Japan B2B Payment Services Voice of Customer Set to Register a 3.3% CAGR from 2021 to 2026
Friday, September 3, 2021
DUBLIN, Aug. 26, 2021 /PRNewswire/ -- The "Japan B2B Payment Services Voice of Customer, 2021" report has been added to ResearchAndMarkets.com's offering.
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The Japanese government encourages a shift toward cashless through initiatives such as the tax rebate program and open banking law reform.
As the proportion of customers using cashless transactions rises, businesses increasingly seek solutions to complement their B2B2C needs. A staggering 55% and 70% of companies received payments today are from consumers and SMEs, respectively. B2B2C payments needs are driving B2B payment solutions development, while demand for B2B solutions alone is far lower.
The publisher studied 101 businesses in Japan between January and February 2021 to assess the current state of the industry and uncover actionable insights to drive digital B2B payment services in Japan.
The study found that the digital B2B payments transaction value looks set to register a 3.3% compound annual growth rate (CAGR) from 2021 to 2026. There is room for improvement for financial services providers serving the B2B space, particularly in fees, as 69% of companies surveyed think that the current fees are too high. About one-third of polled companies feel that transaction fees for local and international transactions should be lower. Besides fees, companies' ability to cope with fluctuations in payment volumes and cash flow problems are key issues that need to be addressed.
Market developments point to the untapped potential beyond digitizing businesses. Harvesting the opportunity with industry digitalization is often matched with the adoption of emerging technologies, such as artificial intelligence (AI), Big Data, robotic process automation (RPA), and cloud. Whereas digitization can lead to automation of the payment process, digitalization is much more than that and can lead to more efficient and effective use of resources. It can facilitate more advanced functionality, including dynamic payment routing that can solve customer pain points.
In Japan, business potential does not always translate into business success. Size does matter. The reality on the ground is that despite the need, Japanese companies are in no rush to embrace change.
Nevertheless, change is on the horizon as business needs challenge the inertia resisting change. Already, we see partnerships providing added value and businesses getting the benefits. The momentum is building, with credit card market participants establishing a comprehensive B2B payments ecosystem through partnerships with accounting services, transportation services, and office supplies providers.
This study covers Japan. This report's target audience includes financial services providers and payment services providers keen on understanding the financial services needs of business customers in Japan.
Companies Mentioned
-- JCB
-- Mizuho
-- MUFG
-- Sumitomo
For more information about this report visit https://www.researchandmarkets.com/r/zai58d
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Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets
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