China’s B2B electronic payments will reach $47bn before the end of 2013, constituting 5.1% of B2B e-commerce transactions, according to a report from Celent.
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Celent estimated the whole volume of transactions of e-commerce, B2B e-commerce and B2B electronic payments in 2015 in China as respectively $1.8tr, $1.4tr and $140bn.
The expectations for 2013 in terms of e-commerce and B2B e-commerce transaction in China are of $13tr and $922bn respectively.
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By GlobalDataHua Zhang, author of the report and analyst with Celent’s Asian Financial Services said: "B2B payment vendors have focused on strengthening their services in the area of cross border payments, foreign exchange settlement, foreign exchange risk management and collaboration partners."
According to the report, banks are the dominant actors in B2B payments, even if such role is currently challenged by third-party payments. Banks are currently providing enterprise customers with value-added services related to payments, such financing services and the launch of online malls.
The third-party payments are developing different strategies: Alipay has launched a logistics point-of-sale (POS) strategy, 99Bill Corporation has positioned itself as an "electronic financial service provider" and Paypal has expressed its intention to become the first foreign firm to obtain China’s electronic payment license.
The report also noted that the various B2B payment providers have started to invest in innovation and differentiate themselves from the competition, in order to avoid price wars.
Despite the current low penetration rate of B2B electronic payments, in the future B2B major vendors are planning to develop more customers and increase their services.
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