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The Business-to-Consumer (B2C) payment market has seen impressive growth in recent years and shows no signs of slowing down. Let’s explore the key factors driving this expansion and what the future holds.

Current Market Growth

• Market Size in 2023: The B2C payment market was valued at $1,748.42 billion.
• Expected Growth in 2024: It’s projected to reach $2,005.58 billion, growing at a CAGR of 14.7%.
• Key Drivers:
  • Smartphone Adoption: Increased use of smartphones has simplified digital payments.
  • Consumer Demand for Convenience: People prefer quick and easy payment methods.
  • Regulatory Support: Governments are backing digital payment infrastructures.
  • Security Enhancements: Advancements in security measures make consumers feel safer.
  • Expansion of Financial Services: More accessible financial services drive adoption.

Future Market Projections

• Market Size by 2028: The market is expected to grow to $3,488.15 billion.
• Future CAGR: A slightly higher CAGR of 14.8% is projected from 2024 to 2028.
• Key Growth Factors:
  • Financial Inclusion: A focus on bringing unbanked populations into the financial system.
  • Sustainability Initiatives: Eco-friendly practices are being integrated into payment systems.
  • Rise of Super Apps: Apps that offer multiple services, including payments, are gaining popularity.
  • Fraud Prevention: Enhanced fraud prevention techniques are being developed.
  • Subscription Models: Growth in subscription-based services and recurring payments.

Read The Full Business-to-Consumer (B2C) Payment Market Report Here:
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Major Market Trends

• Security Enhancements: Expect continuous improvement in securing digital transactions.
• AI and Blockchain Integration: AI will streamline payments, and blockchain will offer more transparency.
• Cryptocurrency Integration: Cryptocurrencies will become more mainstream in the payment ecosystem.
• Contactless Payments: The popularity of contactless payments will keep rising.
• Mobile Wallet Adoption: Consumers will increasingly rely on mobile wallets for transactions.

Impact of Online Banking Services

Expansion of Online Banking

• Growth in Online Transactions: The convenience and security of online banking are driving its adoption.
• Open Banking: For instance, the UK saw a significant increase in open banking transactions, from 25.2 million in 2021 to 68.2 million in March 2023.
• Year-on-Year Growth: Open banking payments in the UK more than doubled from 2021 to 2022.

Influence on B2C Payments

• Convenient Transactions: Online banking facilitates easy payments directly from consumers’ bank accounts to businesses.
• Secure Payments: Enhanced security features in online banking encourage more consumers to engage in digital payments.
• Cost Efficiency: Banks benefit from lower operational costs, which may translate into better services for consumers.

The Rise of E-Wallet Solutions

Focus on Digital Wallet Ecosystems

• Consumer Convenience: E-wallets simplify the process of storing, managing, and using money.
• Security and Accessibility: These solutions offer secure and easy access to financial activities.
• Example: SumUp Pay launched a digital wallet in the UK, Germany, and Italy, allowing users to earn rewards and make payments effortlessly.

Market Expansion

• Increased Adoption: As more consumers use e-wallets, businesses are focusing on integrating these solutions to offer more comprehensive services.
• Reward Programs: Companies like SumUp are incentivizing consumers through loyalty schemes, driving further adoption.

Strategic Acquisitions in the Market

Block Inc. Acquires Afterpay

• Acquisition Details: Block Inc. acquired Afterpay for $29 billion in August 2021.
• Purpose:
  • Expansion: To grow Block’s financial ecosystem and global reach.
  • Synergistic Growth: The acquisition is expected to create new growth opportunities.
  • Market Competitiveness: Enhances Block’s ability to compete in the rapidly evolving B2C payment market.

Market Segmentation Overview

• By Type: Cards, Digital Wallet, Other Types.
• By Technology: NFC, Direct Mobile Billing, Mobile Web Payment, SMS, Interactive Voice Response, Mobile App.
• By Industry Vertical: BFSI, Healthcare, Hospitality, Transportation, Retail, Energy, and Utilities.

Conclusion

The B2C payment market is on an upward trajectory, driven by technology, consumer demand, and strategic industry moves. As digital payments continue to evolve, businesses and consumers alike will benefit from increased convenience, security, and innovation.

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The Business-to-Consumer (B2C) Payment Global Market Report 2024  provides an overview of the business-to-consumer (B2C) payment market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The business-to-consumer (B2C) payment market forecast analyzes business-to-consumer (B2C) payment market size, business-to-consumer (B2C) payment market share, leading competitor and their market positions.

The Table Of Content For The Business-to-Consumer (B2C) Payment Market Include:

1. Business-to-Consumer (B2C) Payment Market Executive Summary
2. Business-to-Consumer (B2C) Payment Market Segments
3. Business-to-Consumer (B2C) Payment Market Size And Business-to-Consumer (B2C) Payment Market Growth Rate
4. Key Business-to-Consumer (B2C) Payment Market Trends
5. Major Business-to-Consumer (B2C) Payment Market Drivers
……
25. Key Mergers And Acquisitions In The Business-to-Consumer (B2C) Payment Market
26. Top Business-to-Consumer (B2C) Payment Companies
27. Business-to-Consumer (B2C) Payment Market Opportunities And Strategies
28. Business-to-Consumer (B2C) Payment Market, Conclusions And Recommendations
29. Appendix

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