As B2B payments 2022 trends lists hit the shelves, we wanted to add our thoughts for what lies ahead in the payment space. 2021 was an unforgettable year; plans altered, day-to-day lives disrupted, and spending patterns took on new forms. “Business as usual” was not an option for anyone. All this, however, led to the biggest year ever for digital transformation and payment innovation. At the drop of a hat, businesses scrambled to create comfortable online experiences and adapt to new ways to pay and get paid. As the world makes a permanent shift to next-gen payment methods, B2B payments are in fast digitization mode. In 2022, expect the payment innovation and growth to continue as businesses jump on these 4 next-gen 2022 B2B payment trends.
Let’s take a look at what 2022 B2B payment trends to watch for:
With a staggering growth trajectory, the total addressable market for embedded finance will top $7 trillion globally by 2030. The need for B2B payments to look and feel like B2C is essential. Embedded payments refer to payment processing functionality included within a software solution, such as business or loan management software. This allows merchants to accept payments within their software rather than using a separate software product. Embedded payments is a burgeoning 2022 B2B payment trend to help companies optimize the payment process and reach new markets at a significantly lower cost. Expect payments as a service (PaaS) to climb to new heights as a favourite 2022 B2B payment trend.
Of all the trends that popped up in 2021, we can’t think of any that has affected the world of payments more than buy now pay later (BNPL). At the end of 2021, this “trend” has generated $100 billion in sales. This kind of massive growth is something no business can ignore. The case is now being made for BNPL to make its way into the B2B space. 2022 will likely be a make or break for B2B BNPL.
RTPs are skyrocketing worldwide, and with Canada’s real-time payments system, the Real-Time Rail (RTR), expected to launch this year, there is no going back to waiting for payments. This game-changer payment trend for small and medium-sized businesses will give a massive boost and help with the cash flow difficulties many companies were challenged by in 2021. RTPs will be a top 2022 B2B payment performer.
Across Canada, we saw 2.9 billion account-to-account (A2A)transactions worth a cumulative $5.1 trillion. As consumers and businesses bypass credit card fees and their limits, A2A payments are on the rise. This payment trend already made up 55% of Canada’s total payment value in 2020. Money simply moves faster with A2A payments. Not to mention they are more adaptable, and unlike credit cards, they don’t expire. As the demand for contactless, frictionless and speedier payments continues, we can expect to see the payment industry evolve and innovate to match expectations.
Learn more about how VoPay can help your business meet these 2022 B2B payment trends expectations.