While B2C (retail) payments have seen disruptive and continuing innovation in recent years, modernization efforts for B2B payments have been barely perceptible. This is despite a 2018 Statista estimate placing the global B2B market to be worth ~USD 125 trillion (compared to just USD 52 trillion for B2C). But that was before the pandemic struck, forcing the workforce to remain indoors, and a growing clamour for digital could be heard in virtually every business domain. The ongoing pandemic has inevitably accelerated the digital shift for the B2B segment that needs to adjust to a sudden spike in customer demands through online and digital channels. Both purchases and returns must be dealt with swiftly, ensuring customer delight in a fiercely competitive market. Businesses are increasingly realizing the need to upgrade their legacy business practices and outdated payment methods – triggering a huge opportunity for FinTech worldwide.
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