PUBLISHER: The Business Research Company | PRODUCT CODE: 1539637
PUBLISHER: The Business Research Company | PRODUCT CODE: 1539637
Business-to-consumer (B2C) payments involve transactions where businesses receive payments from individual consumers for their goods or services. These transactions usually utilize various payment methods such as credit cards, debit cards, and electronic bank transfers, ensuring smooth financial exchanges between businesses and their customers.
The main types of B2C payments include cards, digital wallets, and other methods. Cards in B2C payments can be physical or virtual and are issued by financial institutions, allowing consumers to make purchases with ease and security both online and offline. Technologies used in these transactions include near-field communication (NFC), direct mobile billing, mobile web payment, short message service (SMS), interactive voice response systems, and mobile apps. These technologies are applied across various industry sectors, including banking, financial services and insurance (BFSI), healthcare, hospitality and tourism, transportation and logistics, retail and e-commerce, energy and utilities, among others.
The business-to-consumer (B2C) payment market research report is one of a series of new reports from the business research company that provides business-to-consumer (B2C) payment market statistics, including business-to-consumer (B2C) payment industry global market size, regional shares, competitors with an business-to-consumer (B2C) payment market share, detailed business-to-consumer (B2C) payment market segments, market trends and opportunities, and any further data you may need to thrive in the business-to-consumer (B2C) payment industry. This business-to-consumer (B2C) payment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The business-to-consumer (B2C) payment market size has grown rapidly in recent years. It will grow from $1,748.42 billion in 2023 to $2,005.58 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth observed in the historical period can be attributed to factors such as the adoption of smartphones, increased consumer demand for convenience, regulatory support, security improvements, and the expansion of financial services.
The business-to-consumer (B2C) payment market size is expected to see rapid growth in the next few years. It will grow to $3,488.15 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be linked to a greater focus on financial inclusion, sustainability initiatives, the rise of super apps, enhanced fraud prevention measures, and the expansion of subscription-based and recurring payment models. Key trends expected during the forecast period include enhanced security measures, the integration of AI, blockchain, and cryptocurrency, the rise of contactless payments, and the increasing adoption of mobile wallets.
The expansion of online banking services is anticipated to drive the growth of the B2C payment market in the future. These services allow customers to handle their financial transactions, accounts, and services remotely via the internet. The demand for online banking is increasing due to the convenience it offers, cost efficiency for banks, and secure digital transactions. B2C payment solutions in online banking facilitate safe and convenient transactions for consumers to pay bills, make purchases, and transfer funds directly from their bank accounts to businesses or merchants. For example, in March 2023, Open Banking Limited, a UK-based provider of a trusted framework connecting banks, fintechs, and technical providers, reported a significant increase in open banking transactions to 68.2 million, up from 25.2 million in 2021, with a steady monthly growth rate of about 10%. Additionally, in December 2022, there were 7.7 million open banking payments, with a total of 68 million for the year, marking an increase of over 100% year-on-year. Thus, the growth of online banking services is set to drive the B2C payment market.
Leading companies in the B2C payment market are focusing on digital wallet ecosystems to enhance convenience, security, and accessibility for consumers managing their transactions and financial activities. A digital wallet is a system that allows users to store, manage, and use their money for online and in-store purchases via electronic devices. For instance, in September 2022, SumUp, a UK-based financial technology company, launched SumUp Pay, a new digital wallet available in the UK, Germany, and Italy through Apple and Google app stores. This innovative e-wallet helps consumers save on everyday purchases and gives small businesses access to a rewards program. Through the app, users can earn rewards for their daily spending, and the loyalty scheme promotes local shopping. As a comprehensive loyalty e-wallet, SumUp Pay provides a convenient payment solution for bill payments, purchases, and money transfers while rewarding users for every penny spent.
In August 2021, Block Inc. (formerly Square Inc.), a US-based financial services company, acquired Afterpay Limited for $29 billion. This acquisition aims to expand Block's financial ecosystem, enhance merchant services, grow its consumer base, accelerate global expansion, create synergistic growth opportunities, and improve market competitiveness. Afterpay Limited, an Australian-based financial technology company, provides business-to-consumer payment services.
Major companies operating in the business-to-consumer (B2C) payment market are Bank of America Corporation, American Express Company, Capital One Financial Corporation, Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Fiserv Inc., WeChat Pay, Stripe Inc., Adyen N.V., Worldpay Inc., Klarna Bank AB, Paysafe Group Limited, Affirm Holdings Inc., Revolut Ltd., Wise, Payoneer Inc., Afterpay Limited, Verifone Inc., Skrill Limited, Neteller, Samsung Pay, Alipay Hong Kong Limited, Zelle
North America was the largest region in the business-to-consumer (B2C) payment market in 2023. The regions covered in the business-to-consumer (B2C) payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the business-to-consumer (B2C) payment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The business-to-consumer (B2C) payment market consists of revenues earned by entities by providing services such as payment processing, peer-to-peer (P2P) payments, point-of-sale (POS) payments, subscriptions, and recurring payments. The market value includes the value of related goods sold by the service provider or included within the service offering. The business-to-consumer (B2C) payment market also includes sales payment hardware, software solutions, analytics, and reporting tools. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Business-to-Consumer (B2C) Payment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on business-to-consumer (B2C) payment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for business-to-consumer (B2C) payment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The business-to-consumer (B2C) payment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.