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B2B Digital Payment Market Size
- Report ID: GMI6994
- Published Date: Oct 2024
- Report Format: PDF
B2B Digital Payment Market Size
The global B2B digital payment market size was valued at USD 7.4 trillion in 2023 and is projected to grow at a CAGR of 17% between 2024 and 2032. Digital payments are growing faster than traditional methods because they are more efficient and save money. They make financial transactions easier and reduce costs, helping the market grow. Automation and digitalization remove the need for paperwork and manual tasks, making payment processes simpler.
In September 2023, Mastercard partnered with KredX, a supply chain finance platform, to improve B2B digital payments. This partnership adds Mastercard's commercial card services to the KredX platform, making B2B card payments easier. These efforts speed up transactions and lower administrative costs, making digital payments a good choice for businesses looking to improve their financial operations and profitability.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| B2B Digital Payment Market Size in 2023: | USD 7.5 Trillion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 17% |
| 2032 Value Projection: | USD 31.7 Trillion |
| Historical Data for: | 2021 – 2023 |
| No. of Pages: | 240 |
| Tables, Charts & Figures: | 200 |
| Segments covered: | Payment, End use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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According to GMI, the global digital payments market is expected to grow at a compound annual growth rate (CAGR) of 16% from 2024 to 2032. The increasing use of smartphones and internet access are major factors driving this growth. Additionally, government initiatives promoting cashless transactions and advancements in payment technologies are further boosting the market. Moreover, the COVID-19 pandemic has accelerated the shift towards digital payments, as consumers and businesses seek safer and more convenient payment options. Contactless payments have seen a significant rise in usage, contributing to the overall growth of the market.
In the B2B digital payments market, several recent developments highlight the ongoing shift toward electronic and automated payment systems. Cross-border transactions have been a major driver, with partnerships between B2B payment providers and large tech firms like Visa and Payoneer aimed at facilitating global commerce.
For instance, Bank of America’s CashPro app, used for corporate payments, saw a substantial increase in transaction volume, handling over $500 billion in payments in just the first half of 2024, driven by integrations with major ERP and treasury management systems. The app provides streamlined support for corporate transactions and offers real-time insights, demonstrating the demand for integrated payment tools.
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B2B Digital Payment Market Scope
