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Report overview
The "Global B2B Remittances Market" was valued at US$ 6.10 Million in 2024 and is predicted to reach US$ 9.10 Million by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 6.9% during the forecast period (2024-2030). The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
The global key manufacturers of B2B Remittances include Azimo, Digital Wallet Corporation, MoneyGram, Nium Pte. Ltd., PayPal Holdings Inc, Remitly Inc., Ria Financial, Ripple and TransferGo, etc. in 2024, the global top five players have a share approximately % in terms of revenue.
B2B Remittances is a business payment solution that helps merchants pay their suppliers and other companies and facilitates a comprehensive approach to payment processing, which enables businesses and professionals to send and receive cross-border payments using a variety of payment options, including Bank transfers, prepaid debit cards, international wire transfers and local e-wallets. is a business-to-business and remittance marketplace.
This report aims to provide a comprehensive presentation of the global market for B2B Remittances, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding B2B Remittances. This report contains market size and forecasts of B2B Remittances in global, including the following market information:
Business-to-Business (B2B) remittances, which involve the transfer of funds between companies, play a crucial role in the global economy. They enable businesses to manage their operations smoothly, ensuring timely payments for goods and services. With the rapid evolution of technology, the landscape of B2B remittances is continuously changing, presenting both opportunities and challenges for businesses worldwide.
Volume of Transactions: In 2024, the total volume of B2B transactions worldwide was estimated to be over USD 150 trillion. This massive volume underscores the critical role of efficient and secure remittance processes in the global supply chain.
Digital Transformation: Around 60% of businesses have adopted digital payment solutions for their B2B transactions. This shift towards digitalization helps companies streamline their payment processes, reduce transaction costs, and enhance security.
Cross-Border Payments: Cross-border B2B payments represent a substantial portion of the market. In 2024, they accounted for approximately 25% of the total B2B payment volume, translating to around USD 37.5 trillion. The complexity and cost associated with cross-border payments make it a focal point for innovation and improvement.
Payment Methods:
Processing Times: The average processing time for B2B remittances has decreased with technological advancements. Digital payment solutions have reduced the average time from 3-5 days to under 24 hours for domestic transactions, and from 7-10 days to 1-3 days for international transactions.
Cost of Transactions: On average, the cost of processing a B2B payment ranges from 1% to 3% of the transaction value for cross-border payments, which includes fees for currency conversion, transaction processing, and intermediary banks. For domestic payments, the cost is typically lower, ranging from 0.5% to 1%.
Despite the advancements, several challenges persist in the B2B remittance landscape:
B2B remittances are a vital component of global business operations. As the market grows and evolves, businesses must stay abreast of technological advancements and trends to optimize their payment processes. By adopting digital solutions and leveraging emerging technologies, companies can achieve greater efficiency, security, and cost-effectiveness in their B2B transactions.
MARKET MONITOR GLOBAL, INC (MMG) has surveyed the B2B Remittances companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
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