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Over the last few years, making payments has become easier for consumers. With the introduction of contactless and mobile payments, consumers have a variety of options to pay simply for their purchases.
Companies such as Paypal and Venmo allow you to send funds to family, friends and acquaintances with the click of a button. Apple, Google, and Samsung have introduced the ability to make payments by simply touching your mobile phone onto a card terminal. The B2C (business to consumer) payment trend growth is obvious, but what about B2B (business to business) payments?
B2B payments have also evolved but not at the same speed as the B2C market. 67% of consumers have embraced the new technology and are regularly making electronic payments. Despite this, in the B2B world, 64% of businesses are still making their payments via check. This means that in 2020, there are payments being made via a means that some experts believe first appeared in 352 BC by the Romans and became a common form of payment by the 18th century.
This is even more shocking when you realize how fast the B2B payment industry is growing. The global B2B payments market size was valued at $870.42 billion in 2020, and is projected to reach $1.91 trillion by 2028, growing at a CAGR (compound annual growth rate) of 10.6%. This