B2B Trends to watch in 2024

In 2024, businesses in the UAE are changing how they pay each other. Let’s look at the b2b trends in 2024 and the new ways companies are handling money when they buy and sell things.

1. More Digital Payments

In 2024, more UAE businesses are using computers and phones to pay each other. They’re moving away from cash and paper checks. This is faster and safer.

• Why it’s happening: It’s quicker and there’s less chance of losing money.
• Example: A Dubai company can pay a supplier in Abu Dhabi in minutes using a phone app.

2. Buy Now, Pay Later for Businesses

Many UAE companies are using services that let them buy things now and pay for them later.

• How it works: A business can get goods from a supplier and have extra time to pay.
• Why it’s useful: It helps businesses when they don’t have cash right away.
• Example: A small grocery store can stock up on goods and pay the supplier in 30 or 60 days.

Leading UAE B2B Payment Provider: comfi.ai

Comfi makes business buying and selling easier in UAE:

For sellers:
1. Get paid fast
2. Buyers can pay Comfi in 90 days

For buyers:
1. Buy from many sellers
2. Pay Comfi later

Comfi works with various industries like food, medicine, and chemicals. Comfi follows Islamic finance rules and partners with FAB bank. UAE businesses can learn more at comfi.ai

3. Faster International Payments

UAE businesses are finding new ways to send and receive money from other countries quickly.

• What’s new: Special systems that move money between countries in minutes, not days.
• Why it matters: UAE companies can work more easily with businesses around the world.
• Example: A UAE clothing maker can get paid instantly from a European buyer.

4. Using AI to Handle Payments

Smart computer programs (AI) are helping manage payments in 2024.

• What AI does: It checks for mistakes, stops fraud, and helps make payment decisions.
• Why it’s good: It makes paying faster and safer.
• Example: AI can spot a unusual payment and stop it before money is lost.

5. Blockchain for Safer Payments

More UAE businesses are using a technology called blockchain for payments.

• What it is: A super-secure way to record and make payments.
• Why businesses like it: It’s hard for anyone to cheat or hack.
• Example: Companies can track payments for a big project, knowing the records can’t be changed.

6. Mobile Wallets for Business

In 2024, more UAE businesses are using phone apps to pay, like people do in stores.

• How it works: Money is stored in a phone app and can be sent to other businesses easily.
• Why it’s catching on: It’s quick and easy to use.
• Example: A small business owner can pay for supplies just by tapping their phone.

7. Eco-Friendly Payment Choices

UAE businesses are thinking about the environment when they choose how to pay.

• What’s happening: Companies prefer payment methods that use less paper and energy.
• Why it matters: It helps businesses be more “green” and save money.
• Example: Choosing online invoices instead of paper ones.

Read also: Trade Finance Officer in the UAE

8. More Choices for Small Businesses

In 2024, small businesses in the UAE have more ways to handle payments like big companies do.

• What’s new: Payment services made just for small businesses.
• Why it’s important: Helps small companies grow and compete with bigger ones.
• Example: A small shop can offer the same payment options as a large store.

Thoughts on B2B trends in the UAE

In 2024, UAE businesses are finding new and better ways to pay each other. These changes are making it faster, safer, and easier for companies to buy and sell things. From using phones to pay, to giving more time to pay bills, these new trends are helping UAE businesses work better with each other and with companies around the world.

As these trends continue, we can expect UAE businesses to become even more competitive in the global market. The future of B2B payments in the UAE looks fast, safe, and smart!