B2B cross-border payments are expected to rise amid the pandemic
According to Juniper Research, the total value of B2B cross-border payments will reach $35 trillion in 2022, compared to $27 trillion in 2020.
The study highlights that businesses will be more cost-conscious in the post-pandemic recovery. Consequently, cross-border payment vendors should provide compelling cost offers, or they will fail to recover lost traffic.
Besides, instant payments will account for 9.3% of B2B transactions by volume in 2022 if services settle funds in up to 10 seconds.
Along with that, blockchain networks will significantly disrupt existing payment types in the cross-border market. It is caused by requirements for grown efficiency and transparency from traditional money transfer operators.
We’ve reported that Mastercard has launched its Track Business Payment Service, which enables greater control over transactions. Besides, it provides automated reconciliation for suppliers and application of all payment options approved by them.