In Europe, the physical retailers must offer whatever contactless payments are on trend in the local market, either QR code-based or NFC. More options are there for the online stores, and BNPL (buy now, pay later) and digital wallets are facilitated. B2C payments are already doing great.
The standards for variety and speed of B2B payments are not widespread, and there is also a demand for better solutions. Some of such solutions are already being implemented in the UK. It has enabled people to accept fast digital payments at a low cost without investing in any expensive software.
These startups help the companies maintain working capital by bridging the gap between leaders and businesses.
The advancement in the digital payments systems at the customer level is influencing the B2B businesses to demand B2C payments.
Another change driver in the ecosystem of digital payments is the increasing online presence of small businesses. Although digital payments had robust growth in the last 10 years, it was catalyzed by the bigger businesses.
Now that several small businesses are emerging, the demand for digital payments solution is activating the trend. As a result, there has been an increasing demand for B2B digital payments from companies, regardless of their size.
The greatest challenge in the upcoming days will move the precedents that are set by B2C payments above the supply chain.
The payment and regulator service providers do not always see eye-to-eye, but the regulators are playing an extremely important role in terms of pushing the industry forward.
Innovation is noteworthy when it comes to blockchain technology and cryptocurrency. The legislators are in charge of making a legal mandate for the banks to open up account data to 3rd-parties; the field of blockchain and cryptocurrency worked differently with the regulators helping them to catch up with the technology.
What eventually matters is that the customer needs are met. So ultimately, whatever the technology is about, whether it is crypto or blockchain, the point is that businesses must receive money fast.