A new study about Juniper researchleading payments markets experts, have found that the value of B2B payments will increase by 40% by 2028, from $89 trillion in 2024, due to the adoption of digital payments in developing markets.
Instant payments will revolutionize B2B payments by enabling cheaper and safer cross-border trade; The Instant payments will reach 42% of all cross-border payments by 2028 $16 billion; from just 17% to $5 trillion in 2024.
Innovation in instant payments that reduces costs for companies
The study assumes that the introduction of ISO 20022, a universal standard for instant payments financial messaging, will encourage third-party providers to create additional value-added services that increase the efficiency of companies. The additional remittance data supported by modern systems can enable use cases such as automated accounting; Attract companies to modern payment methods.
The author of the report, Michael Greenwoodhe claimed: “The main advantage of the message language used in ISO 20022 is that the messages are easier for machines to read. This simplifies the development of AI-based solutions around these payments; Driving innovation.”
Digital wallets are critical to serving small businesses in emerging markets
The research found that there were gaps in small businesses’ access to banking in many emerging markets. This limited digital access and innovation. To better serve smaller businesses, B2B payment providers should focus on offering B2B payment functionality through popular local digital wallets and mobile money services. This approach can enable greater access to low-cost digital payments and help B2B providers create value-added services that provide access to credit; an important point for small businesses.