The growing business-to-business (B2B) eCommerce market and rising adoption of financial technology in Asia-Pacific (APAC) are prominent factors driving the B2B payments market in this part of the world. The B2B payments market revenue is estimated to double, reaching $1,356.28 billion by 2025 from $671.32 billion in 2018, at a compound annual growth rate (CAGR) of 10.5%.
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“Strategic partnerships among key local and global industry participants have increased B2B payment adoption and promoted digital transformation across APAC,” said Dewi Rengganis, Industry Analyst, ICT, Asia-Pacific at Frost & Sullivan. “Additionally, with the increasing adoption rate of e-Invoicing, the B2B payments market is gaining further momentum as a large number of enterprises are migrating towards e-Invoicing instead of paper invoicing.”
Frost & Sullivan’s recent analysis, Growth Opportunities in the Asia-Pacific B2B Payments Market, Forecast to 2025, encompasses detailed analyses of trends within the B2B payments landscape, including market drivers and restraints, revenue forecast by payment type, country analysis, and market growth opportunities. Country-wise, the B2B payments landscape in Indonesia is more attractive than other countries in the region. With growing B2B eCommerce, B2B payment revenue in Indonesia is swelling at a CAGR of 54.2%. In Vietnam, it is growing at a CAGR of 40.2%.
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“Businesses are increasingly embracing electronic payment forms and are continuously innovating with alternative systems to create value-added services for their end customers,” noted Rengganis. “Further, by utilizing this capability (electronic payment forms), businesses can offer better customer experience and create new disruptive business models as well as new revenue streams.”
