Get All Access for $5/mo

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

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pexels

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

Homeowners in These 10 States Pay the Most in 'Hidden' Upkeep Costs

Hidden home costs pile on top of mortgage payments.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Business News

Y Combinator Helped Launch Reddit, Airbnb and Dropbox. Here's What I Learned From Its Free Startup School.

The famed startup accelerator offers a free course on building a business — and answers five pressing questions for founders.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.

Business News

Apple's AI Has a Catch — And It Could Help Boost Sales

Not every iPhone owner will get to use the new Apple Intelligence.

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.