B2C Payment Market by Type (Cards, Digital Wallet, and Others), Industry Vertical (BFSI, Healthcare, Hospitality & Tourism, Hospitality & Tourism, Transportation & Logistics, Retail & E-commerce, Energy & utilities, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032
Business-to-consumer or B2C refers selling products and services straight to customers who will personally use them. Most companies that sell directly to buyers are called B2C businesses. The B2C payment market is an essential component of the overall payment ecosystem, particularly in the context of e-commerce, where consumers make purchases from online retailers.
Moreover, the B2C payments domain is experiencing a widening ambit to accommodate flexible options for evolving consumer expectations and merchant requirements. This covers solutions such as account to account bank transfers, mobile payment applications, wearable contactless modes, modern cryptocurrency platforms etc. Each format aims to offer differentiated advantages around cost, security, speed, convenience, and accessibility parameters hence attracting target user base. Instant payment schemes facilitate bank account-to-account transfers in real-time with round-the-clock availability. Bank transfers are now perceived as more convenient options. Mainstream adoption of cryptocurrency payments by brand name merchants such as Microsoft, AT&T, and others is driving increased retail usage of crypto coins.
However, lack of standardization and limited merchant acceptance outside niche categories hinders growth currently. As more money goes into upgrading real-time payments, token tools, and clearing up rules for new companies, people will likely start using these new, fast services more quickly over time. Developments around central bank digital currencies also promise to boost innovation significantly. Overall, the alternate payments segment provides apt competition to cards and wallets to power the next generation B2C transactions ecosystem.
Rise in healthcare costs clubbed with increasing consumption of telemedicine services, wearable diagnosis devices and others are steering patients towards transparent payment tools for expenditure tracking and savings. Adoption of payment apps integrated electronic health records that allow confidential medical data exchange along with insurance claims facilitation offers convenience. Technologies such as tokenization and biometrics also mitigate risks for patients and providers. Personalized financing options for treatment packages augments addressable user base within healthcare payments market. Surge in high-deductible health plans and co-pays/co-insurance costs shift more payment responsibility to patients. Digital payment options enhance patient experience and loyalty.
Telehealth adoption expanding care access and enabling virtual care delivery is coupled with rising usage of digital payment methods for remote consultations. In addition, payment capabilities are being incorporated into platforms for patient communication, medical billing systems, and healthcare facility information technology infrastructure. This allows collection of patient financial obligations through digital methods.
The B2C payment market is segmented by type, industry vertical, and region. In terms of type, the market is fragmented into cards, digital wallet, and others. Depending on industry vertical, it is segmented into BFSI, healthcare, hospitality & tourism, transportation & logistics, retail & e-commerce, energy & utilities, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The key players profiled in the B2C payment market analysis are MasterCard Incorporated, The American Express Company, Visa Inc., Apple Pay, PayPal Payments Private Limited, Capital One Financial Corporation, The Bank of America Corporation, Payoneer Inc., Stripe, and Due Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Business-to-consumer or B2C refers selling products and services straight to customers who will personally use them. Most companies that sell directly to buyers are called B2C businesses. The B2C payment market is an essential component of the overall payment ecosystem, particularly in the context of e-commerce, where consumers make purchases from online retailers.
Moreover, the B2C payments domain is experiencing a widening ambit to accommodate flexible options for evolving consumer expectations and merchant requirements. This covers solutions such as account to account bank transfers, mobile payment applications, wearable contactless modes, modern cryptocurrency platforms etc. Each format aims to offer differentiated advantages around cost, security, speed, convenience, and accessibility parameters hence attracting target user base. Instant payment schemes facilitate bank account-to-account transfers in real-time with round-the-clock availability. Bank transfers are now perceived as more convenient options. Mainstream adoption of cryptocurrency payments by brand name merchants such as Microsoft, AT&T, and others is driving increased retail usage of crypto coins.
However, lack of standardization and limited merchant acceptance outside niche categories hinders growth currently. As more money goes into upgrading real-time payments, token tools, and clearing up rules for new companies, people will likely start using these new, fast services more quickly over time. Developments around central bank digital currencies also promise to boost innovation significantly. Overall, the alternate payments segment provides apt competition to cards and wallets to power the next generation B2C transactions ecosystem.
Rise in healthcare costs clubbed with increasing consumption of telemedicine services, wearable diagnosis devices and others are steering patients towards transparent payment tools for expenditure tracking and savings. Adoption of payment apps integrated electronic health records that allow confidential medical data exchange along with insurance claims facilitation offers convenience. Technologies such as tokenization and biometrics also mitigate risks for patients and providers. Personalized financing options for treatment packages augments addressable user base within healthcare payments market. Surge in high-deductible health plans and co-pays/co-insurance costs shift more payment responsibility to patients. Digital payment options enhance patient experience and loyalty.
Telehealth adoption expanding care access and enabling virtual care delivery is coupled with rising usage of digital payment methods for remote consultations. In addition, payment capabilities are being incorporated into platforms for patient communication, medical billing systems, and healthcare facility information technology infrastructure. This allows collection of patient financial obligations through digital methods.
The B2C payment market is segmented by type, industry vertical, and region. In terms of type, the market is fragmented into cards, digital wallet, and others. Depending on industry vertical, it is segmented into BFSI, healthcare, hospitality & tourism, transportation & logistics, retail & e-commerce, energy & utilities, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The key players profiled in the B2C payment market analysis are MasterCard Incorporated, The American Express Company, Visa Inc., Apple Pay, PayPal Payments Private Limited, Capital One Financial Corporation, The Bank of America Corporation, Payoneer Inc., Stripe, and Due Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the b2c payment market analysis from 2022 to 2032 to identify the prevailing b2c payment market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the b2c payment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global b2c payment market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Type
- Cards
- Digital Wallet
- Others
By Industry Vertical
- BFSI
- Healthcare
- Hospitality and Tourism
- Transportation and Logistics
- Retail and E-commerce
- Energy and utilities
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- Gcc Countries
- South Africa
- Rest of Middle East And Africa
Key Market Players
- Mastercard Incorporated.
- American Express Company
- Visa Inc.
- Apple Inc.
- PayPal
- Capital One Financial Corporation.
- BANK OF AMERICA CORPORATION
- Payoneer Inc.
- Stripe
- Due Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: B2C PAYMENT MARKET, BY TYPE
CHAPTER 5: B2C PAYMENT MARKET, BY INDUSTRY VERTICAL
CHAPTER 6: B2C PAYMENT MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Mastercard Incorporated.
- American Express Company
- Visa Inc.
- Apple Inc.
- PayPal
- Capital One Financial Corporation.
- BANK OF AMERICA CORPORATION
- Payoneer Inc.
- Stripe
- Due Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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