American Express unveiled what is coming for B2B payments in India

American Express polled 500 small, medium, and large companies across India

B2B

American Express unveiled what is coming for B2B payments in India. Source: pexels.com

The American Express report indicates bullishness and stronger confidence with 74% of businesses expecting to spend more on technology and 72% planning to make more capital investments in 2022.

Interestingly, 59% of B2B sellers consider the main benefit of digital payments to be the speed of payment and ability to track spends.

Meanwhile, 83% of eligible respondents said that the Government’s ‘Make in India’ campaign has helped their business. 59% large, 57% small scale companies, 53% medium scale companies and 42% micro-scale companies which planned on increasing technology spend in Q4 2021 are doing so to improve productivity.

India saw the highest B2B spending growth compared to expectations of six other major economies. This year, the total B2B spend for India is expected to rise by 10.3 percent compared to 2021. This shows that the Indian economy is very much in its bounce-back phase from the economic difficulties caused by the pandemic crisis. The survey also reveals that some of the trends that have emerged or accelerated during the pandemic such as payments automation and new approaches to manage the supply chain, are likely to stay
Mr. Manoj Adlakha, SVP and CEO, American Express Banking Corp., India

In fact, Indian businesses saw spending grow 3x faster than the expectations from its comparable peers in the other countries, establishing a lead that is likely to only consolidate. Total B2B spend for India grew by 9.4% in Q3 2021 on year-on-year basis and is expected to rise by 10.3% in 2022.

We’ve reported that Coinbase users will soon be able to pay for NFTs with Mastercard.

SEE ALSO: