The degree to which digital technology is fueling expansion in the business-to-business sector of the cross-border payment market.
In the rapidly evolving landscape of global business, digital services are poised to take a significant share in the B2B cross-border payments market. According to recent projections, the services market, which encompasses businesses of all sizes, from small and medium-sized enterprises (SMEs) to large corporations, accounted for 24.6% of all B2B cross-border payments volume in 2024, with a forecasted increase to 25.9% by 2032.
A key factor driving this growth is the increasing demand for digital services. In 2024, digital services accounted for 50.3% of the services market's total addressable market (TAM), with a projected growth to 56.8% by 2032. The cross-border e-commerce market, heavily reliant on digital payment services, is projected to grow from USD 1,189.28 billion in 2024 to USD 6,746.10 billion by 2034, reflecting a robust compound annual growth rate (CAGR) of 18.95% during 2024–2034.
The growth of digital services is also being fueled by technological advancements. Blockchain technology, a key enabler of digital payments in cross-border scenarios, especially for B2B transactions, is experiencing significant growth. The global blockchain market, with major applications in payments, is projected to expand rapidly from USD 31.18 billion in 2025 to USD 393.42 billion soon after, signaling increased adoption of decentralized digital payment systems.
Moreover, the Super Apps market, encompassing all-in-one platforms integrating payments and financial services relevant to B2B users, is forecasted to grow from USD 92.72 billion in 2024 to USD 529.06 billion by 2032 at a CAGR of 24.32%. Since super apps include payment capabilities that support various business models, their growth suggests expanding digital services market share in cross-border payments.
Asia-Pacific currently leads in digital payment usage, with 1.8 billion users, indicating regional dominance in digital cross-border transactions. This evidence shows that digital services, including blockchain-enabled payments and super apps, are expected to capture an increasing share of the B2B cross-border payments market, driven by technological advances, growing international e-commerce, and expanding digital payment adoption globally from 2024 through at least 2032.
The shift towards digital services is creating significant international demand, as businesses of all sizes are increasingly opting for tools to enhance worker productivity rather than engaging in significant further hiring. The growth of digital services has been fairly consistent throughout the last few years, including during the pandemic. The lack of physical delivery for digital services removes geographical constraints, increasing their cross-border use and appeal.
In summary, the cross-border use of digital services is on the rise due to their lack of geographical constraints, and the digitally delivered services sector is a key driver of growth in the services market. The services market is experiencing a shift towards digitally delivered services, and this trend is expected to continue, with digital services becoming a key driver of growth in the services market. The growth of digital services is a trend that has been consistent throughout the last few years, including during the pandemic.
- The growth of digital services in the B2B cross-border payments market is not only driven by the increasing demand from businesses of all sizes, but also fueled by advancements in technology such as blockchain and the rise of super apps.
- Notably, the services market is shifting towards digitally delivered services, with these services projected to account for an increasing share, especially in regions like Asia-Pacific, due to their lack of geographical constraints and the need for productivity enhancement tools, even in the face of pandemic challenges.
