Today in B2B: Ibotta Launches a Retail Rewards Network; Peeba Raises $4.2M to Help Asia-Pacific Retailers – PYMNTS.com
Today in B2B payments, real-time payments improve the cross-border B2B customer experience, and consumers want more flexible terms for mobile device payments. Plus, PayRetailers makes a pair of acquisitions to bring some unity to the fragmented Latin America eCommerce sector.
Real-Time Payments Raise the Bar for Cross-Border B2B CX
“Mapping The Global Commerce Future,” a PYMNTS and Citi collaboration, outlines five ways instant payments can enhance both B2B and B2C payments experiences.
First, the funds are typically available 24/7 globally to recipients. Second, transactions can be funded in real time. Third, they allow simple, intuitive mobile payments that match the speed and ease of desktop transactions and provide B2B clients and customers consistent user experiences.
Fourth, instant payments provide lower transaction costs, and that translates into long-term savings for businesses at scale, enabling treasurers to reduce the costs of cross-border business growth. Fifth, instant payments may provide enhanced financial inclusion for businesses in regions lacking modern banking infrastructure.
Cash-Back Service Ibotta Launches Retail Rewards Network
Cash-back rewards platform Ibotta has launched the Ibotta Performance Network (IPN), a retail network the company said will reach more than 120 million American shoppers, according to a company press release Thursday (April 7).
The company hopes to use IPN to expand its scope to deliver B2B Rewards as a Service (RAAS) solutions to retailers, publishers and advertisers in the consumer packaged goods (CPG) sector and beyond.
PayRetailers Consolidates Latam eCommerce Sector with 2 Acquisitions
Latin American FinTech payment specialist PayRetailers on Thursday (April 7) acquired online payments platforms Paygol and Pago Digital, moves that help to bring together the fragmented eCommerce sector across the region, according to the company press release.
The companies offer cross-border payment capabilities, understanding and presence in their local markets and financial safeguards, including PCI compliance.
PayRetailers’ acquisitions are two steps to consolidate a disjointed B2B eCommerce payments landscape that spans multiple countries, regulatory jurisdictions and currencies. The company leans on one online payments platform to bring some consistency and uniformity to the sector, the press release said.
B2B Wholesale Platform Peeba Raises $4.2M to Support Asian Retailers
Hong Kong-based online B2B wholesale platform Peeba has raised $4.2 million in seed funding to help retailers in Asia cope with pressure from the COVID-19 pandemic.
Peeba has onboarded 25,000 retail users and 1,500 brands in 11 countries across Asia Pacific, with more than 100,000 products on its platform. The company said it will use the seed money to expand its local office and hire more staff to improve local language support across 11 countries and regions including Taiwan, Singapore and Malaysia.
Rising Gadget Rental Trend Appeals to Consumers, Businesses
As the extent of paycheck-to-paycheck living — even among high earners — becomes clear in the wake of the COVID-19 pandemic, ideas around ownership continue to shift. Lease-to-own (LTO) and buy now, pay later (BNPL) are popular options, as is the trend of renting one’s digital devices.
Given that smartphones are generally sold on lease terms now — you pay a monthly fee and own an outdated device about 18 months later — the spread of subscription commerce is revitalizing a device-rental industry that is dominated by small businesses, who serve consumers wanting more flexible options for device payment.
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022
About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.
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