Cross-border Payments Market market is expected to grow at a CAGR of 10.1% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Cross-border Payments Market size accounted for USD 210.1 Billion in 2023, growing at a CAGR of 10.1% from 2023 to 2033. Cross-border payments refer to financial transactions that involve the movement of money across national borders. These transactions can include various types of payments, such as international trade payments, remittances, and foreign direct investments. The cross-border payments market is a critical component of the global financial system, facilitating economic activities and enabling businesses and individuals to engage in international transactions.

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The increasing interconnectedness of economies and the rise of global trade have led to a growing need for cross-border payment services. Businesses and individuals conduct transactions across borders to take advantage of market opportunities, source materials, and expand their operations globally. With the growth of e-commerce, businesses are increasingly selling their products and services to customers around the world. This has led to an uptick in cross-border transactions as companies seek efficient and reliable payment solutions to facilitate international sales. People living and working abroad often send money back to their home countries to support their families. Remittances represent a significant portion of cross-border payments and are driven by migration patterns and employment opportunities in different parts of the world. Advances in technology, particularly in the field of financial technology (fintech), have played a crucial role in driving the cross-border payments market. Digital platforms, mobile banking, and blockchain technologies have enabled more efficient and cost-effective cross-border transactions.

Key Players
Some of the major Cross-border Payments Market players holding high market shares include Adyen, American Express, FIS, Payoneer Inc., PayPal Holdings, Inc., and Square, Inc. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Stripe, Inc., TransferMate, VISA INC., Western Union Holdings, Inc

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Segmental Analysis
Based on channel, the Cross-border Payments market is segmented into Bank Transfer, Money Transfer Operator, Card Payment, and Others. Bank transfer is the largest segment in the Cross-border Payments market. This is due to its long-standing history and widespread adoption, as well as its perceived reliability and security. Bank transfers are typically used for large-value transactions, such as international wire transfers and corporate payments.
Based on transaction type, the Cross-border Payments market is Business to Business (B2B), Customer to Business (C2B), Business to Customer (B2C), Customer to Customer (C2C). B2B payments are the largest transaction type in the Cross-border Payments market. This is due to the global nature of businesses and the need for them to make payments to suppliers and partners located in other countries. B2B payments are typically made through bank transfers or electronic payment systems.
Based on enterprise size, the Cross-border Payments market is a Large Enterprise Size, Small and Medium-sized Enterprise. Large enterprises are the largest segment in the Cross-border Payments market. This is due to their high volume of cross-border transactions and their need for efficient and cost-effective payment solutions. Large enterprises typically have dedicated teams that manage their cross-border payments.

Based on End Use, the Cross-border Payments market is Individuals and businesses. Businesses are the largest end-use segment in the Cross-border Payments market. This is due to the global nature of businesses and the need for them to make payments to suppliers, partners, and customers located in other countries. Businesses typically make cross-border payments through bank transfers, electronic payment systems, or money transfer operators.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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