Global Cross-border Payments Market is valued at approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. Cross-border payments also known as international payments are transactions in which the payer (customer) and the recipient of the transaction (merchant) are not based in the same country. These transactions are conducted for various purposes including international trade, foreign investment, personal remittances, and tourism. The availability of digital payment alternatives, the emergence of new payment technologies, coupled with the increase in the trend of cashless transactions in emerging economies are some prominent factors that are propelling the market demand around the world.
In addition, the rapid surge in e-commerce transactions is acting as a major catalyzing factor for the growth of the global market. According to Statista, in 2021, overall digital e-commerce transaction volume globally accounted for 49% of the share of selected payment methods. Also, it is projected to rise and is expected to reach 53% of the total transaction volume by 2025. Accordingly, these aforementioned factors are likely to stipulate the demand for the cross-border payments across the globe. Moreover, the rising government support, as well as a boost in global cross-border transactions are presenting various lucrative opportunities over the forecasting years. However, the rising security and payment fraud concerns is hampering the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Cross-border Payments Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue, owing to the growing adoption of cashless transactions and the rising e-commerce transactions. Whereas, the Asia Pacific is also expected to grow with the highest CAGR during the forecast period, owing to factors such as the increasing introduction of novel payment technologies., and active participation of government and nonprofit organizations in the market space.
Major market players included in this report are:
- Corpay
- Fincra
- Fis
- Paypal
- Payoneer Inc.
- Routefusion
- Transfermate
- Visa Inc.
- Western Union Holdings Inc.
- Vodafone Group Plc
Recent Developments in the Market:
- In April 2023, Singapore and Malaysia announced the introduction of cross-border QR code payments system for goods and payments in either country. The system enables consumers of partner banking institutions to make in-store retail payments by scanning real-world QR codes posted by businesses when traveling to another nation. Moreover, cross-border online business transactions are supported.
Global Cross-border Payments Market Report Scope:
- Historical Data: 2019-2020-2021
- Base Year for Estimation: 2021
- Forecast period: 2022-2029
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Transaction Type, Organization Size, End-use Industry, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Transaction Type:
- Business-To-Business (B2B)
- Consumer-To-Business (C2B)
- Business-To-Consumer (B2C)
- Consumer-To-Consumer (C2C)
By Organization Size:
- Large Organizations
- Small and Medium Organizations
By End-use Industry:
- Financial Institutions
- E-Commerce
- Digital Platforms
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- RoLA
- Rest of the World
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
- 1.2.1. Cross-border Payments Market, by Region, 2019-2029 (USD Billion)
- 1.2.2. Cross-border Payments Market, by Transaction Type, 2019-2029 (USD Billion)
- 1.2.3. Cross-border Payments Market, by Organization Size, 2019-2029 (USD Billion)
- 1.2.4. Cross-border Payments Market, by End-use Industry, 2019-2029 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Cross-border Payments Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Scope of the Study
- 2.2.2. Industry Evolution
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Cross-border Payments Market Dynamics
- 3.1. Cross-border Payments Market Impact Analysis (2019-2029)
- 3.1.1. Market Drivers
- 3.1.1.1. Availability of digital payments alternatives
- 3.1.1.2. Rapid surge in e-commerce transactions
- 3.1.2. Market Challenges
- 3.1.2.1. Rising security and payment fraud concerns
- 3.1.3. Market Opportunities
- 3.1.3.1. Rising government support
- 3.1.3.2. Boost in global cross-border transactions
Chapter 4. Global Cross-border Payments Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Futuristic Approach to Porter's 5 Force Model (2019-2029)
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. Industry Experts Prospective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
- 5.1. Assessment of the overall impact of COVID-19 on the industry
- 5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Cross-border Payments Market, by Transaction Type
- 6.1. Market Snapshot
- 6.2. Global Cross-border Payments Market by Transaction Type, Performance - Potential Analysis
- 6.3. Global Cross-border Payments Market Estimates & Forecasts by Transaction Type 2019-2029 (USD Billion)
- 6.4. Cross-border Payments Market, Sub Segment Analysis
- 6.4.1. Business-To-Business (B2B)
- 6.4.2. Consumer-To-Business (C2B)
- 6.4.3. Business-To-Consumer (B2C)
- 6.4.4. Consumer-To-Consumer (C2C)
Chapter 7. Global Cross-border Payments Market, by Organization Size
- 7.1. Market Snapshot
- 7.2. Global Cross-border Payments Market by Organization Size, Performance - Potential Analysis
- 7.3. Global Cross-border Payments Market Estimates & Forecasts by Organization Size 2019-2029 (USD Billion)
- 7.4. Cross-border Payments Market, Sub Segment Analysis
- 7.4.1. Large Organizations
- 7.4.2. Small and Medium Organizations
Chapter 8. Global Cross-border Payments Market, by End-use Industry
- 8.1. Market Snapshot
- 8.2. Global Cross-border Payments Market by End-use Industry, Performance - Potential Analysis
- 8.3. Global Cross-border Payments Market Estimates & Forecasts by End-use Industry 2019-2029 (USD Billion)
- 8.4. Cross-border Payments Market, Sub Segment Analysis
- 8.4.1. Financial Institutions
- 8.4.2. E-Commerce
- 8.4.3. Digital Platforms
- 8.4.4. Others
Chapter 9. Global Cross-border Payments Market, Regional Analysis
- 9.1. Cross-border Payments Market, Regional Market Snapshot
- 9.2. North America Cross-border Payments Market
- 9.2.1. U.S. Cross-border Payments Market
- 9.2.1.1. Transaction Type breakdown estimates & forecasts, 2019-2029
- 9.2.1.2. Organization Size breakdown estimates & forecasts, 2019-2029
- 9.2.1.3. End-use Industry breakdown estimates & forecasts, 2019-2029
- 9.2.2. Canada Cross-border Payments Market
- 9.3. Europe Cross-border Payments Market Snapshot
- 9.3.1. U.K. Cross-border Payments Market
- 9.3.2. Germany Cross-border Payments Market
- 9.3.3. France Cross-border Payments Market
- 9.3.4. Spain Cross-border Payments Market
- 9.3.5. Italy Cross-border Payments Market
- 9.3.6. Rest of Europe Cross-border Payments Market
- 9.4. Asia-Pacific Cross-border Payments Market Snapshot
- 9.4.1. China Cross-border Payments Market
- 9.4.2. India Cross-border Payments Market
- 9.4.3. Japan Cross-border Payments Market
- 9.4.4. Australia Cross-border Payments Market
- 9.4.5. South Korea Cross-border Payments Market
- 9.4.6. Rest of Asia Pacific Cross-border Payments Market
- 9.5. Latin America Cross-border Payments Market Snapshot
- 9.5.1. Brazil Cross-border Payments Market
- 9.5.2. Mexico Cross-border Payments Market
- 9.5.3. Rest of Latin America Cross-border Payments Market
- 9.6. Rest of The World Cross-border Payments Market
Chapter 10. Competitive Intelligence
- 10.1. Top Market Strategies
- 10.2. Company Profiles
- 10.2.1. Corpay
- 10.2.1.1. Key Information
- 10.2.1.2. Overview
- 10.2.1.3. Financial (Subject to Data Availability)
- 10.2.1.4. Product Summary
- 10.2.1.5. Recent Developments
- 10.2.2. Fincra
- 10.2.3. Fis
- 10.2.4. Paypal
- 10.2.5. Payoneer Inc.
- 10.2.6. Routefusion
- 10.2.7. Transfermate
- 10.2.8. Visa Inc.
- 10.2.9. Western Union Holdings Inc.
- 10.2.10. Vodafone Group Plc
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption