B2B payment: why Mastercard’s Track BPS will disrupt B2B
B2B payment is one of the biggest area ripe for disruption in payment. First, it’s a huge market. The commercial payment market is estimated around ~$125 trillion annually worldwide v.s. ~$50 trillion for the consumer payment market. Second, a recent survey (pre-covid) found that more than 50% of the US B2B payment is still on cash and checks. I won’t go into the problems with check payment as I have detailed in my previous article on B2B payment.
Conclusion
I am really excited at MA’s Track BPS product because it’s providing real value and has potential to really disrupt the B2B payment world. Perhaps this is what we need to really help companies move off the old analog (non-digital) way. In addition, by providing better infrastructure, vendors / software in the space on the application layer can build more exciting & value add features, so stay tuned. It’s just getting started!
https://mingclee.medium.com/b2b-payment-why-mastercards-track-bps-will-disrupt-b2b-252fad39e21e
Ann: Trading halt, page-115
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