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Global B2B Payment Market and Trends 2021

Global B2B Payment Market and Trends 2021

  • July 2021
  • 87 pages
  • ID: 5594674
  • Format: PDF
  • yStats - Global E-Commerce Intelligence

Summary

Table of Contents

During the COVID-19 pandemic, B2B companies showed additional demand for digital payment methods

The new report “Global B2B Payment Market 2021” offers a comprehensive overview of the new developments and trends in the business-to-business payment market worldwide. Among other findings, the publication reveals that despite B2B players’ resistance to rapid digital transformation, the process has begun and is likely to accelerate in the near future.

COVID-19 pandemic accelerated the need of B2B players to adopt digital payments

Even before the COVID-19 pandemic, B2B companies had realized the importance of digitalization, especially when it comes to payments. Nevertheless, the enterprises operating business-to-business, and usually those of larger sizes, are quite resistant to change. But as COVID-19 emphasized the inevitability of transforming B2B payments into digital, the process of shifting accelerated. For example, in just one year, the share of B2B companies that make over 90% of their payments electronically rose by twelve percentage points, reaching about one-fourth of the total B2B payments value in 2020, according to the new report. Moreover, usage of B2B instant payments was also expected to grow in the next two years; this transition, however, was expected to happen at a rather slower pace.

B2B companies stick to traditional payment methods, but also become more open to alternatives

Currently, B2B companies prefer traditional payments such as bank wire transfers, which is still many companies’ go-to choice. These are followed by bank debit and cheques. When it comes to B2B E-Commerce specifically, credit card was the first choice of B2B enterprises in 2020, together with terms (30-60-90), and mobile wallets. Nevertheless, companies also have become more open to alternative payment methods, which, according to a global survey cited in the new publication, comes with some challenges, such as a struggle to identify a solution that fits the industry, security concerns, and a lack of technological solutions.

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