Cross Border Payments Market

Cross Border Payments Market Size by Channel (Bank Transfers, Money Transfer Operators, Card Payments, and Others), Transaction Type (Business to Business (B2B), Customer to Business (C2B), Business to Customer (B2C), and Customer to Customer (C2C)) Enterprise Size (Large Enterprises, and Small and Medium Enterprises), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14186
  • Published Date: Mar, 2024
  • Pages: 239
  • Category: Information Technology & Semiconductors
  • Format: PDF
Buy @ $4700.00 Request Sample PDF

The global cross-border payments market was valued at USD 160 billion in 2023 and grew at a CAGR of 8% from 2024 to 2033. The market is expected to reach USD 345.42 billion by 2033. The increasing volume of international trade and services will drive the growth of the global cross-border payments market.

Market Introduction:

Cross-border payments are financial transactions conducted between entities in different countries. Cross-border payments facilitate global trade, investment, and personal remittances. Modes of cross-border payments include traditional bank transfers, a SWIFT messaging network, remittance services, cryptocurrency, and mobile money. They enable businesses to pay suppliers and receive payments from customers worldwide, support individuals sending money to their families in their home countries, facilitate cross-border investment, and enable e-commerce transactions and international travel. Cross-border payments are essential for the functioning of the global economy.

Cross Border Payments Market Size

Get an overview of this study by requesting a free sample

Recent Development
  • Eurobank S.A., located in Greece, and NPCI International Payments Ltd. (NIPL), a subsidiary of National Payments Corporation of India (NPCI), inked a Memorandum of Understanding to improve cross-border UPI payments. With an emphasis on expediting remittances from Greece to India, the agreement aims to revolutionize the process of international money transfers, according to a release from NIPL. It also states that Greece will become one of the first European nations to allow the Indian diaspora living there to conduct quick and easy remittances using UPI rails.

Market Dynamics:


The increasing volume of international trade and services – Businesses are expanding globally to access new markets and resources, facilitating the need for seamless cross-border transactions. Efficient payment mechanisms enable companies to pay suppliers and receive customer payments, thereby supporting international trade relationships and ensuring smooth business operations. The rise of an international workforce leads to a significant demand for cross-border remittance services. Cross-border remittance services provide a convenient and cost-effective way for individuals to transfer funds across borders. The growth of e-commerce has opened up new opportunities for businesses to sell their products and services to customers worldwide. Cross-border payment solutions enable businesses to accept payments from customers in various countries, process international transactions seamlessly, and manage currency exchange and settlement efficiently, thereby supporting the growth of global e-commerce. Therefore, the overall growth of international trade, commerce, and exchange of services will drive the growth of the global cross-border payments market.


The security concerns associated with cross-border payments The prevalence of fraudulent activities, cybersecurity threats, and data breaches discourages users from using cross-border payment systems. These risks and threats lead to financial losses, identity theft, or other adverse consequences. Cybersecurity risks associated with cross-border payment networks, including malware, phishing attacks, and insider threats, exacerbate concerns about the security and reliability of these systems. Third-party risks, such as security breaches and compliance failures at payment processors and fintech companies, further undermine confidence in cross-border payment services. Currency risks stemming from fluctuations in exchange rates and the lack of transparency in cross-border payment systems contribute to the lower adoption of these services. Therefore, the security concerns associated with cross-border payments lower their adoption and hamper the market's growth.


Technological advancements are making cross-border payments safe, secure, efficient and convenient - Technological advancements like blockchain offer decentralized and transparent platforms for facilitating cross-border payments. It also reduces costs, enhances security, and accelerates settlement times. Fintech innovations introduce digital wallets, peer-to-peer payment platforms, and mobile payment apps, offering faster, cheaper, and more convenient cross-border payment options. Similarly, Artificial Intelligence (AI) and Machine Learning enhance fraud detection, risk management, and customer service, improving efficiency and user experience. These technological advancements will further streamline cross-border payments, making them faster, cheaper, and more accessible. Therefore, technological advancements and innovations will contribute to the market's growth and development during the forecast period.

  • Temenos demonstrated how its cloud-native Correspondent Banking solution uses a wide range of APIs and payment adaptors to enable the quick inclusion of additional alternative payment rails and payment kinds. By doing this, banks and payment service providers may maintain their competitive edge and expand their revenue-generating cross-border payment offerings. Pre-configured banking features for cash management, cross-border payments, treasury, liquidity management, customer onboarding, and financial crime mitigation are all included in the Temenos Correspondent Banking system. It supports round-the-clock payment processing and can be used as a cloud-based SaaS solution or installed on-premise. Any financial system, including Temenos core banking, can be used in tandem.
Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global cross-border payments market, with a 40% market revenue share in 2023.

The United States and Canada have robust financial systems and advanced technology infrastructure, making them global financial services and innovation hubs. Technological innovation, particularly in fintech, propels the development of advanced payment platforms, blockchain solutions, and digital currencies, enhancing the efficiency and security of cross-border payments. The region's regulatory environment provides stability and clarity for financial institutions.

North America Region Cross Border Payments Market Share in 2023 - 40%

Check the geographical analysis of this market by requesting a free sample

  • India has presented the World Trade Organisation (WTO) with a work plan to reduce cross-border remittance expenses to foster global trade. According to New Delhi, "promoting interoperability and interlinkages of digital payment infrastructures including fast payment systems" is one way to accomplish cross-border payments that are more affordable, quicker, transparent, and accessible, including remittances.
Channel Segment Analysis

The channel segment is divided into bank transfers, money transfer operators, card payments, and others. The bank transfers segment dominated the market, with a market share of around 45% in 2023. Banks are established institutions with a long history of providing financial services that facilitate trust, stability and reliability, instilling customer confidence. Their extensive networks of correspondent banks and intermediaries worldwide enable them to reach virtually any destination, making them a convenient option for cross-border payments. Banks are subject to strict regulatory oversight, ensuring compliance with relevant laws and regulations. Robust security measures and fraud detection systems protect cross-border payments from unauthorized access and cyber threats, enhancing transaction security. Banks offer a wide range of services catering to diverse customer needs. Additionally, banks integrate cross-border payments with other financial services, such as international trade financing and investment solutions, offering comprehensive financial management options. The combination of trust, reliability, regulatory compliance, security, convenience, and integrated services positions banks as preferred partners for conducting international payments.

  • An agreement was made by the central banks of India and Nepal to connect their respective quick payment systems. The project would link Nepal's National Payments Interface (NPI) to India's Unified Payments Interface (UPI). According to the Reserve Bank of India (RBI), the connection would let consumers send money instantly and cheaply between the two nations and facilitate cross-border remittances.
Transaction type Segment Analysis

The transaction type segment is divided into business-to-business (B2B), customer-to-business (C2B), business-to-customer (B2C), and customer-to-customer (C2C). The business-to-business (B2B) segment dominated the market, with a share of around 51% in 2023. B2B transactions involve significant volumes and higher values. These transactions are integral to supply chain operations, requiring efficient cross-border payment solutions to facilitate timely and accurate fund transfers. B2B transactions are characterized by their complexity, involving multiple parties, currencies, and payment terms. Businesses prioritize reliable and scalable payment methods to support their frequent and intricate transaction needs. Long-term business relationships based on trust and mutual benefit drive the dominance of B2B payments as businesses seek stable and efficient payment channels with their trading partners. Risk management is paramount in B2B transactions. Secure and reliable cross-border payment mechanisms are crucial in mitigating these risks. The dominance of B2B transactions in cross-border payments underscores the significance of global trade and supply chain operations in the modern economy. Business-to-business (B2B) transactions dominate cross-border payments due to their volume, value, complexity, frequency, and strategic importance in global commerce.

Enterprise Size Segment Analysis

The enterprise size segment is divided into large enterprises and small and medium enterprises. The large enterprises segment dominated the market, with a market share of around 64% in 2023. The scale and complexity of their operations require sophisticated cross-border payment solutions capable of handling diverse currencies, payment methods, and terms. Risk management is a priority for large enterprises, driving them to invest in secure and reliable payment mechanisms, advanced technologies, and compliance measures to mitigate currency, geopolitical, and regulatory risks. Access to financial resources and expertise allows large enterprises to leverage specialized cross-border payment services. Large enterprises dominate cross-border payments due to their extensive global operations, higher transaction volumes, complex payment needs, risk management priorities, and compliance requirements. These factors drive large enterprises to adopt sophisticated cross-border payment solutions to support their international operations effectively and efficiently.

  • To provide improved payment services for its global network of hotel partners, Nium, the pioneer in real-time cross-border payments, announced cooperation with Secret Escapes, one of the world's top luxury travel and experiences companies. Secret Escapes can effectively pay its partners and suppliers worldwide in over 20 local currencies by utilizing Nium's virtual card solution. This allows new and established providers to receive payment promptly without dealing with the hassles of manual reconciliation and expensive foreign exchange rates. Benefits for Secret Escapes' hotel clients also include higher acceptance rates, enhanced fraud prevention, and the option to get reimbursement for services that are not rendered.
Some of the Key Market Players:
  • Western Union Holdings, Inc.
  • VISA Inc.
  • Payoneer Inc.
  • PayPal Holdings Inc.
  • Square Inc.
  • Stripe Inc.
  • TransferMate
  • FIS
  • American Express
  • Adyen

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 160 Billion
Market size value in 2033 USD 345.42 Billion
CAGR (2024 to 2033) 8%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level.
Segments Channel, Transaction Type and Enterprise Size

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global cross border payments market was valued at USD 160 billion in 2023 to USD 345.42 billion by 2033.

Global cross border payments market is growing at a CAGR of 8% during the forecast period 2024-2033.

The market's growth will be influenced by the increasing volume of international trade and services.

The security concerns associated with cross border payments could hamper the market growth.

Request Table of Content


This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global cross border payments market based on below mentioned segments:

Global Cross Border Payments Market by Channel:

  • Bank Transfers
  • Money Transfer Operators
  • Card Payments
  • Others

Global Cross Border Payments Market by Transaction Type:

  • Business to Business (B2B)
  • Customer to Business (C2B)
  • Business to Customer (B2C)
  • Customer to Customer (C2C)

Global Cross Border Payments Market by Enterprise Size:

  • Large Enterprises
  • Small and Medium Enterprises

Global Cross Border Payments Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa


Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:


Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

Some Facts About The Brainy Insights


Free Customization


Fortune 500 Clients


Free Yearly Update On Purchase Of Multi/Corporate License


Companies Served Till Date