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Assuming 2021 as the base year, Cross-Border Payments: Global Market Trends and Forecasts (2022-2027) The report provides estimated market data for the forecast period 2022-2027.
Revenue projections for this period are segmented based on transaction type, organization size, end-use industry, and region. Market value is estimated based on total revenue of cross-border payment solutions and service providers.
Cross-border payment systems also mark a rapid surge in international remittances. Increased transaction limits and disputes, fragmented and corrupted data formats, limited business hours, legacy technologies, and long transaction value chains are the major factors projected to hinder the market growth of the over-forecast cross-border payments market. Part of the factor. period.
Today, the international cross-border payments landscape is at the center of several trends that could fundamentally change competitiveness. These include: Accelerating international commerce in the retail and corporate sectors. Changes in regulatory and sanctions frameworks. and changing customer requirements.
The growing prevalence of smartphones and the popularity of digital access points such as alternative payment methods (APMs) for remittances are fueling new demands that businesses struggle to keep up with. Alternative solution providers that offer faster, cheaper, and more transparent cross-border payment solutions can gain a competitive advantage over banks.
The global cross-border payments market is segmented on the basis of transaction type, organization size, end-user industry, and geography. Depending on the size of the organization, the cross-border payments market has been classified into large organizations and small and medium-sized organizations (SMOs).
Based on transaction type, the cross-border payments market has been segmented into business-to-business (B2B), consumer-to-consumer (C2B), business-to-business (B2C), and consumer-to-consumer (C2C). Based on end-use industry, the cross-border payments market has been segmented into financial institutions, e-commerce, digital platforms, and organizations.
The North American region is currently the most dominant market for cross-border payments in the world. Presence of major commercial banks, robust technological infrastructure, stringent laws, lucrative opportunities for cross-border payment solution providers, rapidly growing cross-border e-commerce purchases, and supply chain diversification are some of the key factors driving the North American market. Asia Pacific It is currently the fastest growing cross-border payment market in the world.
This report covers the cross-border payments market with respect to its user base in different regions. It also highlights key trends and challenges impacting the market and vendor landscape. This report estimates the global market for cross-border payments in 2021 and provides forecasts of the expected market size by 2027.
The scope of the study includes cross-border payment development solutions and services related to the platform. However, software and deployments within cross-border payment platforms, pre-developed cross-border payment applications, and physical services were excluded from the study.
Francis Bignell
