
North America B2B Payments Market Report and Forecast 2024-2032
Description
North America B2B Payments Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the North America B2B payments market size, aided by technological advancements and increasing demand for enhanced decision-making capabilities, is estimated to expand at a CAGR of 9.10% in the forecast period of 2024-2032.
B2B (Business-to-Business) payments refer to financial transactions conducted between businesses for the exchange of goods or services. Unlike B2C (Business-to-Consumer) payments, which involve transactions between businesses and individual consumers, B2B payments typically involve larger sums, more complex terms, and a variety of payment methods. Efficient B2B payment systems are crucial for maintaining healthy cash flow, fostering strong business relationships, and ensuring smooth operational workflows.
The North America B2B payments market has been experiencing significant transformation and growth, driven by technological advancements, evolving business needs, and the increasing globalisation of trade. This dynamic market, encompassing the United States and Canada, is characterised by several key trends that are reshaping the way businesses conduct transactions and manage financial operations.
One of the most prominent North America B2B payments market trends is the rapid adoption of digital payment solutions. Businesses are increasingly moving away from traditional payment methods such as checks and manual bank transfers, opting instead for more efficient and secure digital alternatives. This shift is fuelled by the need for speed, accuracy, and real-time processing in financial transactions. Digital payment platforms, such as automated clearing house (ACH) transfers, electronic funds transfers (EFT), and online payment gateways, are becoming the norm, providing businesses with the ability to streamline their payment processes, reduce operational costs, and enhance overall efficiency.
Another significant trend propelling the North America B2B payments market growth is the integration of advanced technologies such as artificial intelligence (AI) and blockchain into B2B payment systems. AI is playing a crucial role in enhancing fraud detection and prevention, automating routine tasks, and providing predictive analytics to improve cash flow management. For instance, AI-powered algorithms can analyse vast amounts of transactional data to identify unusual patterns and flag potential fraudulent activities in real-time, thus safeguarding businesses against financial losses. Additionally, blockchain technology is gaining traction for its potential to provide secure, transparent, and immutable transaction records. By leveraging blockchain, businesses can reduce the risk of fraud, minimise disputes, and expedite cross-border transactions, thereby fostering trust and efficiency in B2B payments.
The growing importance of cross-border payments is another noteworthy trend boosting the North America B2B payments market development. As businesses expand their operations globally, the need for efficient and cost-effective cross-border payment solutions has become paramount. Traditional methods of international payments are often plagued by high fees, lengthy processing times, and complex regulatory requirements. In response, fintech companies are developing innovative solutions that simplify and expedite cross-border transactions. These solutions often leverage digital currencies, decentralised finance (DeFi) platforms, and partnerships with global banks to offer faster, cheaper, and more transparent payment options. As a result, businesses can now engage in international trade with greater ease and confidence, driving further growth in the global B2B payments landscape.
The COVID-19 pandemic has also had a profound impact on the North America B2B payments market value, accelerating the shift towards digitalisation and contactless payments. With the onset of the pandemic, businesses faced unprecedented challenges, including disrupted supply chains, remote work arrangements, and the need for enhanced cybersecurity measures. In this context, digital payment solutions emerged as a lifeline, enabling businesses to maintain continuity and resilience. The pandemic underscored the importance of having flexible and scalable payment systems that can adapt to changing circumstances. Consequently, many businesses have fast-tracked their digital transformation initiatives, adopting cloud-based payment platforms, mobile payment apps, and other innovative technologies to ensure seamless and secure transactions.
Furthermore, the rise of embedded finance is reshaping the B2B payments market in North America. Embedded finance refers to the integration of financial services into non-financial business platforms and applications. This trend is gaining momentum as businesses seek to offer more comprehensive and convenient services to their clients. For example, enterprise resource planning (ERP) systems and e-commerce platforms are increasingly incorporating payment processing capabilities, allowing businesses to manage their finances more holistically. By embedding payment solutions into their core operations, businesses can offer a seamless and integrated experience to their customers, enhance their value proposition, and gain a competitive edge in the market.
In addition to these technological advancements, regulatory developments are also influencing the North America B2B payments market expansion. Regulatory bodies are increasingly focusing on enhancing the security, transparency, and efficiency of payment systems. Initiatives such as the Federal Reserve's FedNow Service, which aims to provide real-time payment capabilities, are expected to drive further innovation and competition in the market. Additionally, compliance with regulations such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS) is becoming critical for businesses operating in the B2B payments space. These regulations not only ensure the protection of sensitive financial data but also foster trust and confidence among businesses and their trading partners.
Moreover, the increasing focus on sustainability and corporate social responsibility (CSR) is influencing the North America B2B payments market dynamics. Businesses are becoming more conscious of their environmental impact and are seeking payment solutions that align with their sustainability goals. For instance, digital payments are being preferred over paper-based methods to reduce paper waste and carbon footprint. Additionally, some payment providers are incorporating sustainability features into their platforms, such as carbon offset programs and eco-friendly payment options. This trend is reflective of a broader shift towards sustainable business practices and highlights the role of B2B payments in supporting environmental and social initiatives.
Market Segmentation
The North America B2B payments market can be divided based on payment type, payment mode, enterprise size, end use, and country.
Market Breakup by Payment Type
- Domestic Payments
- Cross-Border Payments
- Traditional
- Digital
- Large Enterprises
- Small and Medium-sized Enterprises
- BFSI
- Manufacturing
- IT and Telecom
- Metals and Mining
- Energy and Utilities
- Others
- United States of America
- Canada
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America B2B payments market. Some of the major players explored in the report by Expert Market Research are as follows:
- American Express Company
- JPMorgan Chase & Co.
- Bank of America Corporation.
- Citigroup Inc.
- Capital One Financial Corp
- Mastercard Inc.
- PayPal Holdings Inc.
- Visa Inc.
- Stripe, Inc.
- VeriFone, Inc.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
216 Pages
- 1 Preface
- 2 Report Coverage – Key Segmentation and Scope
- 3 Report Description
- 3.1 Market Definition and Outlook
- 3.2 Properties and Applications
- 3.3 Market Analysis
- 3.4 Key Players
- 4 Key Assumptions
- 5 Executive Summary
- 5.1 Overview
- 5.2 Key Drivers
- 5.3 Key Developments
- 5.4 Competitive Structure
- 5.5 Key Industrial Trends
- 6 Market Snapshot
- 7 Opportunities and Challenges in the Market
- 8 Global B2B Payments Market Analysis
- 8.1 Key Industry Highlights
- 8.2 Global B2B Payments Historical Market (2018-2023)
- 8.3 Global B2B Payments Market Forecast (2024-2032)
- 8.4 Global B2B Payments Market by Region
- 8.4.1 North America
- 8.4.2 Europe
- 8.4.3 Asia Pacific
- 8.4.4 Latin America
- 8.4.5 Middle East and Africa
- 9 North America B2B Payments Market Analysis
- 9.1 Key Industry Highlights
- 9.2 North America B2B Payments Historical Market (2018-2023)
- 9.3 North America B2B Payments Market Forecast (2024-2032)
- 10 North America B2B Payments Market by Payment Type
- 10.1 Domestic Payments
- 10.1.1 Historical Trend (2018-2023)
- 10.1.2 Forecast Trend (2024-2032)
- 10.2 Cross-Border Payments
- 10.2.1 Historical Trend (2018-2023)
- 10.2.2 Forecast Trend (2024-2032)
- 11 North America B2B Payments Market by Payment Mode
- 11.1 Traditional
- 11.1.1 Historical Trend (2018-2023)
- 11.1.2 Forecast Trend (2024-2032)
- 11.2 Digital
- 11.2.1 Historical Trend (2018-2023)
- 11.2.2 Forecast Trend (2024-2032)
- 12 North America B2B Payments Market by Enterprise Size
- 12.1 Large Enterprises
- 12.1.1 Historical Trend (2018-2023)
- 12.1.2 Forecast Trend (2024-2032)
- 12.2 Small and Medium-sized Enterprises
- 12.2.1 Historical Trend (2018-2023)
- 12.2.2 Forecast Trend (2024-2032)
- 13 North America B2B Payments Market by End Use
- 13.1 BFSI
- 13.1.1 Historical Trend (2018-2023)
- 13.1.2 Forecast Trend (2024-2032)
- 13.2 Manufacturing
- 13.2.1 Historical Trend (2018-2023)
- 13.2.2 Forecast Trend (2024-2032)
- 13.3 IT and Telecom
- 13.3.1 Historical Trend (2018-2023)
- 13.3.2 Forecast Trend (2024-2032)
- 13.4 Metals and Mining
- 13.4.1 Historical Trend (2018-2023)
- 13.4.2 Forecast Trend (2024-2032)
- 13.5 Energy and Utilities
- 13.5.1 Historical Trend (2018-2023)
- 13.5.2 Forecast Trend (2024-2032)
- 13.6 Others
- 14 North America B2B Payments Market by Country
- 14.1 United States of America
- 14.1.1 Historical Trend (2018-2023)
- 14.1.2 Forecast Trend (2024-2032)
- 14.2 Canada
- 14.2.1 Historical Trend (2018-2023)
- 14.2.2 Forecast Trend (2024-2032)
- 15 Market Dynamics
- 15.1 SWOT Analysis
- 15.1.1 Strengths
- 15.1.2 Weaknesses
- 15.1.3 Opportunities
- 15.1.4 Threats
- 15.2 Porter’s Five Forces Analysis
- 15.2.1 Supplier’s Power
- 15.2.2 Buyer’s Power
- 15.2.3 Threat of New Entrants
- 15.2.4 Degree of Rivalry
- 15.2.5 Threat of Substitutes
- 15.3 Key Indicators for Demand
- 15.4 Key Indicators for Price
- 16 Competitive Landscape
- 16.1 Market Structure
- 16.2 Company Profiles
- 16.2.1 American Express Company
- 16.2.1.1 Company Overview
- 16.2.1.2 Product Portfolio
- 16.2.1.3 Demographic Reach and Achievements
- 16.2.1.4 Certifications
- 16.2.2 JPMorgan Chase & Co.
- 16.2.2.1 Company Overview
- 16.2.2.2 Product Portfolio
- 16.2.2.3 Demographic Reach and Achievements
- 16.2.2.4 Certifications
- 16.2.3 Bank of America Corporation.
- 16.2.3.1 Company Overview
- 16.2.3.2 Product Portfolio
- 16.2.3.3 Demographic Reach and Achievements
- 16.2.3.4 Certifications
- 16.2.4 Citigroup Inc.
- 16.2.4.1 Company Overview
- 16.2.4.2 Product Portfolio
- 16.2.4.3 Demographic Reach and Achievements
- 16.2.4.4 Certifications
- 16.2.5 Capital One Financial Corp
- 16.2.5.1 Company Overview
- 16.2.5.2 Product Portfolio
- 16.2.5.3 Demographic Reach and Achievements
- 16.2.5.4 Certifications
- 16.2.6 Mastercard Inc.
- 16.2.6.1 Company Overview
- 16.2.6.2 Product Portfolio
- 16.2.6.3 Demographic Reach and Achievements
- 16.2.6.4 Certifications
- 16.2.7 PayPal Holdings Inc.
- 16.2.7.1 Company Overview
- 16.2.7.2 Product Portfolio
- 16.2.7.3 Demographic Reach and Achievements
- 16.2.7.4 Certifications
- 16.2.8 Visa Inc.
- 16.2.8.1 Company Overview
- 16.2.8.2 Product Portfolio
- 16.2.8.3 Demographic Reach and Achievements
- 16.2.8.4 Certifications
- 16.2.9 Stripe, Inc.
- 16.2.9.1 Company Overview
- 16.2.9.2 Product Portfolio
- 16.2.9.3 Demographic Reach and Achievements
- 16.2.9.4 Certifications
- 16.2.10 VeriFone, Inc.
- 16.2.10.1 Company Overview
- 16.2.10.2 Product Portfolio
- 16.2.10.3 Demographic Reach and Achievements
- 16.2.10.4 Certifications
- 16.2.11 Others
- 17 Key Trends and Developments in the Market
- List of Key Figures and Tables
- 1. Global B2B Payments Market: Key Industry Highlights, 2018 and 2032
- 2. North America B2B Payments Market: Key Industry Highlights, 2018 and 2032
- 3. North America B2B Payments Historical Market: Breakup by Payment Type (USD Million), 2018-2023
- 4. North America B2B Payments Market Forecast: Breakup by Payment Type (USD Million), 2024-2032
- 5. North America B2B Payments Historical Market: Breakup by Payment Mode (USD Million), 2018-2023
- 6. North America B2B Payments Market Forecast: Breakup by Payment Mode (USD Million), 2024-2032
- 7. North America B2B Payments Historical Market: Breakup by Enterprise Size (USD Million), 2018-2023
- 8. North America B2B Payments Market Forecast: Breakup by Enterprise Size (USD Million), 2024-2032
- 9. North America B2B Payments Historical Market: Breakup by End Use (USD Million), 2018-2023
- 10. North America B2B Payments Market Forecast: Breakup by End Use (USD Million), 2024-2032
- 11. North America B2B Payments Historical Market: Breakup by Country (USD Million), 2018-2023
- 12. North America B2B Payments Market Forecast: Breakup by Country (USD Million), 2024-2032
- 13. North America B2B Payments Market Structure
Pricing
Currency Rates
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