Current status of B2B payments
The covid-19 pandemic has revolutionized the current state of B2B payments worldwide. The ever increasing demand for online products, accelerated by mobility restrictions enforced by governments around the world has led to an unprecedented increase in imports worldwide.
B2B payments were already a reality before 2020 but dramatic growth is expected through 2028. According to a study by Allied Market Research, the global B2B payments market had a total volume of $870.42 billion in 2020, and it is estimated that, by 2018, it may reach $1.91 trillion, with an annual growth of 10.6%.
At the moment, most of the volume of these payments is focused on the domestic market, i.e. payments within the domestic market. However, although cross-border payments are still residual, especially compared to domestic payments, they are expected to increase between now and 2028, especially for large companies.