Questions Covered in the report: - What is the size of the global B2B payments market? - How high are B2B payments revenues in 2019 and what is the forecast for 2025 and beyond? - What are the key trends in global B2B payments? - Which technologies are most relevant for B2B payments and how are they transforming the industry? - Which payment methods are most used by businesses in selected top markets worldwide? Full report here: https://bit.ly/3N2qMnd

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GENERAL METHODOLOGY OF MARKET REPORTS
Secondary Market Research
 The reports are compiled based on secondary market research. Secondary research is information gathered from previously published sources. Our reports are
based on information and data acquired from national and international statistical offices, industry and trade associations, business reports, business and
company databases, journals, company registries, news portals and many other reliable sources. By using various sources we ensure maximum objectivity for
reported data. As a result, companies gain a precise and unbiased impression of the market situation.
 Cross referencing of data is conducted in order to ensure validity and reliability.
 The source of information and its release date are provided on every chart. It is possible that the information contained in one chart is derived from several
sources. If this is the case, all sources are mentioned on the chart.
 The reports include mainly data from the last 12 months prior to the date of report publication. Exact publication dates are mentioned in every chart.
Definitions
 The reports take into account a broad definition of B2C E-Commerce, which might include mobile commerce. As definitions may vary among sources, exact
definition used by the source (if available) is included at the bottom of the chart.
Chart Types
 Our reports include text charts, pie charts, bar charts, rankings, line graphs and tables. Every chart contains an Action Title, which summarizes the main
idea/finding of the chart and a Subtitle, which provides necessary information about the country, the topic, units or measures of currency, and the applicable time
period(s) to which the data refers. With respect to rankings, it is possible that the summation of all categories amounts to more than 100%. In this case, multiple
answers were possible, which is noted at the bottom of the chart.
Report Structure
 Reports are comprised of the following elements, in the following order: Cover page, preface, legal notice, methodology, definitions, table of contents,
management summary (summarizing main information contained in each section of report) and report content (divided into sections and chapters). When
available, we also include forecasts in our report content. These forecasts are not our own; they are published by reliable sources. Within Global and Regional
reports, we include all major developed and emerging markets, ranked in order of importance by using evaluative criteria such as sales figures.
Notes and Currency Values
 If available, additional information about the data collection, for example the time of survey and number of people surveyed, is provided in the form of a note. In
some cases, the note (also) contains additional information needed to fully understand the contents of the respective data.
 When providing information about amounts of money, local currencies are most often used. When referencing currency values in the Action Title, the EUR
values are also provided in brackets. The conversions are made using the average currency exchange rate for the respective time period. Should the currency
figure be in the future, the average exchange rate of the past 12 months is used.

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METHODOLOGY OF THE CURRENT REPORT
Report Coverage
 This report covers the B2B payment market with a focus on market developments and trends. Information both about total B2B payment (all channels) and B2B
E-Commerce payment specifically was included.
 In addition to global developments, selected regional and country insights from three regions are provided, including Asia-Pacific, Europe and North America.
Report Structure
 The report opens with a global chapter. It contains information on global B2B payment developments. These include data on the current size and projections for
the B2B payments revenues market. Furthermore, market trends such as digital transformation and technological disruption are covered on both quantitative
and qualitative (text) charts. In addition, the results of recent surveys of B2B buyers were cited in order to reveal business customers’ expectations with regard to
payments.
 Regional chapters follow, ranked by B2B payments market size potential: Asia-Pacific, North America and Europe. Selected quantitative information for the
major markets in these regions, including the USA, Canada, China, Japan, India, Australia, Germany, the UK, France, Italy and Spain was provided to exemplify
the global trends in general B2B payments and business-to-business E-Commerce payments. The type and scope of information included per country and
region varied due to data availability and is intended to illustrate the overall market developments rather than cover the specific geographies.

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DEFINITIONS
 B2B PAYMENT business-to-business payment transactions across all channels.
 B2B E-COMMERCE
Internet-based transactions between businesses. A broad definition of B2B E-Commerce includes both web-based
sales and sales through other digital and electronic channels, such as EDI-type sales and sales negotiated via
electronic means but not necessarily transacted online, while a narrow definition includes web- and app-based sales
only.
 EDI
electronic data interchange (EDI) is used by businesses to exchange data in electronic format compatible between the
sender and the receiver; through EDI companies and organizations can retrieve information from their internal systems
electronically and send it to other parties via a communications network.
 ERP
enterprise resource planning is a software that allows an organization to manage business by using integrated
applications and automating back office functions.
 ACH
automated clearing house is an electronic system for transferring funds in the USA operated by the National Automated
Clearing House Association (NACHA).
 MOBILE WALLET
a software solution that enables users to store payment credentials, such as credit or debit card information, and use
the stored credentials to pay digitally for transactions made in-store, online or via mobile. Mobile wallets are installed on
mobile devices which are used to complete payments.
 BLOCKCHAIN
a distributed ledger in which transactions are grouped into blocks, and each of the blocks is chained to the previous
block. The blocks are documented across a network relying on cryptographic trust and other mechanisms. A marking
characteristic of blockchain is absence of central authority, with an update possible only through a consensus of the
participants’ majority.
 CROSS-BORDER COMMERCE the sale of goods or services to clients in other countries.
The following expressions and definitions are used in this market report*:
Note: *the definitions used by the original sources might differ from the ones stated on this chart; the exact definition used by each source, where available, is included on the respective
charts

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TABLE OF CONTENTS (1 OF 4)
1. Management Summary
2. Global
• B2B Payment Trends, January 2020
• Payments Revenues, in USD billion, and Breakdown by Consumer and Commercial, in %, 2019e & 2025f
• Wholesale Payments Revenues, in USD billion, and Breakdown by Revenue Type, in %, 2019e & 2028f
• Cross-Border Payment Flows, in USD trillion, Payments Revenue Margin, in %, and Payments Revenues, in USD billion, by Segments,
2018
• Cross-Border B2B Payment Transactions Based on Blockchain, in USD billion, 2019e & 2024f
• B2B Payment Transactions Processed by Pureplay Digital Operators, in USD trillion, 2018 & 2023
• Payment Transactions Made With Virtual Corporate Cards, in USD billion, 2019e & 2022f
• B2B E-Commerce Sales, in USD trillion, 2018 & 2024f
• Share of B2B Buyers Who Prefer Digital Channels Over Traditional Ones, in %, April 2019
• Top Features That Would Persuade B2B Buyers to Choose a Vendor When Evaluating the Alternatives in the B2B Buying Process, in % of
B2B Buyers, February 2019
• Top 3 Aspects of the B2B E-Commerce Buying Experience at the Purchase Stage, in % of B2B Buyers, February 2019
• Reasons To Switch B2B Sellers, in % of B2B Buyers, March 2019
• Top Ways In Which B2B Companies Could Make It Easier For Customers To Do Business With Them Online, in % of B2B Decision-
Makers, August 2019
• Top 3 Efficiencies For Which Small Businesses Choose Marketplaces, in % of Online Purchasing Decision-Makers, January 2019
• Technologies Expected To Be Most Relevant for Corporate Treasury In The Next 2-3 Years, in % of Businesses, May 2019
• Relevance of Selected Technologies for Payment Execution by Corporate Treasury, in % of Businesses, May 2019
• Top Areas of Investment According to Treasurers, in %, 2019
• Share of Businesses Making Regular Payments in More Than 6 Currencies, in % of Businesses, 2018 & 2019
• Average B2B Payment Duration by Payment Terms, Payment Delay and Total Payment Duration, in Days, by Selected Regions, 2019
• Average Share of Past Due B2B Invoices, in % of Total Value of B2B Invoices, by Selected Regions, 2019
• Share of B2B Sales Made on Credit, in % of Total B2B Sales, by Selected Regions, 2019
3. Asia-Pacific
3.1. China
• Breakdown of Digital B2B Payments Processed by Banks and Non-Bank Providers (FinTechs), in %, May 2019

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TABLE OF CONTENTS (2 OF 4)
3. Asia-Pacific (Cont.)
3.1. China (Cont.)
• Number of Bank and Non-Bank Providers Licensed To Accept B2B Payments For Merchants, in Units, May 2019
• Top 5 Reasons to Make B2B Purchases Online, incl. Payment, in % of Procurement Specialists Preferring Online Purchasing Channels,
H1 2019
3.2. Japan
• Overview of B2B Payments Market, incl. Annual B2B Payments Transaction Value, in USD trillion, and Credit Cards’ Share of Commercial
Payments, in %, December 2019
• Share of Businesses Which Used Credit Cards to Pay for Expenses, in %, and Breakdown of Credit Card’s Share in Business Expenses,
in %, November 2019
• Share of Businesses Which Paid For Business Expenses by Invoice, in %, November 2019
• Business Expenses Paid by Credit Cards and by Invoices, in % of Businesses Using Credit Cards/ Invoices to Pay for Expenses,
November 2019
3.3. India
• Top Reasons To Sell Via B2B E-Commerce Platforms, in % of Sellers, 2019
3.4. Australia
• Payment Methods That Businesses Are Likely to Use in Selected Recurring Purchases, in % of Businesses, January 2019
4. North America
4.1. Regional
• Breakdown of Commercial Expenditure by Payment Method, in %, 2018
• Commercial Expenditure by Payment Method, in USD trillion, 2018
4.2. USA
• Average Share of Checks in B2B Payments, in %, 2016 & 2019e
• B2B Payments Value, in USD trillion, and Year-on-Year Change, in %, 2014-2024f
• Commercial Card Expenditure, by Card Brand, Compared to Consumer Card Expenditure, in USD billion, 2018
• Business Credit Or Charge Card Features Most Important to Small Businesses, in %, March 2018

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TABLE OF CONTENTS (3 OF 4)
4. North America (Cont.)
4.2. USA (Cont.)
• Payments Segments That Real-Time Payments Are Expected to Benefit, in % of Treasury and Finance Professionals, May 2019
• Top Factors Considered by When Choosing a Payment Method to Send Cross-Border Payments, in % of Treasury and Finance
Professionals, May 2019
• Breakdown of Mid-Size B2B Companies by State of Digitalization of Payments Streams, in %, August 2018
• Experiences of B2B Buyers With Credit Cards At The Checkout, in % of B2B Buyers, June 2019
• B2B Buyers’ Preferences At The Checkout, in % of B2B Buyers, June 2019
• Share of B2B Buyers Who Have Not Completed An Online Purchase Because Their Preferred Payment Method Was Not Offered, in %,
June 2019
• Payment Methods That Businesses Are Likely to Use in Selected Recurring Purchases, in % of Businesses, January 2019
4.3. Canada
• Breakdown of B2B Payments by Method, in %, 2018
• Payment Methods That Businesses Are Likely to Use in Selected Recurring Purchases, in % of Businesses, January 2019
5. Europe
5.1. UK
• Number of B2B Payments, in billions, 2016 - 2018
• Selected Payment Methods’ Share of Outgoing Business Payments, in %, 2012 & 2018
• Share of Businesses Accepting Payments Directly Into The Business Bank Account, by B2B Companies and B2C Companies, in %, 2018
• Payment Methods That Businesses Are Likely to Use in Selected Recurring Purchases, in % of Businesses, January 2019
5.2. Germany
• Payment Methods Offered in B2B Online Shops, in % of B2B Online Shops, October 2019
• Breakdown of Payment Methods’ Relevance for Revenue, in % of B2B Online Shops, October 2019
• Expected Importance of Payment Methods in B2B Commerce in Five Years, in % of B2B Online Shops, and Change Compared to 2019, in
Percentage Points, October 2019
• Actions That B2B Companies Plan to Take With Regard to the Payment Methods Offering, in %, August 2019
• Payment Methods That Businesses Are Likely to Use in Selected Recurring Purchases, in % of Businesses, January 2019

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TABLE OF CONTENTS (4 OF 4)
5. Europe (Cont.)
5.3. France
• Payment Methods That Businesses Are Likely to Use in Selected Recurring Purchases, in % of Businesses, January 2019
5.4. Spain
• Payment Methods That Businesses Are Likely to Use in Selected Recurring Purchases, in % of Businesses, January 2019
5.5. Italy
• Payment Methods Used in B2B Payments, in % of Large Businesses and SMEs, 2018
• Share of Businesses Currently Using and Planning to Use Cryptocurrencies in B2B Transactions, in % of Large Businesses and SMEs,
2018
5.6. Russia
• Estimated Share of B2B Payments Made by Card, in %, May 2019
• Card Payments Made by Businesses, incl. Number of Cards Used, in millions, Number of Transactions, in millions, and Value of
Transactions, in RUB billion, by Type of Transaction, 2014 - 2018 & Q1-Q3 2019

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1. Management Summary 11 – 13
2. Global 14 – 36
3.
3.1.
3.2.
3.3.
3.4.
Asia-Pacific
China
Japan
India
Australia
37 – 46
38 – 40
41 – 44
45 – 45
46 – 46
4.
4.1.
4.2.
4.3.
North America
Regional
USA
Canada
47 – 63
48 – 49
50 – 61
62 – 63
5.
5.1.
5.2.
5.3.
5.4.
5.5.
5.6.
Europe
UK
Germany
France
Spain
Italy
Russia
64 – 79
65 – 68
69 – 73
74 – 74
75 – 75
76 – 77
78 – 79

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Checks
50%
Other Payment
Methods
50%
2019e2016
Checks
42%
Other Payment
Methods
58%
Checks’ share of B2B Payments in the USA declined from one-half
in 2016 to 42% in 2019.
USA: Average Share of Checks in B2B Payments, in %, 2016 & 2019e
Note: average share for all respondents; 2016 reported as approximately one-half
Survey: based on a survey of 379 respondents, including 221 members and 185 prospects of the Association for Financial Professionals (AFP); the respondents included treasury
and finance professionals such as Vice President & Treasurer, Treasurer, Assistant Treasurer, Director Treasury, Manager Treasury, Cash Manager and Treasury
Analyst; 48% of respondents’ organizations had annual revenues of USD 1 billion or more
Source: AFP, J.P. Morgan, September 2019

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7%
11%
12%
12%
13%
20%
27%
28%
45%
45%
56%
58%
75%
82%
0% 25% 50% 75% 100%
Other
Instalments / Leasing
On Delivery
Amazon Pay
Giropay
Paydirekt
Secured Invoice
Transfer via Sofort
Corporate Credit Card
Private Credit Card
Direct Debit
PayPal
Advance Payment
Invoice
in % of B2B Online Shops
“Invoice” (82%) and “Advance Payment” (75%) were the top payment
methods offered in B2B online shops in Germany in October 2019.
Germany: Payment Methods Offered in B2B Online Shops, in % of B2B Online Shops, October 2019
Note: does not add up to 100% due to multiple answers possible
Survey: based on a survey of 173 respondents; question asked “Which payment methods do you offer in your online shop?“; conducted in August-October 2019; the base of
respondents to this question was 84
Source: Universität Regensburg (ibi Research), Creditreform, eCube and Spryker: “Online-Kaufverhalten im B2B-E-Commerce 2019”, December 2019

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