Key Trends in Cross-Border Payments 2024

Key Trends in Cross-Border Payments 2024

Summary

This 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 ecommerce 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.

Real-time cross-border payment linkages are being examined through the form of bilateral and multilateral initiatives aimed at reducing some of the inefficiencies found in legacy payment networks. Decades of immigration has led to a boon in global remittance markets as workers in wealthier markets increasingly look to send money home via digital channels. Consumers are increasingly purchasing goods from international providers, seeking lower prices or due to a growing preference for international brands in historically isolated markets. 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.

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.

Reasons to Buy

• Develop an in-depth understanding of current and future trends within cross-border payments.
• Find opportunities to enter or disrupt new ecommerce 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.