Key Trends in Cross-Border Payments, 2024

Reasons to buy the ‘Cross-Border Payments Trends’ report:

• Get a comprehensive overview of the cross-border payments sector.
• Identify the critical success factors driving cross-border payments.
• Identify the key trends shaping the global cross-border payments sector.
• Analyze the application of cross-border payments in the e-commerce market.

How is our ‘Cross-Border Payments Trends’ report unique from other reports in the market?

• Develop an in-depth understanding of current and future trends within cross-border payments.
• Find opportunities to enter or disrupt new e-commerce markets by seeing how customers pay in certain countries.
• Understand the key characteristics of leading remittance-sending markets.
• Benchmark your business against payment leaders from across the world and understand why they dominate certain markets.

We recommend this valuable source of information to anyone involved in:

• ​​​​Banks /Financial Agencies
• Banking and Payment Technology Leaders and Startups
• Business Development and Market Intelligence
• Investment Analysts and Portfolio Managers
• Professional Services – Investment Banks, PE/VC firms
• M&A/Investment, Management Consultants, and Consulting Firms

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Cross-Border Payments Trends 2024 Report Overview

Cross-border payments are financial transactions between two parties in separate countries. The two forms of cross-border payments are wholesale cross-border payments and retail cross-border payments. Decades of immigration led to a boon in global remittance markets as workers in wealthier markets increasingly look to send money home via digital channels. Additionally, consumers are increasingly purchasing goods from international providers. Against this backdrop, the cross-border payments space is a field ripe for disruption rich in opportunities for players across the entire value chain. This will be aided by the G20 Roadmap for Enhancing Cross-border Payments, which sets expectations to improve the speed, access, transparency, and cost of international payments.

The Key Trends in Cross-border Payments 2024 report analyzes key developments in cross-border payments. It explores real-time payment linkages, central bank digital currencies, and regulatory harmonization. It closely examines several global cross-border e-commerce markets, assessing their growth, drivers, and favored payment options for consumers in each market. The report also discusses remittances in multiple key nations, as well as identifying the most important aspects of P2P apps for consumers and some of the leading players in the P2P space.

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Cross-Border Payment Trends – Key Drivers

Cross-border payments have become increasingly important to international trade. Globalization has driven an interconnected and global society in terms of both trade and migration that increasingly relies on cross-border transactions to function. Financial inclusion across developing economies has brought more consumers into international trade markets, with access to modern financial tools enabling them to make cross-border payments. Initiatives are being developed to improve real-time cross-border payments. RTPs have become relatively commonplace among domestic payment services, with over 70 countries across the world supporting such systems domestically.

The Use of International Real Type Payment (RTP) Services by Region, 2024 (%)

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Cross-Border E-commerce Markets

E-commerce continues to mold the landscape of modern business, allowing startups the same global customer access as international corporations. The pandemic further accelerated e-commerce (and mobile commerce) across the world. Merchants and payment service providers have therefore been forced to find more efficient and transparent ways of accepting payments from international customers. One-click checkouts, offerings in local currency, more transparent foreign exchange rates, and greater breadth of payment options have helped merchants improve the customer experience side of e-commerce.

It is estimated that cross-border e-commerce constitutes just over a quarter of e-commerce market value and the proportion will increase over time. The e-commerce market in the US has witnessed a significant value in 2023, making it the world’s largest cross-border e-commerce market. India is the fastest-growing e-commerce market in Asia-Pacific. The increase in internet penetration across the country over the past decade is the major driver behind this trend, as well as the emergence of affluent consumers in Tier 2 and Tier 3 cities.

APAC Countries E-commerce Market Sizes, $Million, 2023

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Scope

• As per GlobalData’s Payment Instrument Analytics, the total volume of cross-border transactions in Europe alone will increase by 58% between 2023 and 2028.

• According to GlobalData’s 2024 Financial Services Consumer Survey, 63% of global consumers use international real-time payment (RTP) services to send money to family and friends.

• The US ecommerce market was worth almost $2 trillion in 2023, according to GlobalData’s E-Commerce Analytics. We estimate that cross-border ecommerce constitutes just over a quarter of this market, worth over $500 billion.

Key Highlights

• RTP systems are gaining popularity in the cross-border payments industry with the emergence of new players such as the Single Euro Payments Area (SEPA), P27, and Project Nexus. This trend is driven by the need for faster and more efficient payment processes, which traditional systems have struggled to provide.
• Open banking is expected to disrupt the cross-border payments industry by allowing third-party providers to access bank account data and initiate payments on behalf of customers. This will enable new entrants to enter the market and increase competition, leading to lower fees and better services for consumers.
• Central Bank Digital Currencies (CBDCs) are expected to play a significant role in the future of cross-border payments as more central banks around the world explore the possibilities of issuing digital currencies. CBDCs have the potential to streamline payment processes, reduce costs, and increase financial inclusion, but they also raise concerns about privacy and security.