B2B Payments to Reach $124 Trillion Globally by 2028, as Instant Payment Rails Revolutionise Cross-border Payments
Hampshire, UK - February 5, 2024 (Investorideas.com Newswire) A new study from Juniper Research, the foremost experts in payments markets, has found that the value of B2B payments will grow 40% by 2028, up from $89 trillion in 2024, due to digital payment adoption in developing markets.
Instant payments will revolutionise B2B payments by enabling cheaper and more secure cross-border trade, with instant payments reaching 42% of all cross-border payments by 2028, at $16 trillion; up from just 17% in 2024, at $5 trillion.
Instant Payment Innovation Cutting Costs for Businesses
The research anticipates that the adoption of ISO 20022, a universal standard for instant payments' financial messaging, will drive third-party providers to build additional value-added services that create efficiencies for businesses. The extra remittance data that modern systems support can enable use cases such as automated accounting; drawing businesses to modern payment rails.
Report author Michael Greenwood stated: "The key advantage of the messaging language used in ISO 20022 is that messages are easier for machines to read. This makes it simpler to develop AI-based solutions around these payments; driving innovation."
Digital Wallets Critical to Serving Small Businesses in Emerging Markets
The research found that in many emerging markets, there were gaps in the access to banking for smaller businesses. This was restricting digital access and innovation. To better serve smaller businesses, B2B payment providers must focus on offering B2B payment capabilities via popular local digital wallets and mobile money services. This approach can then provide improved access to low‑cost digital payments, and can help B2B providers to create value-added services offering access to credit; a key pain point for small businesses.
About the Research Suite
The new market research suite offers the most comprehensive assessment of the B2B Payments market to date; providing analysis and forecasts of over 65,000 datapoints across 60 markets over five years. It includes a 'Competitor Leaderboard' and examination of current and future market opportunities.
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