a faster and more efficient way to settle transactions compared to traditional paper-based methods. Electronic payments can significantly reduce processing time, manual errors, and administrative costs associated with traditional checks or invoices.
Various globally established players, such as PayPal (US), Fiserv (US), FIS (US), Global Payments (US), ACI Worldwide (US), Block (US), MasterCard (US), Visa (US), Payoneer (US), Stripe (US), are dominating the B2B digital payment market. To increase their market share in the B2B digital payment market, these competitors have used a variety of growth methods, including partnerships, agreements, collaborations, new product releases, product enhancements, and acquisitions.
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PayPal has established itself as a prominent player in the B2B digital payment market, offering a range of services tailored to businesses. Its services include business accounts, invoicing, checkout integration, debit cards, working capital loans, and a commerce platform. While traditionally associated with consumer transactions, PayPal has made efforts to cater to businesses' needs for online and in-person payments. With features like customizable invoicing, PayPal Checkout for online payments, and the convenience of in-person transactions through PayPal Here, businesses can seamlessly manage their revenue streams. PayPal's comprehensive reporting tools aid in tracking finances, while its integration options and APIs empower businesses to embed payment functionalities into their platforms. Moreover, the PayPal Commerce Platform encompasses an array of services catering to different business sizes, spanning payment processing to subscription management.
Fiserv is a leading global financial technology company. It specializes in providing a comprehensive range of solutions and services to diverse segments of the financial industry. Fiserv's core areas of expertise encompass payment and processing solutions, financial services technology, digital banking, risk and compliance solutions, and wealth management. The company is recognized for its commitment to innovation, continually advancing technology to meet the evolving needs of financial institutions and businesses. Through strategic acquisitions and a strong focus on research and development, Fiserv has solidified its position as a key player in shaping the landscape of financial technology. Fiserv excels in delivering technology-driven answers that cater precisely to businesses' payment requisites, spanning the spectrum from small enterprises to expansive corporations.
B2B Digital Payment Market by Offering (Solutions, Services), Payment Method (Credit Cards/Debit Cards/Virtual Cards, Digital Wallet), Transaction Type (Domestic, Cross-Border), Vertical and Region - Global Forecast to 2028
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