Cross-Border Payments Market Scope
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 | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | 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) |
CAGR | % |
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.
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) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Cross-Border Payments market by Type , by Application (Entertainment & Education, Apparel & Accessories, Consumer Electronics, Home Furnishing, Personal Care & Beauty, Healthcare & Nutrition, Footwear, Food & Beverage and Others) and Region with country level break-up.
On the basis of geography, the market of Cross-Border Payments has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
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.
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.