US B2B payments declined slightly faster than expected in 2020 at -7.1% as opposed to -4.9% for an actual sales value of $25.539 trillion in 2020. By year end 2021, those sales will grow by 7.8% for an overall sales value of $27.542 trillion.
The news: JPMorgan will process US credit card payments for Alibaba.com, Alibaba’s B2B sales unit based in China. The bank will work with Alipay—the payments business operated by Alibaba’s affiliate firm Ant Group—to facilitate the transactions, per a press release. Why it’s worth watching: Alibaba is one of the largest ecommerce platforms in the world and specializes in B2B ecommerce sales.