Juniper Research has released a new study predicting the fastest-growing B2B payment methods by transaction value globally by 2028. The study forecasts that virtual card transactions will be the fastest-growing B2B payment method, rising from $3 trillion in 2024 to $11 trillion in 2028. These randomly generated, often temporary, card numbers are used to process payments. The top three fastest-growing payment channels between 2024 and 2028 are predicted to be Virtual Cards (276% growth), Instant Payments (208% growth), and All Cards (97% growth).

The high growth is attributed to the greater traceability of digital payments, which replace cash and cheques for businesses and simplify the processing of accounts payable and receivable. The study also highlights the role of virtual cards in combating expense fraud, as they allow businesses to control elements of transactions, such as limits on value and frequency.

The report also forecasts an increase in all B2B card use, with the value of B2B payments by this method growing from $11 trillion in 2024 to $22 trillion globally by 2028. The convenience of B2B e-commerce over traditional invoicing is predicted to be a significant driver of this growth.

"To maximise fraud mitigation efforts, virtual card providers must offer management platforms that provide real-time visibility of these transactions; providing alerts of potentially fraudulent usage." says Michael Greenwood, the report's author. The report suggests that card providers should offer rewards, such as cashback or reward points, for using cards at partnered B2B e-commerce sites.