North America B2B Payments Market Growth 2023- Global Industry Share, Rising Trends, Revenue, Scope, Challenges and Future Opportunities 2033: SPER Market Research
Business-to-business (B2B) payments make recurrent, frequent transactions safer for merchants and give end users with a variety of processes such as accounts receivable, accounts payable, payroll, and acquisition departments. It could be a one-time or recurring transaction, depending on the contractual agreement between the buyer and seller. Because they take longer to authorize and settle, B2B payments are more complicated than B2C payments.
According to SPER market research, ‘North America B2B Payments Market Size- By Payment Type, By Enterprise Size, Payment Method, By Industrial Method – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the North America B2B Payments Market is predicted to reach USD 507.78 billion by 2033 with a CAGR of 7.83%.
Several key factors have contributed to the massive growth of the North American B2B payment sector. To begin, the increasing usage of digitalization and technology-driven solutions has influenced traditional payment systems. This shift to digital payments has enhanced corporate productivity while decreasing operating expenses, prompting more businesses to accept electronic B2B payments.
Furthermore, the COVID-19 pandemic boosted demand for contactless and remote payment solutions, significantly strengthening the B2B payment market. With firms embracing remote work and searching for ways to decrease physical interactions, digital payment platforms have become important for securely and conveniently conducting transactions.
However, there are major obstacles in North America’s B2B Payments market. The complexity of existing payment systems, as well as the opposition to change inside long-established firms, provide significant challenges. Many businesses continue to rely on manual processes and older systems, making the transfer to contemporary B2B payment solutions time-consuming and difficult. Concerns about regulatory compliance and data security must also be addressed, especially in light of rising cyber threats.
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The COVID-19 epidemic has had a substantial impact on the B2B payment market in North America, altering corporate transactions and hastening the introduction of digital payment systems. Businesses have increasingly turned to digital channels to ensure firm continuity in the face of lockdowns, remote employment, and disruptions to traditional supply networks. As a result, there is a higher emphasis on security and efficiency in B2B transactions, which has raised demand for contactless and online payment methods.
Geographically, a geographic analysis of the North American B2B payment market indicates a heterogeneous landscape with differing levels of acceptance and preferences across regions. The B2B payment market in the United States, the largest economy in North America, has grown significantly due to factors such as a powerful FinTech environment, broad digital infrastructure, and a competitive banking sector. Digital payment options, such as electronic invoicing, ACH transfers, and mobile payment platforms, are growing popular among local businesses. Additionally, some of the market key players are American Express, Bank of America Corporation, Capital One, Mastercard, Payoneer Inc, Paypal Holdings Inc, Square Inc, Stripe, TransferWise Ltd, Visa Inc, Others.
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North America B2B Payments Market Forecast
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