Business-to-Consumer (B2C) Payment Market: Major Trends Reshaping the Future of the Industry

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What Will the Business-to-Consumer (B2C) Payment Industry Market Size Be by 2025?
The recent years have witnessed a swift growth in the business-to-consumer (B2C) payment market size. Projected to surge from $2005.58 billion in 2024 to $2306.41 billion in 2025, the market anticipates a compound annual growth rate (CAGR) of 15.0%. Factors such as the rise in smartphone usage, desire for consumer convenience, regulatory backing, improved security measures, and broadened financial services have contributed to this past growth.

What's the Long-Term Growth Forecast for the Business-to-Consumer (B2C) Payment Market Size Through 2029?
The market size for business-to-consumer (B2C) payments is predicted to undergo significant expansion in the coming years. The expected value is projected to reach $3998.86 billion by the year 2029 while rising at a compound annual growth rate (CAGR) of 14.7%. This growth over the forecast period is likely due to increased consumer attention towards financial inclusivity, foundation of sustainability initiatives, emergence of super apps, amplified emphasis on preventing fraudulent payments, and the evolution of subscription and recurring payment models. In the forecast timeframe, we can expect to see major trends such as increased security protocols, the incorporation of artificial intelligence, the integration of blockchain technology and cryptocurrencies, the development of contactless payment systems, and the adoption of mobile wallets.

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What Are the Key Growth Drivers Fueling the Business-to-Consumer (B2C) Payment Market Expansion?
The proliferation of internet-based banking services is projected to spur the B2C payment market's growth. These services allow clients to manage their financial affairs, such as transactions, and accounts from anywhere through the internet. The growing appeal of banking services, cost-effectiveness, and secure digital transactions have caused this surge in demand for online banking. B2C payment solutions integrated into these services ensure that consumers can make safe and convenient transactions for bill payments, purchases, and fund transfers from their bank accounts to businesses. For instance, Open Banking Limited, a UK-based company that provides a trusted framework for linking banks, fintech, and technical providers, reported a significant growth in open banking transactions in March 2023. The numbers increased to 68.2 million from 25.2 million in 2021, marking a consistent monthly growth rate of roughly 10%. Furthermore, in December 2022, open banking payments counted to 7.7 million, totaling 68 million for the year, an annual increase of over 100%. Therefore, the proliferation of online banking services is expected to fuel the B2C payment market's growth.

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What Are the Key Trends Driving Business-to-Consumer (B2C) Payment Market Growth?
Leading companies in the B2C payment market are pivoting their focus towards digital wallet ecosystems, with the aim of improving user comfort, security and ease of access when handling transactional and financial activities. This e-wallet solution is a digital platform through which users can deposit, navigate, and utilize their funds for both online and physical store purchases via electronic devices. For instance, SumUp, a financial technology firm based in the UK, in September 2022, unveiled SumUp Pay, their new digital wallet, available in the UK, Germany, and Italy through the Apple and Google app stores. This pioneering e-wallet seeks to assist consumers in economizing on daily expenditures and provides small enterprises with an accessible rewards scheme. The app allows users to amass rewards from daily expenditure, with the loyalty program propelling users to support local businesses. With its all-encompassing loyalty e-wallet, SumUp Pay provides a simple payment solution for bills, purchases, and money transfers, while giving users rewards on every penny spent.

How Is the Business-to-Consumer (B2C) Payment Market Segmented?
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

Subsegments:
1) By Cards: Credit Cards, Debit Cards, Prepaid Cards, Virtual Cards
2) By Digital Wallet: Mobile Wallets, E-Wallets, Cryptocurrency Wallets, QR Code Payments
3) By Other Types: Bank Transfers, Buy Now, Pay Later (BNPL) Solutions, Cash On Delivery (COD), Contactless Payments

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Which Companies Are Leading the Charge in Business-to-Consumer (B2C) Payment Market Innovation?
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

Which Regions Are Leading the Global Business-to-Consumer (B2C) Payment Market in Revenue?
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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