Fort Collins, Colorado, Oct. 25, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Cross Border Payments Market was estimated to be valued at USD 164.6 Trillion in 2022 and is expected to reach USD 361.9 Trillion by 2032 at a CAGR of 8.3%.
Cross-border payments involve financial transactions between entities or individuals in different countries. The rise of cross-border business activities due to globalization has increased the importance of cross-border payments. The growth of new payment methods and technological innovations in the financial sector are key drivers of this market.
The global goods and services trade increased in the first quarter of 2023, per the United Nations Conference on Trade and Development. International trade and economic digitization are the main drivers of this growth, highlighting the significance of cross-border payment.
The need for fast, safe, and transparent payment options pushes banks and fintech firms to incorporate digital technologies like API to enhance cross-border transactions. This automation increases efficiency and transparency and allows for easy system connectivity without requiring technical knowledge. These factors are driving market expansion.
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Segmentation Overview:
The global cross border payments market has been segmented into type, business mode, organization size, and region. B2B cross-border payments dominated the market share, facilitating financial transactions between companies, vendors, partners, and employees across different countries. Large enterprises require cross-border payment solutions for purchasing goods and services, paying salaries, and remitting funds to foreign subsidiaries.
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Cross Border Payments Market Report Highlights:
- The global cross border payments market growth is anticipated at a CAGR of 8.3% by 2032.
- The growing e-commerce sector and availability of payment methods drive cross-border transactions and expand the cross-border payment market.
- North America leads the market with many globally operating companies and a robust banking infrastructure that enables quick payment processing times. Regions with high-income countries and open economies also contribute to the market's growth.
- Some prominent players in the cross border payments market report include Paypal, Visa Inc., Western Union Holdings, TransferMate, Wise Payments Limited, Jeeves, PPRO, Payoneer, Checkout.com, Fincra, Zepz, Corpay, Rapyd, Airwallex, and FIS among others.
Industry Trends and Insights:
- Airwallex, founded by Zhang, Li, Liu, and Dai, offers affordable cross-border payment solutions for SMEs.
- Zepz, the owner of Sendwave, a remittance firm, has launched a neobanking product for US-based migrants. Sendwave Pay, a digital remittance service in East and West Africa, is operated by Sendwave, which was acquired by Zepz in 2020, the same year it acquired the money transfer brand WorldRemit.
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Cross Border Payments Market Segmentation:
- By Type: Bank transfers, International wire transfers, Electronic funds transfers, Credit card payments, Debit card payments, Prepaid debit card payments, Global ACH payments and Others
- By Business Mode: B2B, B2C and Others
- By Organization Size: Large Enterprises and SMEs
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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