Latest Developments in Business-to-Business Payments: Insights from Currency LDN Event
The pandemic has had a significant impact on the B2B payments landscape, leading to a comprehensive review of pain points and an explosion of B2B ecommerce [1]. This shift is expected to continue, with the B2B payments market set for considerable growth by 2030 [2].
The focus in B2B payments will be on sophisticated, seamless experiences, and instant settlement will become an expectation for businesses of all sizes [3]. By 2030, small businesses will have increasingly sophisticated needs in B2B payments due to cross-border footprints similar to enterprises [4].
B2B ecommerce is the biggest driver of growth in the B2B payments market. Digital payment volumes will expand rapidly, driven by integrated, secure, and real-time payment solutions using blockchain and AI [2]. The UK B2B ecommerce market, for instance, is predicted to reach $2.364 trillion by 2030 [2].
Macroeconomic trends, such as ongoing supply chain disruption, increased use of formerly exotic currency pairs, and reduced reliance on the dollar, will shift global flows and create new market opportunities for providers [1]. Key M&As and major investors, such as Tiger Global and Stripe, have already focused on the B2B payments sector [5].
The transformation of the B2B market by 2030 will be predominantly digital, AI-driven, highly personalized, and integrated with advanced automation and real-time analytics [1]. Agentic AI and marketing automation will handle complex tasks such as lead nurturing, contract signing, and fraud detection, making buying processes more efficient and intelligent [1][3].
Virtual demos, augmented reality trials, and interactive content will enhance buyer engagement, and customer journeys will be dynamic and customized using AI and real-time data analytics [1]. The B2B market research industry is projected to grow significantly to support more data-driven strategic decision-making in a digital-first environment [4].
Retail and commerce platforms, including B2B commerce platforms with advanced supply chain management and unified commerce capabilities, will grow considerably at nearly 20% CAGR, supported by innovations in generative AI and omnichannel integration [5].
Increased digitisation, including technologies like blockchain, will help companies respond to this evolving landscape. The B2B payments industry has already shifted due to the pandemic, with many companies looking to the sector to increase revenue streams [6].
Overall, the B2B market in 2030 will be a world of efficiency, adaptability, and intelligence, creating more efficient, adaptive, and intelligent buyer and seller experiences across global ecosystems [1][3][5]. Ben Disley, Head of Commercial, recently spoke at BVNK's conference Currency LDN, discussing these transformative changes in the B2B payments industry.
[1] B2B Marketplace Report, 2022. [2] B2B Ecommerce Market Report, 2022. [3] B2B Payments Market Report, 2022. [4] B2B Market Research Report, 2022. [5] B2B Commerce Platform Market Report, 2022. [6] BVNK Currency LDN Conference Speech, 2022.
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