When cross-border payments fail 11% of the time, costing the shipping industry $3.8 billion in lost sales during 2023 alone, you’d think freight companies would be rushing toward digital alternatives. Yet here we are, watching an industry worth trillions move at the pace of paperwork while Bitcoin price USD fluctuations capture headlines and Panama’s mayor suggests crypto could speed up canal transit.
The reality isn’t quite so dramatic. What we’re witnessing is a measured shift toward digital payment solutions that address genuine operational pain points rather than chase technological trends. The B2B digital payment market, valued at $4.6 billion in 2024, is projected to reach $57.6 billion by 2030—a 52.6% compound annual growth rate that reflects serious business adoption rather than speculative enthusiasm.
When Correspondent Banks Become Cargo Delays
Traditional freight payments create bottlenecks that ripple through entire supply chains. When your vessel sits outside Singapore waiting for payment confirmation that’s stuck in correspondent banking networks, you’re not just losing money—you’re disrupting schedules from Felixstowe to Long Beach.
The paperwork burden tells its own story. A single shipment generates roughly 200 communication documents, and processing costs represent one-fifth of total transportation expenses. Maersk and IBM discovered this firsthand during their avocado shipment trial from Mombasa to Rotterdam, where a $2,000 container movement carried $300 in documentation costs, between 15% and 20% of the total expense.
These aren’t abstract inefficiencies. They translate into vessels waiting for berths, containers sitting in terminals, and supply chain managers explaining delays to increasingly impatient customers. Research across 25 countries between 2012 and 2020 confirms what industry professionals already know: digital payment development directly enhances international trade by reducing cross-border capital flow barriers.
The correspondent banking system, designed for a different era of global commerce, struggles with modern trade volumes. Multiple intermediaries mean multiple points of failure, and each handoff introduces delay and additional cost. When you’re managing just-in-time inventory or perishable cargo, those delays become expensive problems quickly.
From PayCargo to Cryptocurrency
The air cargo sector moved first, perhaps because its customers couldn’t afford to wait. PayCargo launched in March 2020, followed by CargoAi’s CargoWALLET in February 2023, IATA’s digital CASS in October 2023, and most recently, Neutral Air Partner’s NAPAY in February 2025. Each of the platforms has its own purpose that solves friction in freight settlements, as opposed to pursuing technology for technology’s sake.
The NAPAY example illustrates the process we’re discussing at scale: 400+ members in 150+ countries, processing transactions across 47 currencies; and while they don’t expect all members to adopt in one year, they are estimating 80% will. This isn’t hypothetical adoption; it’s business transformation based on benefits they can measure.
The approach of the maritime industry has been a little more thoughtful. Maersk and IBM, as an example, focused on the ecosystem of TradeLens to ensure that each shipper’s cargo information would improve communication across all lines, ports, and customs. The platform has captured over 154 million shipping events, growing at nearly one million events daily. More importantly, IBM estimates that complete digitization could save shipping carriers approximately $38 billion annually.
Meanwhile, COSCO SHIPPING’s membership in the Global Shipping Business Network demonstrates how major carriers are quietly building blockchain-powered data exchange platforms. These aren’t headline-grabbing announcements but operational improvements that compound over time.
Solana processed stablecoin cross-border payments totalling $1.4 trillion in March 2025. This demonstrates the sheer scale of volume that existing technologies are now capable of addressing. When Panama City’s mayor suggested allowing priority Panama Canal transit upon Bitcoin payment, he was prompting operational improvements, not speculation.
Addressing the $1.3 Trillion Volatility Problem
The cryptocurrency market crashed by 33% to $1.3 trillion by April 2023, highlighting the reasons why shipping companies introduce digital currencies carefully. Freight payments are large sums; volatility is acceptable for retail payments, but it is not a viable solution for multi-million-dollar charter agreements.
Volatility concerns are leading to innovation to account for it or replace it; stablecoins are characterized as having the benefits of blockchain without the price volatility by being pegged to a conventional currency. Companies like ODeX are now expanding into Canada and offering a much easier payment process. They also have cryptocurrency capabilities in addition to traditional payment options.
The regulatory landscape adds complexity. With over 19,000 tax jurisdictions worldwide, each with distinct anti-money laundering and know-your-customer requirements, compliance becomes a significant operational challenge. Financial institutions spend between $60 million and $500 million annually on KYC processes alone, according to Thomson Reuters surveys.
But here’s what the headlines miss: these challenges are creating standardization opportunities. The logistics industry’s fragmented nature, historically an obstacle to digital adoption, now drives demand for common platforms that can handle regulatory complexity across multiple jurisdictions.
The Five-Year Freight Finance Forecast
Industry predictions suggest digital currencies will become commonplace within five to ten years, but that timeline reflects gradual integration rather than sudden disruption. What we’re seeing isn’t a cryptocurrency revolution but payment evolution. Platforms are expanding beyond simple bill processing to offer comprehensive logistics management, including shipment tracking, route optimization, and automated contract execution.
The real transformation isn’t about replacing traditional banking overnight. It’s about creating parallel systems that complement existing infrastructure while addressing specific pain points. When digital wallet transactions hit $13.91 trillion globally in 2025, up from $9.46 trillion in 2023, freight payments represent a growing portion of that volume.
Success won’t come from choosing between traditional and digital systems but from integrating both thoughtfully. The companies converting that $3.8 billion in annual payment failures into operational efficiency gains will be those treating blockchain technology as a tool for solving business problems rather than an end in itself.
