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Electronic payments and financial cards platforms target B2B spending: report

The Asia-Pacific region led in B2B payment value, generating $31.9 t.

Financial card and electronic direct payment platforms are increasingly targeting business-to-business (B2B) spending as traditional cash and paper payments decline, according to Euromonitor International.

Kendrick Sands, head of consumer finance at Euromonitor, emphasises the convenience, low cost, and speed of electronic payments. 

He noted the increasing availability of real-time payment networks globally, predicting that electronic payments will remain the dominant B2B payment channel in the coming years.

The escalating costs of goods, driven by inflation and higher interest rates, have prompted many merchants to reevaluate their B2B payment structures. 

Sands emphasised that paper payments can impose significant costs on merchants, including settlement time, security concerns, and lack of convenience.

"Paper payment alternatives can simplify matters for merchants engaged in cross-border business, but their popularity has consistently declined over the past decade," said Sands. 

He pointed out that most international card and electronic B2B platforms can quickly adapt to multiple currencies and cross-border payment issues, where paper payments fall short.

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In 2023, the Asia Pacific region showcased a preference for electronic direct payments over financial cards in B2B transactions.

The region led in B2B payment value generation, amounting to $31.9t.

Sands said that financial card companies have not targeted the B2B sector as aggressively as consumer payments.

“Electronic payments it is often the lowest cost option for merchants and is much more secure than paper transactions,” he added.

Additionally, emerging fintech B2B providers in Asia Pacific are enhancing commercial payment platforms with added value, including marketing tools and access to financial products.

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