KUALA LUMPUR, Oct 31 (Bernama) -- Global transaction value of business-to-business (B2B) payments will exceed US$111 trillion in 2027 from just over US$88 trillion in 2022, according to a study by Juniper Research. (US$1=RM4.726)
This 26 per cent growth will be driven by rising prices caused by rampant inflation, and by strong economic growth in developing markets, a statement said.
It identified increased automation of accounts payable and receivable as being critical to the growing efficiency of payments processing, creating a significant opportunity for B2B payment vendors.
It also predicts that the average business will be making over 1,400 domestic payments per year globally in 2027, so improving efficiency in payments processes is critical.
Instant payments and the additional remittance data provided by the ISO 20022 standard will unlock opportunities to seamlessly organise and reconcile payments, enabling automated reconciliation.
Additionally, the research found that new payment methods, such as Central Bank Digital Currencies (CBDCs) hold significant promise in solving challenges within the B2B payments sector.
By being purely digital, CBDC payments will be be fully automated and payments easily traced.
However, CBDCs must be designed with B2B payments in mind, given that they are generally more complex than consumer payment processes.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports, and industry commentary.
-- BERNAMA
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