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.
Author Credits: Abhishek Verma
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