Overview and Scope
Business-to-consumer (B2C) payments refer to transactions where businesses accept payments from individual consumers for goods or services rendered. This process typically involves various payment methods such as credit cards, debit cards, and electronic bank transfers, facilitating seamless financial transactions between businesses and their customers.
Sizing and Forecast
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 in the historic period can be attributed to smartphone adoption, consumer demand for convenience, regulatory support, security enhancements, 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 attributed to consumer focus on financial inclusion, sustainability initiatives, rise of super apps, enhanced focus on fraud prevention in payments, growth of subscription-based and recurring payment models. Major trends in the forecast period include enhanced security measures, integration of AI, blockchain and cryptocurrency integration, contactless payments, mobile wallet adoption.
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Segmentation & Regional Insights
The business-to-consumer (B2C) payment market covered in this report is segmented –
1) By Type: Cards, Digital Wallet, Other Types
2) By Technology: Near Field Communication (NFC), Direct Mobile Billing, Mobile Web Payment, Short Message Service (SMS), Interactive Voice Response System, Mobile App, Other Technologies
3) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Healthcare, Hospitality And Tourism, Transportation and Logistics, Retail And E-commerce, Energy And Utilities, Other Industry Verticals
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.
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Major Driver Impacting Market Growth
The expansion of online banking services is expected to propel the growth of the B2C payment market going forward. Online banking services enable customers to manage their financial transactions, accounts, and services remotely via the internet. Online banking services are in demand due to the increasing convenience of banking services, bank cost efficiency, and enabling 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 instance, in March 2023, according to Open Banking Limited, a UK-based provider of the trusted framework to connect banks, fintechs and technical providers, open banking transactions increased significantly to 68.2 million, up from 25.2 million in 2021, with a steady monthly growth rate averaging approximately 10%. Moreover, in December 2022, there were 7.7 million open banking payments in December 2022, with 68 million total for the year. This marks an increase of more than 100% year on year. Therefore, the expansion of online banking services will drive the growth of the B2C payment market.
Key Industry Players
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
The business-to-consumer (b2c) payment market report table of contents includes:
1. Executive Summary
2. Business-to-Consumer (B2C) Payment Market Characteristics
3. Business-to-Consumer (B2C) Payment Market Trends And Strategies
4. Business-to-Consumer (B2C) Payment Market – Macro Economic Scenario
5. Global Business-to-Consumer (B2C) Payment Market Size and Growth
………………
32. Global Business-to-Consumer (B2C) Payment Market Competitive Benchmarking
33. Global Business-to-Consumer (B2C) Payment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Business-to-Consumer (B2C) Payment Market
35. Business-to-Consumer (B2C) Payment Market Future Outlook and Potential Analysis
36. Appendix
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