아시아태평양의 B2B 결제(2025-2030년)

Automated Finance Platforms are Driving Transformational Growth in B2B Payments

The Asia-Pacific (APAC) B2B digital payments market is experiencing rapid transformation, driven by surging digital adoption, advancements such as API standardization (e.g., ISO 20022 and Open API frameworks), and regulatory harmonization for payment interoperability (e.g., ASEAN payment connectivity and India's Unified Payments Interface [UPI]).

Key technology trends, including embedded AI, are revolutionizing this landscape by integrating intelligent automation and predictive analytics directly into financial platforms, enhancing efficiency and providing actionable insights for businesses. This technology supports critical use cases, such as smart invoice processing, real-time fraud detection, and predictive cash flow forecasting.

Significant opportunities exist in catering to the fragmented SME sector, which requires integrated and simplified payment workflows. These developments are enhancing efficiency, reducing processing times, and lowering costs, positioning B2B payments as a critical enabler of regional trade and economic growth. The market is characterized by intense competition between traditional banks and fintechs, with the latter disrupting the industry through innovative solutions, including embedded finance and SaaS-based platforms. The primary sectors driving B2B digital payment demand are manufacturing, eCommerce, professional services, IT and technology, and banking and financial services, which require seamless, integrated payment workflows.

The analysis also highlights critical challenges, including fragmented financial regulations, licensing hurdles, foreign exchange volatility, and stringent AML/FCP compliance requirements, particularly for cross-border transactions. Additionally, the heavy reliance on interchange fees poses risks amid evolving global card network rules.

This study leverages primary research from payment solution vendors, financial institutions, fintechs, and payment networks to provide insights into market segments, leading providers, and emerging trends. The analysis focuses on revenue from B2B payment platforms, software solutions, and transaction processing services. Market segmentation encompasses electronic fund transfers, card or virtual card payments, and digital payments. The forecast period spans 2025 to 2030, highlighting considerable growth opportunities in B2B payments.

Revenue Forecast

The revenue estimate for the base year 2024 is $1,158.67 billion, with a CAGR of 9.0% for the study period from 2024 to 2030.

Scope of Analysis

• This research covers the business-to-business (B2B) payments market in the Asia-Pacific (APAC) region.
• A B2B payment solution refers to payments made between 2 businesses for the transaction of goods and services. This solution aims to facilitate high-value financial transactions and supply chain financing.
• The B2B payments market includes both domestic and cross-border transactions.
• B2B payments platforms consist of the financial technology (fintech) stack, including accounts payable/accounts receivable (AP/AR) automation tools, real-time payment rails, fraud detection algorithms, foreign exchange (FX) hedging tools, payment orchestration, treasury management systems, automated reconciliation, and reporting capabilities.
• Revenue represents vendors' current sales of core B2B payment platforms, software solutions, and transaction processing services.
• The study provides insights into the key market segments, leading solutions providers, and notable emerging trends. It derives information and insights from secondary and primary research from payment solutions vendors, financial institutions, fintechs, and payment networks. All estimations are attributable to Frost & Sullivan's analysis and forecast modeling.

The Impact of the Top 3 Strategic Imperatives on the APAC B2B Payments Industry

Disruptive Technologies

Why

Next-generation technologies, such as generative artificial intelligence (Gen AI), blockchain networks, and API ecosystems, are revolutionizing payment automation and intelligence. They facilitate autonomous money movement, instant cross-border transactions, and improved fraud prevention.

However, these advances also introduce new risks, especially when legacy infrastructure cannot manage large datasets or lacks standardization across various platforms. This creates a trade-off between innovation and system stability.

Frost Perspective

Payment infrastructure modernization and technology migration remain imperative for payment service providers (PSPs) to deliver fast and reliable payment experiences. This is likely to gain momentum over the next 3 to 5 years, driven by regulatory support and customer demand for seamless B2B digital payments.

Given the continuous innovation cycle, PSPs must anticipate potential disruptions (e.g., data security and changes in customer standards) to effectively meet evolving operational needs.

Competitive Intensity

Why

The push for digitalization and working capital pressure is creating the need for B2B payments automation solutions that enable faster payments. Small and large businesses expect payment capabilities to be integrated directly into business software, prompting PSPs to respond.

This trend is reshaping competitive dynamics and limiting the opportunities for differentiation, consequently driving consolidation and vertical specialization in the market.

Frost Perspective

Intense competition between established banks and fintechs defines the APAC B2B payments sector. Fintechs are driving market disruption, prompting banks to invest strategically in platforms to compete effectively.

Amid this competition, PSPs need to pursue strategic partnerships with banks and fintechs to continuously adapt integrated payment and automation offerings that simplify operations.

Industry Convergence

Why

APAC's unique market dynamics are characterized by hyper-fragmented markets and digital leapfrogging, driving convergence around super apps, e-commerce platforms, and telcos seeking to enter the fintech market.

On the demand side, end users such as manufacturing, e-commerce, and logistics dominate APAC trade flows, placing pressure on these sectors to handle B2B transactions seamlessly.

Frost Perspective

The convergence of embedded finance and SaaS-based solutions is accelerating autonomous B2B financial workflows. An example of this trend is Aspire, a Singapore-based B2B payments provider, which offers vertical workflows, embedded finance, and AI-driven integrated financial services. Aspire offers financial solutions embedded directly into clients' existing business workflows. This demonstrates how banks and pure PSPs must collaborate with industry-specific platforms to gain an edge.

Growth Drivers

• APAC's unbanked and underbanked SME populations, as well as the rapid digital adoption, present an untapped market for B2B digital payments. SMEs need an integrated and simplified digital payment processing that seamlessly embeds into existing workflows. Catering to this segment is crucial for unlocking growth potential and increasing transaction volumes.
• The APAC B2B payments sector has become a strategic focus for global fintech companies, underscoring its critical role in the region's digital transformation. Prominent fintechs and financial institutions are aggressively expanding their market reach, while incumbent companies are boosting investments to capture market share. This trend reflects the steady growth of the APAC B2B payments market.
• Surging digital adoption across APAC economies, advancements such as API standardization, and regulatory harmonization for payment interoperability drive the growth of B2B payments. This digital evolution enables efficiencies, reduces processing times, and lowers costs.
• Strategic consolidation is transforming the APAC B2B payments ecosystem. M&A activity highlights the aggressive approach of neobanks to control the full-stack payment ecosystem. Global companies are actively acquiring niche fintechs to integrate capabilities, such as automation, cross-border capabilities, and SME financing into their platforms. This trend will drive market evolution from standalone solutions toward an integrated financial operating system.

Growth Restraints

• As B2B payments providers expand to serve cross-border transactions, they face complex barriers, including fragmented financial regulations, licensing challenges, foreign exchange volatility, sanctions, and stringent anti-money laundering/financial crime prevention (AML/FCP) standards. These factors collectively slow market entry, expose margins to currency risks, and incur substantial legal and operational costs.
• The need to continually update security measures and compliance protocols is intensifying and driving up compliance costs due to escalating threats from malware and phishing attacks. These factors not only divert capital away from innovation but also threaten business sustainability. Any security breach can erode customer trust, which is essential in the B2B customer segment.
• A heavy reliance on interchange fees, which account for over 30% of revenue for many providers, could hinder market growth and stability. This revenue stream is also vulnerable to changes in global card network rules, which are controlled by major networks such as Visa and Mastercard. Potential fee increases may discourage card payment usage, leading customers to hesitate in adopting virtual cards or corporate expense solutions.
• Integrating B2B digital payment platforms into a legacy financial ecosystem poses interoperability challenges. Issues such as core banking system incompatibility and outdated treasury management often require costly middleware development and infrastructure replacement. This factor is essential when implementing B2B payment automation, where transaction rails must synchronize with the legacy settlement system. Failure to address these challenges could hinder market adoption.

Competitive Environment

• Number of Competitors
  • More than 100 with revenue greater than $1.0 million
• Competitive Factors
  • Cost, performance, schedule, support, technology, reliability, industry ecosystem relationships, customer relationships
• Key End-User Industry Verticals
  • Retail and eCommerce, Manufacturing, Professional Services, IT and Technology, Banking and Financial Services (BFS)
• Leading Competitors
  • FIS, Fiserv, Bottomline, Coupa, Kyriba, Finastra, HighRadius, Payoneer, Bill.com, Billtrust, Paymate
• Revenue Share of Top 11 Competitors (2024)
  • 3.1%
• Other Notable Competitors
  • Infosys Finacle, JPMorgan Chase (WePay), WEX
• Distribution Structure
  • ISOs, ISVs, direct sales
• Notable Acquisitions and Mergers
  • Visa acquires Currencycloud; Thoma Bravo acquires Coupa

Table of Contents

Research Scope

• Scope of Analysis
• Segmentation

Growth Environment: Transformation in B2B Payments

• Why is it Increasingly Difficult to Grow?
• The Strategic Imperative 8™
• The Impact of the Top 3 Strategic Imperatives on the APAC B2B Payments Industry

APAC B2B Payments Ecosystem

• Competitive Environment
• Market Participants

Top 5 Industries Driving B2B Payments

• Retail and eCommerce
• Manufacturing
• Professional Services and Independent Contractors
• IT and Technology
• Banking and Financial Services

Growth Generator: APAC B2B Payments

• Growth Metrics
• Growth Drivers
• Growth Restraints
• Forecast Considerations
• APAC B2B Payments Revenue Forecast
• Revenue Forecast by Product
• Pricing Trends and Forecast Analysis
• Revenue Share

Growth Generator: EFT Payments

• Growth Metrics
• Revenue Forecast

Growth Generator: Card Payments

• Growth Metrics
• Revenue Forecast

Growth Generator: Digital Payments

• Growth Metrics
• Revenue Forecast

Key Companies to Watch

• Company Profiles

Growth Opportunity Universe in the APAC B2B Payments

• Growth Opportunity 1: Embedded AI for Process Automation
• Growth Opportunity 2: Unified Finance Platforms
• Growth Opportunity 3: Dynamic Supply Chain Finance SCF

Appendix

• Conclusion
• Big Predictions

Next Steps

• Benefits and Impacts of Growth Opportunities
• Next Steps
• List of Exhibits
• Legal Disclaimer