Challenger banks are about to grow the transactions conducted between businesses by 42% by 2022 and will take market shares from traditional vendors, according to new research from Juniper Research.
The report found that the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022. That would represent a 42% jump from the coronavirus-related low of 38 billion in 2020.
By 2022, Juniper research suggested that neobanks will account for 12.6% of B2B payments.
Despite the slow recovery elsewhere in the economy due to the pandemic, non-bank B2B payments will exceed 2019 volumes in 2021, showing how the migration from offline to online, and the need for greater efficiency, is helping non-traditional vendors, according to the researchers.
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