Cross-border Payments Advancements Highlighted at Singapore Fintech Festival 2024
The Singapore Fintech Festival is underway, with a focus on artificial intelligence (AI) and quantum technology as key topics. Meanwhile, the world of cross-border B2B payments is experiencing a significant transformation, as highlighted by the latest market trends.
Wise, the digital money transfer service, has partnered with Standard Chartered's SC Remit to offer instant mid-market rate money transfers in 21 currencies across Asia and the Middle East. This partnership aims to provide instant, efficient cross-border payments for businesses, a sector that accounts for a substantial portion of the global cross-border payments market.
In 2024, B2B payments accounted for approximately 60.01% of the global cross-border payments market revenue, equating to over USD 39 trillion in annual transaction value. This underscores the vast scale of cross-border B2B financial flows worldwide. The total cross-border payments market is valued at USD 222.23 billion in 2025 and is projected to grow to USD 315.26 billion by 2030.
The broader B2B digital payment market, not limited to cross-border, was valued at USD 8.0 trillion in 2023 and is expected to grow to USD 27.8 trillion by 2032, with a compound annual growth rate (CAGR) of around 16.79%. The stablecoin-based cross-border payments market, a niche within this ecosystem, is smaller but growing rapidly.
Mastercard has launched Pay Local for APAC countries, enabling customers to link credit and debit cards to local digital wallets for real-time purchases without the need to set up or top up a prepaid account. Alipay+, a wallet-focused cross-border payments solution by Ant International, already covers many players in the APAC region. Ant International is expanding partnerships with regional payments applications, focusing on improving Alipay's coverage in popular travel destinations.
Amazon has explored blockchain technology for simplifying cross-border payments for MSMEs. In a demo, Amazon partnered with HSBC and payments infrastructure provider StraitsX to showcase the potential of tradable digital tokens. Wise recently gained direct access to the Philippines instant payments system, further enhancing its cross-border payment capabilities.
Pay Local is currently available in countries like Indonesia, Malaysia, and Cambodia, with plans to expand to Latin America, the EU, the Middle East, Africa, and Southern Asia. It's clear that the future of cross-border B2B payments is one of innovation and growth, with technologies like AI, quantum technology, and digital currencies set to play a significant role.
[1] Source: Market Research Report on Global B2B Cross-Border Payments Market [2] Source: Market Research Report on Global B2B Digital Payments Market [3] Source: Market Research Report on Global Stablecoin-Based Cross-Border Payments Market
- The partnership between Wise and Standard Chartered's SC Remit, targeting instant, efficient cross-border payments for businesses, aligns with the growing trend in the global B2B cross-border payments market, which was valued at USD 39 trillion in annual transaction value in 2024.
- As technologies like AI, quantum technology, and digital currencies are expected to play a significant role in the future of cross-border B2B payments, the launch of Pay Local by Mastercard, enabling real-time purchases using local digital wallets, represents a strategic move to capitalize on this potential growth in the broader B2B digital payments market, projected to reach USD 27.8 trillion by 2032.
