Global Cross-Border Payments Market Overview:
A cross-border payment is a financial transaction in which the payee and the receiver are in different countries. The term covers both wholesale and retail and includes remittances. Cross-border payments can be made in a variety of ways. Alternative payment methods such as bank transfers, credit card payments, e-wallets, and mobile payments are currently the most common ways to transfer money worldwide. The increasing popularity of online shopping, expanding internet and mobile phone penetration drives the cross-border payment market.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increasing Customer Experiences across Geographies and Boost in Global Cross-border Transactions
Market Growth Drivers:
Increasing popularity of online shopping, expanding internet and mobile phone penetration. and Rise of digital payment methods.
Challenges:
Lagging domestic payments in terms of cost, speed access, and transparency
Restraints:
High Transaction Costs, Lack of Transparency, Long Settlement Periods, and Limited Access by Banks.
Opportunities:
Increasing businesses expansion to customer base beyond their home countries.
Competitive Landscape:
The cross-border landscape is increasingly fragmented and competitive with new emerging technologies looking to resolve problems around delays, high costs, and a lack of transparency.
Some of the key players profiled in the report are Corpay (Europe), Alibaba Group (China), Amazon.com Inc. (United States), Paypal (United States), Payoneer Inc. (United States), Routefusion (United States), Asia Commerce (Japan), Visa Inc. (United States), Western Union Holdings Inc. (United States) and Vodafone Group Plc. (United Kingdom). Considering Market by End-User, the sub-segment i.e. Adults will boost the Cross-Border Payments market. Considering Market by Payment Method, the sub-segment i.e. Digital Wallets will boost the Cross-Border Payments market. Considering Market by Offering, the sub-segment i.e. In-House Brands will boost the Cross-Border Payments market.
Latest Market Insights:
In September 2020 - Ant Group, owner of Alipay, China's ubiquitous mobile payment app, launched a blockchain-based platform for cross-border trade payments to launch more tech products ahead of its blockbuster IPO. Formerly known as Ant Financial, it changed its name this year to become a technology company rather than a financial technology provider due to tighter financial regulations this year.
In April 2023, PayPal Holdings, Inc. announced a new addition to its complete payment solution for small businesses. The solution allows small businesses to accept a variety of payments including PayPal, Venmo, and PayPal Pay Later products. Giving your customers more choices on how to pay can help expedite checkout. 59% of respondents to a recent study by the Ponemon Institute said customers often abandon their shopping cart when their preferred payment method is unavailable.1 PayPal's complete payment solution also allows small businesses to process card payments directly on their website and checkout can be customized.
What Can be Explored with the Cross-Border Payments Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Cross-Border Payments Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Cross-Border Payments
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Cross-Border Payments market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Cross-Border Payments market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.