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Nearly Half of All Cross Border Payments Will Be Instant by 2028 Reveals Juniper Research

The adoption of digital payments is rapidly developing markets to the point that the value of B2B payments are set to grow by 40 per cent by 2028, from $89trillion in 2024 according to research from Juniper Research, the market research firm.

The new market research suite by Juniper Research offers a comprehensive assessment of the B2B payments market. It provides analysis and forecasts of over 65,000 datapoints across 60 markets over five years. It includes a ‘Competitor Leaderboard’ and examination of current and future market opportunities.

Within the research, Juniper Research found instant payments will revolutionise B2B payments by enabling cheaper and more secure cross-border trade. They will reach 42 per cent of all cross-border payments by 2028, at $16trillion; up from just 17 per cent in 2024, at $5trillion.

Instant payment innovation cutting costs for businesses

The research anticipates the adoption of ISO 20022, a universal standard for instant payments’ financial messaging. The study predicts it will drive third-party providers to build additional value-added services that create efficiencies for businesses. The extra remittance data that modern systems support can enable use cases such as automated accounting; drawing businesses to modern payment rails.

Report author Michael Greenwood stated: “The key advantage of the messaging language used in ISO 20022 is that messages are easier for machines to read. This makes it simpler to develop AI-based solutions around these payments; driving innovation.”

Digital wallets critical to serving small businesses in emerging markets

The research found in many emerging markets, there were gaps in the access to banking for smaller businesses. This was restricting digital access and innovation. To better serve smaller businesses, B2B payment providers must focus on offering B2B payment capabilities via popular local digital wallets and mobile money services.

This approach can then provide improved access to low-cost digital payments, and can help B2B providers to create value-added services offering access to credit; a key pain point for small businesses


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