Predictions are that B2B is to remain the main segment within cross-border payments, as transaction volumes are to increase by almost ** trillion U.S. dollars. Cross-border payments, as the name implies, refer to payments done across national borders. This can include, for example, consumers buying goods from foreign online retailers - qualifying these payments as B2C - but are especially important for banks or companies operating internationally. It is with this cross-country interoperability in mind that some countries are developing so-called CBDC, or Central Bank-Issued Digital Currencies. Examples of such coins, created and issued by a central bank, include the Sand Dollar in the Bahamas, Sweden's e-krona or the upcoming China's e-CNY - due to launch at the 2022 Winter Olympics in Beijing.

Consumer-based transactions comprised about ** percent of the total cross-border payments market in Europe, the Middle East, and Africa in 2023. The source did not separate between the three regions, and also did not place them as the top markets. Asia-Pacific has the highest value of cross-border payments in total, although the United States-Mexico corridor is the biggest overall. The source adds that the highest global growth after 2022 is expected in C2B cross-border, due to increasing online shopping and international travel. Consumer categories, it continues, also have higher margins when compared to B2B.

Global cross-border payments market is projected to grow from $176.5 billion in 2021 to $238.8 billion in 2027, at a CAGR of 5.3% during the forecast period.

Commercial cross-border payment transactions in Latin America declined by almost *********** U.S. dollars between 2022 and 2023, while consumers were unchanged. The source does not explain why this is the case, although it should be noted that each year represents its own data model, meaning revisions made for 2023 might have led to lower results compared to the model used for 2022. The United States-Mexico payments corridor is regarded as the largest in the world. The source adds that the highest global growth after 2022 is expected in C2B cross-border, due to increasing online shopping and international travel. Consumer categories, it continues, also have higher margins when compared to B2B.

Estonia Payments: Value: Cross Border Paid In: Retail data was reported at 3,034.900 EUR mn in Oct 2018. This records an increase from the previous number of 2,588.400 EUR mn for Sep 2018. Estonia Payments: Value: Cross Border Paid In: Retail data is updated monthly, averaging 2,386.600 EUR mn from Dec 1997 (Median) to Oct 2018, with 251 observations. The data reached an all-time high of 4,111.200 EUR mn in Jul 2013 and a record low of 133.800 EUR mn in Jan 1999. Estonia Payments: Value: Cross Border Paid In: Retail data remains active status in CEIC and is reported by Bank of Estonia. The data is categorized under Global Database’s Estonia – Table EE.KA005: Payment Statistics: Value and Volume of Payments.

Commercial-based cross-border payments in North America grew at a higher rate than the consumer-led transactions in North America between 2022 and 2023. The source mentions the importance of the remittances from the United States to Latin America – with the United States-Mexico payments corridor being regarded as the largest in the world. Whether the figures shown here reflect is unclear, as the source does not clarify: Mexico is not mentioned, making it unclear whether the source put the country under North America or Latin America. The source does add that the highest global growth after 2022 is expected in ****************, due to increasing online shopping and international travel. Consumer categories, it continues, also have higher margins when compared to B2B.

The Cross-Border Payment Service market has emerged as a critical component in the increasingly interconnected global economy. As businesses expand their operations internationally, the need for seamless cross-border transactions has never been more essential. This service facilitates the transfer of money across di

Estonia Payments: Value: Payable: Cross Border: Large data was reported at 1,446.600 EUR mn in Jun 2018. This records an increase from the previous number of 1,325.700 EUR mn for May 2018. Estonia Payments: Value: Payable: Cross Border: Large data is updated monthly, averaging 5,661.900 EUR mn from Dec 1997 (Median) to Jun 2018, with 247 observations. The data reached an all-time high of 29,986.900 EUR mn in Sep 2011 and a record low of 497.700 EUR mn in Jan 1998. Estonia Payments: Value: Payable: Cross Border: Large data remains active status in CEIC and is reported by Bank of Estonia. The data is categorized under Global Database’s Estonia – Table EE.KA005: Payment Statistics: Value and Volume of Payments.

Estonia Payments: Vol: Payable: Cross Border: Large data was reported at 0.500 Unit th in Jun 2018. This records an increase from the previous number of 0.400 Unit th for May 2018. Estonia Payments: Vol: Payable: Cross Border: Large data is updated monthly, averaging 0.900 Unit th from Dec 1997 (Median) to Jun 2018, with 247 observations. The data reached an all-time high of 4.800 Unit th in Dec 2003 and a record low of 0.300 Unit th in Apr 2017. Estonia Payments: Vol: Payable: Cross Border: Large data remains active status in CEIC and is reported by Bank of Estonia. The data is categorized under Global Database’s Estonia – Table EE.KA005: Payment Statistics: Value and Volume of Payments.

Hungary PCT: Cross Border: Payments: Volume data was reported at 24,793,307.000 Unit in Dec 2019. This records a decrease from the previous number of 24,834,873.000 Unit for Sep 2019. Hungary PCT: Cross Border: Payments: Volume data is updated quarterly, averaging 10,469,032.500 Unit from Mar 2014 (Median) to Dec 2019, with 24 observations. The data reached an all-time high of 24,834,873.000 Unit in Sep 2019 and a record low of 5,138,373.000 Unit in Mar 2014. Hungary PCT: Cross Border: Payments: Volume data remains active status in CEIC and is reported by National Bank of Hungary. The data is categorized under Global Database’s Hungary – Table HU.KA012: Payment Card Transactions. [COVID-19-IMPACT]

The share of cross-border card spending was at about *** percent worldwide, although the values and shares varied noticeable between regions. This is according to data from a UK market researcher released over time, and which have been gathered by Statista. Cross-border payments in general are forecast to increase noticeably between 2023 and 2030. Here, Asia-Pacific stands out as the region with the highest value of cross-border payments conducted with payment cards. In 2022, payment cards first issued from Asia-Pacific accounted for roughly **** billion U.S. dollars worth of cross-border payments. However, they accounted for **** percent of total Asia-Pacific payment card expenses. The reverse could be seen for Europe: Nearly ** percent of all payment card spending from European cards was cross-border.

Belgium - Volume of cashless payments, cross-border and e-money payments with cards and e-money issued inside the country, sent

Estonia Payments: Value: Payable: Cross Border: Retail: Individuals data was reported at 148.800 EUR mn in Sep 2018. This records a decrease from the previous number of 151.300 EUR mn for Aug 2018. Estonia Payments: Value: Payable: Cross Border: Retail: Individuals data is updated monthly, averaging 51.800 EUR mn from Dec 1997 (Median) to Sep 2018, with 250 observations. The data reached an all-time high of 160.500 EUR mn in Jul 2018 and a record low of 3.500 EUR mn in Jan 1999. Estonia Payments: Value: Payable: Cross Border: Retail: Individuals data remains active status in CEIC and is reported by Bank of Estonia. The data is categorized under Global Database’s Estonia – Table EE.KA005: Payment Statistics: Value and Volume of Payments.

Bulgaria Payment System: VP: Cross Border data was reported at 3.400 BGN bn in 2018. This records an increase from the previous number of 2.800 BGN bn for 2017. Bulgaria Payment System: VP: Cross Border data is updated yearly, averaging 2.200 BGN bn from Dec 2014 (Median) to 2018, with 5 observations. The data reached an all-time high of 3.400 BGN bn in 2018 and a record low of 1.400 BGN bn in 2014. Bulgaria Payment System: VP: Cross Border data remains active status in CEIC and is reported by Bulgarian National Bank. The data is categorized under Global Database’s Bulgaria – Table BG.KA008: Payment System Statistics.

The market size of third-party cross border payments in China experienced almost ********* growth in recent years, almost reaching *** trillion yuan in 2023. The rise of digital platforms, increasing e-commerce activities, and fintech innovations contributed to this rapid market expansion.

The global market for international money transfer apps is experiencing robust growth, driven by increasing cross-border transactions, the rise of e-commerce, and the expanding migrant population. The convenience and cost-effectiveness offered by these apps compared to traditional methods like banks and money order services are key factors fueling adoption. While precise market sizing requires proprietary data, considering a conservative annual growth rate (CAGR) of 15% based on industry trends, and assuming a 2025 market size of $10 billion (a plausible estimate given the prominence of the listed companies), the market is projected to surpass $20 billion by 2030. This expansion is fueled by several factors: the increasing accessibility of smartphones and reliable internet connectivity globally, the emergence of innovative features like peer-to-peer transfers and multi-currency wallets within the apps, and a continued trend towards digital financial solutions. Furthermore, regulatory changes in certain regions streamlining cross-border transactions further contribute to this growth. The market segmentation reveals a dynamic landscape. The enterprise segment is experiencing faster growth than the personal segment due to increasing business needs for efficient and secure international payments. Similarly, cloud-based solutions are gaining traction over local deployments because of scalability and accessibility advantages. Leading players like PayPal, Wise, and Western Union are continuously innovating, incorporating advanced security measures, and expanding their services to maintain market leadership. However, regulatory hurdles, varying international transfer fees across platforms, and security concerns regarding data breaches pose potential restraints to market expansion. Competition is fierce, requiring continuous improvement in user experience, transaction speeds, and competitive pricing strategies to thrive. Geographic distribution shows significant potential in emerging markets in Asia and Africa, presenting opportunities for expansion and increased market penetration for established players and new entrants alike.

The international payment gateway market is experiencing robust growth, driven by the expansion of e-commerce, the increasing adoption of digital payment methods, and the rising demand for cross-border transactions. The market's compound annual growth rate (CAGR) is estimated at 15% from 2025 to 2033, indicating significant potential for expansion. This growth is fueled by several key factors, including the increasing preference for online shopping, the proliferation of mobile payment solutions, and the ongoing digital transformation across various industries. Furthermore, the growing need for secure and efficient payment processing solutions, coupled with the rising adoption of advanced technologies like artificial intelligence and blockchain, is further propelling market growth. Key players like Stripe, PayPal, and Square dominate the market, but several smaller players continue to innovate and carve out niche markets. The market segmentation reveals a diverse landscape, with different segments experiencing varying growth rates. While precise segment-specific data is unavailable, it's reasonable to expect the business-to-business (B2B) segment to show significant growth due to the increasing digitalization of corporate transactions. Conversely, the business-to-consumer (B2C) segment, while already substantial, is likely to witness a more moderate growth rate as it matures. Geographical expansion continues to be a significant factor, with developing economies exhibiting faster growth compared to mature markets. However, regulatory changes and cybersecurity concerns pose considerable restraints to the market's overall growth, particularly as the volume of transactions increases. Mitigation strategies are crucial, including robust security protocols and compliance with various international regulations to maintain consumer trust and avoid disruptions.

Bulgaria Payment System: NC: Cross Border data was reported at 2.100 Number mn in 2018. This records an increase from the previous number of 1.900 Number mn for 2017. Bulgaria Payment System: NC: Cross Border data is updated yearly, averaging 1.900 Number mn from Dec 2014 (Median) to 2018, with 5 observations. The data reached an all-time high of 2.600 Number mn in 2016 and a record low of 1.400 Number mn in 2014. Bulgaria Payment System: NC: Cross Border data remains active status in CEIC and is reported by Bulgarian National Bank. The data is categorized under Global Database’s Bulgaria – Table BG.KA008: Payment System Statistics.

Most U.S. companies selling to other enterprises outside of the country prioritize digital payments. According to a study from 2023, ** percent of surveyed B2B professionals stated their companies already digitized cross-border payments while another ** percent of them saw it as a top priority.

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Digital Payment Market Size 2025-2029

The digital payment market size is forecast to increase by USD 304.95 billion, at a CAGR of 25.5% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing number of online transactions and the growing emergence of mobile apps for shopping transactions. This shift towards digital payments reflects consumers' changing preferences for convenience and contactless transactions. However, this market landscape is not without challenges. Privacy and concerns related to security remain key obstacles. As more financial information moves online, ensuring robust security measures becomes paramount. Companies must prioritize data protection and implement advanced encryption technologies to mitigate risks and build consumer trust. Navigating these challenges while capitalizing on the market's potential for growth requires strategic planning and a commitment to innovation. Companies that can provide secure, user-friendly digital payment solutions will be well-positioned to succeed in this dynamic market.

What will be the Size of the Digital Payment Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe market continues to evolve, with cross-border payments and point-of-sale (POS) systems becoming increasingly integrated. Transaction fees, integration APIs, merchant services, virtual cards, data analytics, cash management, payment gateways, and payment processors are all key components of this dynamic landscape. Loyalty programs, subscription management, business intelligence, and predictive analytics are also gaining traction, providing valuable insights for businesses. Payment networks, biometric authentication, debit cards, contactless payments, QR codes, digital wallets, mobile payments, and regulatory compliance are shaping the future of transactions. Regulatory requirements, such as anti-money laundering (AML) and PCI DSS compliance, ensure secure and transparent processes. Innovations like blockchain technology, recurring billing, customer support, online payments, real-time payments, personal finance management, two-factor authentication, fraud detection, and risk management are driving advancements in the market. Prepaid cards, credit cards, cryptocurrency payments, and batch processing are further expanding the payment ecosystem. As the market continues to unfold, entities must adapt to the ever-changing landscape, ensuring seamless integration of these solutions to cater to the evolving needs of various sectors.

How is this Digital Payment Industry segmented?

The digital payment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userLarge enterprisesSMEsComponentSolutionsServicesDeploymentOn-premisesCloudMethodDigital walletsBank cardsDigital currenciesApplicationBFSIMedia and entertainmentIT and telecommunicationHospitalityHealthcareGeographyNorth AmericaUSCanadaEuropeFranceGermanyUKAPACChinaIndiaJapanSouth KoreaSouth AmericaBrazilRest of World (ROW)

By End-user Insights

The large enterprises segment is estimated to witness significant growth during the forecast period.The market is witnessing significant growth as businesses increasingly adopt contactless and card-based transactions. Major industries, including banking, securities, finance and insurance (BSFI), information technology, and manufacturing, are driving this trend. The expansion of BSFI enterprises and the rise of intraregional and cross-border banking activities have fueled the demand for digital payment services. Modern point-of-sale (POS) systems, payment gateways, and processors facilitate seamless transactions for various sectors, such as hotels, restaurants, grocery stores, shopping malls, and event management companies. Integration APIs and merchant services enable businesses to easily accept digital payments. Virtual cards, mobile payments, and digital wallets offer added convenience for consumers. Regulatory compliance, including anti-money laundering (AML) regulations, ensures secure transactions. Data analytics, business intelligence, and predictive analytics provide valuable insights for businesses. Security protocols, such as PCI DSS compliance, protect against fraud. Real-time payments, recurring billing, and personal finance management streamline financial processes. Blockchain technology and cryptocurrency payments offer new possibilities for transactions. Two-factor authentication and biometric authentication add an extra layer of security. Overall, the market is transforming the way businesses and consumers manage transactions.

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