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Banks must step up payment services to support SMBs
October 06, 2022
In spite of these global headwinds, the Capgemini Research Institute’s World Payments Report 2022, published today, found that new payment methods are still expected to increase from around 17% of total non-cash transactions in 2021 to around 24% by 2026. However, while B2C payments have flourished, the B2B value chain has too often been neglected.
The payments industry has remained resilient through recent unprecedented market volatility, accelerated by the adoption of innovative new digital payment methods for consumers. However, many banks are failing to provide the same support for small to medium businesses.
According to the report, despite promising post-pandemic recovery levels, SMBs are continuing to struggle with cash flow issues and conversion cycles, stunting the next phase of growth for many. This has led to rising demands for payment service providers to step up, realign their priorities and assemble the right tools to help SMBs to explore new market opportunities.
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