Fintech & Ecommerce

B2B Payments to Reach $124 Trillion Globally by 2028

A new study from Juniper Research, revealed that the value of B2B payments will grow 40% by 2028, up from $89 trillion in 2024, largely due to digital payment adoption in developing markets.

B2B Payments to Reach $124 Trillion Globally by 2028

Juniper Research estimates that instant payments will revolutionise the B2B payments sector, reaching 42% of all cross-border payments by 2028, at $16 trillion; up from 17% or $5 trillion in 2024.

As instant payments will enable cheaper and more secure cross-border trade, the overall value of B2B payments is forecast to grow 40% by 2028, up from $89 trillion in 2024.

In addition, the research anticipates that the adoption of the ISO 20022 instant payment messaging standard will motivate third-party providers to build additional value-added services for businesses. For instance, the extra remittance data can enable modern use cases such as automated accounting, encouraging businesses to adopt modern payment rails.

Besides, the researchers believe that the messaging language used in ISO 20022 would make it simpler to develop AI-based innovative solutions around these payments.

The study has also found that B2B payment growth will be driven by digital payment adoption in developing markets. Up until recently, many emerging markets faced gaps in the banking access for smaller businesses. Financial obstacles are significantly restricting digital access and innovation in the B2B payment segment.

Juniper Research team notes that to better serve smaller businesses in emerging economies, B2B payment providers must focus on B2B payment capabilities offered via popular local digital wallets and mobile money services.

This approach can provide improved access to low‑cost digital payments. This way, B2B providers can more seamlessly create value-added services offering access to credit, which remains a key pain point for small businesses.

Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.