Newark, April 23, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 160 billion in 2023 global cross-border payments market will reach USD 345.42 billion in 2033. Financial transactions carried out between entities in different nations are called cross-border payments. Cross-border payments make international trade, investment, and personal remittances easier. Examples of cross-border payment methods are traditional bank transfers, the SWIFT messaging network, remittance services, cryptocurrencies, and mobile money. They facilitate cross-border investment, allow e-commerce and international travel, help people send money to their families back home, and allow businesses to pay suppliers and receive payments from customers anywhere in the world. International payments are necessary for the world economy to run smoothly.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | USD 160 Billion |
| Market Size in 2033 | USD 345.42 Billion |
| CAGR | 8% |
| No. of Pages in Report | 239 |
| Segments Covered | Channel, Transaction Type and Enterprise Size |
| Drivers | The increasing volume of international trade and services |
| Opportunities | Technological advancements are making cross-border payments safe, secure, efficient and convenient |
Key Insight of the Global Cross Border Payments Market
North America will dominate the market during the forecast period.
Due to their sophisticated technological infrastructure and strong financial systems, the US and Canada are recognized as global centres for financial services and innovation. Technology innovation, especially in the fintech sector, is driving the creation of digital currencies, blockchain solutions, and sophisticated payment platforms that improve the security and efficiency of international payments. Financial firms benefit from stability and transparency in the region's regulatory framework.
In 2023, the bank transfer segment dominated the market with the largest market share of 45% and revenue of 72 billion.
The channel segment is divided into bank transfers, money transfer operators, card payments, and others. In 2023, the bank transfers segment dominated the market with the largest market share of 45% and revenue of 72 billion.
In 2023, the business-to-business (B2B) segment dominated the market with the largest share of 51% and revenue of 81.60 billion.
The transaction type segment is divided into business-to-business (B2B), customer-to-business (C2B), business-to-customer (B2C), and customer-to-customer (C2C). In 2023, the business-to-business (B2B) segment dominated the market with the largest share of 51% and revenue of 81.60 billion.
In 2023, the large enterprises segment dominated the market with the largest market share of 64% and revenue of 102.40 billion.
The enterprise size segment is divided into large enterprises and small and medium enterprises. In 2023, the large enterprises segment dominated the market with the largest market share of 64% and revenue of 102.40 billion.
Advancement in market
NPCI International Payments Ltd signed an agreement with Al Etihad Payments in Abu Dhabi to enable international payments. An agreement was reached to build a domestic card scheme in the United Arab Emirates, modelled around India's RuPay debit and credit card stack.
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Market Dynamics
Driver: The growing amount of trade between countries.
Companies are growing internationally to gain access to new resources and markets, easing the demand for smooth cross-border transactions. Effective payment systems allow businesses to pay suppliers and receive client payments, fostering global trade and seamless operations. Cross-border remittance services are in high demand due to the growth of the global workforce. Transnational money transfers are made easy and affordable through cross-border remittance services. With the rise of e-commerce, businesses now have more ways to reach clients throughout the globe by offering their goods and services. With the help of cross-border payment solutions, companies may conduct international transactions smoothly, handle currency exchange and settlement effectively, and accept payments from clients in several different nations. Cross-border payment solutions facilitate international transactions, allow businesses to process payments from clients in different countries, and effectively handle currency exchange and settlement, all of which contribute to global e-commerce expansion. Consequently, the worldwide cross-border payments market will increase with the general expansion of international trade, business, and service exchange.
Restraints: Concerns about security related to international payments.
Users are discouraged from utilizing cross-border payment systems due to the prevalence of fraudulent activities, cybersecurity threats, and data breaches. These risks and dangers might result in money losses, identity theft, or other negative outcomes. Concerns regarding the security and dependability of these systems are made worse by cybersecurity dangers connected to cross-border payment networks, such as malware, phishing scams, and insider threats. Third-party risks include things like security lapses and noncompliance. Third-party concerns, such as security lapses and noncompliance with regulations at fintech firms and payment processors, further damage the trust in cross-border payment services. The reduced usage of these services is partly due to currency concerns resulting from exchange rate volatility and the lack of transparency in cross-border payment systems. Thus, cross-border payments' security issues reduce its uptake and impede the sector's expansion.
Opportunities: Cross-border payments are becoming more convenient, safe, secure, and efficient with technological improvements.
Advancements in technology, such as blockchain technology, provide transparent and decentralized platforms that enable cross-border payments. It also speeds up settlement times, lowers expenses, and improves security. Peer-to-peer payment networks, smartphone apps, and digital wallets are examples of fintech developments that provide easier, more affordable, and quicker ways to make cross-border payments. Artificial intelligence Similar to this, machine learning and artificial intelligence (AI) improve efficiency and user experience by enhancing fraud detection, risk management, and customer support. These technological developments will further simplify cross-border payments, increasing their speed, affordability, and accessibility. Thus, during the projected period, technical breakthroughs and improvements will support the growth and development of the market.
Challenges: Complex regulatory guidelines.
Each country has its own set of laws, regulations, and policies governing cross-border payments. This leads to a lack of standardization, overlapping, confusion, redundancy and clashing regulations, making it difficult to process payments or transactions. Financial institutions and payment service providers must navigate a complex regulatory landscape to ensure compliance with relevant laws and regulations when conducting cross-border transactions, which is a challenge and may deter institutions from entering the foray of cross-border payments. Conducting cross-border payments often involves multiple parties, including banks, payment processors, regulatory authorities, and international organizations, which is also challenging and limits the development of the cross-border payments market. Regulatory complexity poses significant challenges to cross-border payments by increasing compliance burdens and creating legal and jurisdictional uncertainties.
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Some of the major players operating in the global cross-border payments market are:
• Western Union Holdings, Inc.
• VISA Inc.
• Payoneer Inc.
• PayPal Holdings Inc.
• Square Inc.
• Stripe Inc.
• TransferMate
• FIS
• American Express
• Adyen
Key Segments covered in the market:
By Channel
• Bank Transfers
• Money Transfer Operators
• Card Payments
• Others
By Transaction Type
• Business to Business (B2B)
• Customer to Business (C2B)
• Business to Customer (B2C)
• Customer to Customer (C2C)
By Enterprise Size
• Large Enterprises
• Small and Medium Enterprises
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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