target audience: TECH BUYER Publication date: Mar 2023 - Document type: IDC Perspective - Doc Document number: # US50507423
The Future of B2B Digital Payments: Virtual Cards and Real-Time Payments Offer Speed, Convenience, and Security
This IDC Perspective provides insight into the current trends and future of B2B digital payment management. As virtual cards, real-time payments, and even cryptocurrency grow in popularity, companies have more options than ever when embarking on a digital payment transformation. In addition to these payment methods, the future of digital payments also includes the advent of super apps and increased convergence into all-in-one financial management options. By considering the pros and cons of these digital payment options and the potential use cases for each one, businesses can be empowered to choose the payment options that work best for them.
"As B2B companies make the inevitable switch to digital payments, there are several considerations to be made in regard to speed, security, and convenience when choosing the right payment solution. With so many options available, it is no easy task to find the ideal solution. Consider virtual cards or real-time payments as a way to improve efficiency, reduce costs, and simplify cross-border payments. Expect the pace of convergence to quicken as the demand for all-in-one finance management solutions grows," says Jordan Steele, research manager, Worldwide Financial Applications Support at IDC.