B2B Payments Market size was over USD 13.9 billion in 2023 and is estimated to reach USD 38.2 billion by the end of 2036, growing at a CAGR of 8.8% during the forecast period, i.e., 2024-2036. In 2024, the industry size of B2B payments is evaluated at USD 15.5 billion.
The growth of the global market can be attributed to rising cross-border transactions. Companies across several domains are expanding internationally to reach more consumer base, enhance their revenue streams, and lower their dependency on domestic markets. This has resulted in growing demand for secure and efficient cross-border payments. The rise in e-commerce and digital platforms and the growing usage of digital currencies have made it easy for companies and businesses to engage in international trade.
Companies are heavily investing in R&D projects to launch secure, fast, and efficient cross-border payment systems. For instance, in April 2024, WorldFirst announced the launch of a payment solution to help small businesses enhance their cross-border payments. The system facilitates intelligent payment processing, lowering trade barriers, thereby streamlining overall business transactions. Innovations like these are expected to further fuel market growth.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.8% |
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Base Year Market Size (2023) |
USD 13.9 billion |
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Forecast Year Market Size (2036) |
USD 38.2 billion |
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Regional Scope |
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Payment Type (Domestic Payment, Cross Border Payment)
The cross-border payment segment in the B2B payments market is expected to expand at a staggering revenue CAGR throughout the forecast period owing to increasing international trade, rapid advancements in payment technology, improving regulatory norms, and robust growth in e-commerce sales. One of the key factors boosting segment revenue growth is the increasing efforts to improve cross-border B2B payment infrastructure and enhance user experience. According to a recent survey, there are more than 420 B2B payers across the U.S. and the Middle East and Africa.
Key players in the market are launching novel products and services to improve the existing cross-border payment challenges. For instance, in April 2024, Nium partnered with Kapronasia to launch, a new data-backed white paper to address the cross-border B2B payment challenges in Asia. “Breaking Borders” addresses cross-border B2b payment challenges along with current initiatives and the role of intermediaries to overcome the challenges.
Enterprise Size (Large Enterprises, Small and Medium Enterprises)
The large enterprises segment is poised to account for 60.5% of revenue share in the global B2B payments market between 2024 and 2036. This growth can be attributed to the increasing adoption of digital B2B payment processes to streamline high transaction volumes in large enterprises. Automated payments and transactions reduce the time and cost associated with manual payment modes. Moreover, b2b payment solutions offer better control over financial transactions as large enterprises need to coordinate payments through multiple departments and locations.
Other factors such as increasing globalization of businesses across various domains, growing need for advanced payment systems for cross-border transactions, and the availability of enough funds at large enterprises to invest in advanced technologies are expected to boost segment growth going ahead.
Our in-depth analysis of the market includes the following segments:
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Payment Type |
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Enterprise Size |
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Payment Mode |
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Industry Vertical |
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North America Market Statistics
North America in B2B payments market is poised to hold over 40.1% revenue share by the end of 2036. This growth can be driven by factors including, the presence of advanced digital payment systems and the rapidly growing e-commerce sector in the region.
In the U.S., the market is expected to account for significant revenue growth during the forecast period owing to increasing adoption of digitalization across several industries, presence of leading fintech and financial institutes, and high usage of B2B e-commerce platforms. According to a survey from 2023, more than half of companies in the U.S. use electronic checks and bank transfers while paying for products provided by foreign companies and more than 56% of companies use eChecks for cross-border payments.
In November 2023, Tranch announced the launch of next-gen B2B payment solutions for its major enterprise clients across the U.S. Using the new cutting-edge technology, consumers can utilize Pay Now services integrated with Real-time Payment Network and FedNow to enhance transactions via authenticated payments.
Asia Pacific Market
The B2B payments market in Asia Pacific is expected to witness rapid expansion during the forecast period due to rising adoption of digital payment platforms, increasing cross-border transactions, and increasing investments by key players. In June 2023, SAP SE collaborated with Visa to streamline and simplify B2B payments for businesses across Asia Pacific by combining the SAP business technology platform through the SAP ecosystem. The primary aim of this collaboration is to digitalize and speed up B2B payments across supply chains in this region.
China, Japan, and India are some of the largest revenue-generating countries in Asia Pacific and are at the forefront of adopting novel technologies and B2B payments. In April 2024, Nium announced the expansion of its partnership with Thredd to power B2B travel payments in APAC.
The B2B payments market in India is anticipated to register rapid revenue CAGR over the forecast period owing to high adoption of digital payments across the country, government initiatives to streamline payments, and growing popularity of online B2B marketplaces.
The rising adoption of advanced technologies, including Unified Payment Interface (UPI) in India has resulted in smoother payment processes. In September 2023, the National Payments Corporation of India (NPCI) announced the launch of 4 new UPI features after UPI reached 10 billion tractions a month.
The B2B payments market is highly fragmented, comprising key players operating at global and regional levels. The market has witnessed significant changes over the years due to digital transformation and the adoption of advanced technologies such as blockchain and smart contracts, embedded finance, and APIs. Leading key players in the market are focused on adopting several strategies such as mergers and acquisitions, product launches, partnerships, and product launches to retain their market position and enhance their product base. Here is a list of key players operating in the global market:
Author Credits: Abhishek Verma
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