B2B cross-border payments market trends (until 2030)
🔔 B2B cross-border payments market size will be around $40 trillion in 2024 and would grow 43% by 2030 to reach $56 trillion.
(source: FXC intelligence)
In the same timeframe, the value of consumer cross-border payments will increase from $1.8 trillion to $3.3 trillion in 2030.
💡 Digitization is key
Paper and offline payments are king. As an example 60% of B2B payments are still made with paper check in the US only.
A story of open banking, e-invoicing regulation, instant payments and B2B marketplaces.
💰 The fee question
Transaction fees charged by payment providers are one of the most significant pain points for B2B digital payments. Businesses are looking into alternative payment methods. For example, virtual cards could automate accounts payable and receivable.
📫 What about instant payments?
Cross-border instant payments will account for 8% of all cross-border transactions value in 2024. Current and future growth to be fueled by linking and cross linking national instant payment schemes.
🌐 Cross-border payments using crypto can benefit B2B and B2C
Juniper Research indicates that the cross-border crypto payments for B2B transfers may be $4.4 trillion by 2024.
Around 58% of multinational firms use at least one cryptocurrency for payments (source: pymnts.com)
🔐 BNPL can improve the security of B2B payments
To protect sensitive financial information, BNPL providers typically employ advanced security measures such as encryption and multi-factor authentication.