Many companies have made significant advancements in creating new technology for B2B payments easier in 2022. This has led to digitization throughout every bit of the process.
- While traditional payments between businesses have solely been composed of cash and cheques, digitization is slowly taking enterprises by storm.
- Statista estimates that money transfers between businesses will amount to $51 trillion by the end of 2022. This is expected to increase to $54 trillion in 2023.
- Tech companies like Global Payments, Rapyd, and Capitol Payments are making huge advancements in digitizing B2B payments.
Many tech companies have been busy this year trying to make new processes for making digital payments easier in 2022. These improvements have mostly been targeted towards B2B payments since they still have been mostly cash and paper-based so far.
The last two years have created lots of problems for most businesses. The Covid pandemic created a depression for businesses, reducing their overall sales and revenue earned. The travel restrictions also created hindrances when it came to making B2B payments.
Since the pandemic boosted the overall digitization of payments for everyone, it did not do so for businesses. Most digital payment apps like GPay (Google Pay) limit the total sendable funds from one account to another. Since businesses deal in millions, an amount that high is not transferable using such apps.
Therefore, many tech companies are trying to seize this opportunity to make apps made solely for businesses. These apps can be linked to your current account and also have bigger transferable limits compared to others, going as high as millions.
Some of the companies that have been making great headway in this segment are Capitol Payments, Global Payments, BNY Mellon, Mastercard, Goldman Sachs, and Citizens to name a few.
Debamalya is a professional content writer from Kolkata, India. Constantly improving himself in this industry for more than three years, he has amassed immense knowledge regarding his niches of writing tech and gaming articles. He loves spending time with his cats, along with playing every new PC action game as soon as possible.