Global Spend On B2B Cross-Border Payments Will Exceed $40 Trillion By End Of 2024: Research
According to the research report, this growth of $3 trillion will be driven by the rising popularity of e-commerce marketplaces
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A new study from Juniper Research has revealed that the global spend on B2B cross-border payments will exceed $40 trillion by the end of 2024; increasing from $37 trillion in 2022. According to the research report, this growth of $3 trillion will be driven by the rising popularity of e-commerce marketplaces, where e-commerce merchants are based in international locations; selling goods internationally via locally based e-commerce services.
Research co-author Nick Maynard in a news report was quoted as saying, "While cross-border instant payments are not yet widespread, accounting for 8% of cross-border transactions by value globally in 2024, significant progress is being made in linking up national instant payment schemes. This can unlock substantial improvements for B2B transactions. B2B payment vendors must be driving further integration of the instant payment rails they support on a national level to solve the difficult challenges with legacy payment channels."
The research report further revealed that the marketplace model within e-commerce is driving growth within both cross-border B2B payments and the e-commerce payments market. However, the rise of cross-border instant payments, where payments are transacted in 10 seconds or under, is significantly improving this difficult situation even as instant payments currently are restricted to certain cross-border destinations.
Cross-border payments are international money transfers between two parties in two different countries. These payments are typically made between individuals and businesses or between businesses for commercial purposes. Cross-border payments can also involve multiple currencies, additional fees, exchange rates, and other considerations.