The number of SWIFT payments processed daily reached nearly ** million messages by the end of 2022, although growth did slow down. Compared to December 2021, the average number of messages processed daily in December was roughly *** percent higher. No reason was provided for this slowdown, although some attribute it to the exclusion of Russia from the SWIFT system due to the war in Ukraine. This move - dubbed the "(political) weaponization of SWIFT" by some - is regarded as a motivator for de-dollarization, or the declining market share of the U.S. dollar as an international currency.

The euro and U.S. dollar made up more than ***** of 10 SWIFT payments worldwide in 2025, outperforming many other currencies. This is according to a monthly report meant to track the market share of China's yuan renminbi within the international bank transfer system SWIFT. Although China holds the largest forex reserves in the world, the yuan ranked as the ******-used currency in international payments. The figures concern customer-initiated and institutional payments and exclude trade. Discussions on the potential weakening role of the U.S. dollar especially touch world trade and forex. For example, the share of the USD in forex reserves declined visibly against the euro and Japanese yen in 2024. What sparked this de-dollarization trend, and will it continue? Trade sanctions and de-dollarization De-dollarization in 2024 is mentioned mostly alongside trade and the BRICS countries - an informal name given to Brazil, Russia, India, China, and South Africa. The combined GDP of BRICS is about ** percent of the world's economy. After the start of the Ukraine war and Russia received economic sanctions, the BRICS slowly evolved into a trading bloc. The group increasingly wanted its own currency to settle payments within the trade bloc, to avoid using the U.S. dollar. In August 2024, BRICS will gather in South Africa to discuss the creation of such a new joint currency. Additionally, ** countries - including Argentina, Algeria, Egypt, Saudi Arabia, Turkey, and Yemen - expressed interest in joining the BRICS group. CBDC, or projects into a digital payment settlement A factor of future uncertainty for the U.S. dollar is how central bank digital currencies (CBDC) develop in emerging countries. Several projects exist between individual countries that specifically target cross-border interbank payments. A cooperation between Thailand and Hong Kong, Inthanon-Lionrock, ranks as the most advanced of these projects. CBDC does not require the U.S. dollar to function. Tangible such as commodities or gold can back them. The value of transactions processed with CBDC is to grow by ******* percent between 2024 and 2030.

The number of messages that Russian banks receive or send through international payments system SWIFT is roughly ** times smaller than domestic transactions. Russia's payment system consists of several elements, of which SWIFT is but one part. The most important element - BRPS or the Bank of Russia Payment System - effectively handles domestic payment settlements in, for example, government payments. It consists of three components: The system for intraregional electronic payments (VER), the system for interregional electronic payments (MER), and the Banking Electronic Speedy Payment system (BESP system). SWIFT, on the other hand, refers to (cross-border) financial information exchange. The system does not send funds itself, but ensures the transmission of messages between financial institutions. This is similar to the cryptocurrency Ripple (XRP) - which provides a payment transaction framework rather than actively transferring payments itself. Russia does have its own domestic alternative to SWIFT - SPFS - but no concrete figures are provided for this system.

Cross-Border Payment Service Market Outlook

The global Cross-Border Payment Service market size was valued at approximately USD 25 billion in 2023 and is projected to reach around USD 60 billion by 2032, growing at a CAGR of 10.5% during the forecast period. This growth is propelled by increasing globalization, advancements in financial technology, and a growing demand for seamless international transactions. The surge in international trade, coupled with the rise of e-commerce, has necessitated the efficient handling of cross-border payments, thereby driving the market forward.

One of the primary growth factors for the cross-border payment service market is the increasing globalization of businesses. As companies expand their operations beyond their domestic markets, there is a burgeoning need for efficient and reliable cross-border payment solutions. These services enable businesses to manage their international transactions smoothly, ensuring that they can operate seamlessly on a global scale. Furthermore, the rise of multinational corporations and the growing trend of outsourcing have also contributed significantly to the expansion of this market.

Advancements in financial technology (FinTech) are also playing a crucial role in driving the growth of the cross-border payment service market. Innovations in blockchain technology, artificial intelligence, and machine learning are revolutionizing the way cross-border payments are processed. These technologies are not only enhancing the speed and efficiency of transactions but are also improving security and reducing the costs associated with international payments. This technological evolution is making cross-border payments more accessible and convenient for businesses and consumers alike.

The increasing popularity of e-commerce is another significant factor contributing to the growth of the cross-border payment service market. As more consumers shop online from international retailers, the demand for efficient and cost-effective cross-border payment solutions is on the rise. E-commerce platforms are partnering with payment service providers to offer seamless international payment options, thereby enhancing the overall customer experience. The convenience and accessibility of online shopping are driving the need for robust cross-border payment systems.

From a regional perspective, the growth of the cross-border payment service market is being driven by the Asia Pacific region, which is emerging as a key player in the global market. The rapid economic growth in countries like China and India, coupled with the increasing adoption of digital payment solutions, is propelling the market forward. Additionally, the presence of a large number of small and medium-sized enterprises (SMEs) in the region is contributing to the rising demand for cross-border payment services. North America and Europe are also significant markets, driven by the high volume of international trade and strong technological infrastructure.

Digital Money Transfer and Remittances are increasingly becoming integral components of the cross-border payment landscape. With the rise of global migration and the need for individuals to send money back to their home countries, digital platforms are offering more efficient and cost-effective solutions. These platforms leverage advanced technologies to provide faster transaction times and lower fees compared to traditional methods. As a result, digital remittance services are gaining popularity among users who prioritize convenience and affordability. This trend is particularly evident in regions with high migrant populations, where the demand for reliable and secure money transfer services is on the rise. The integration of digital solutions in remittances is not only enhancing user experience but also contributing to financial inclusion by providing access to financial services for underserved communities.

Transaction Type Analysis

The cross-border payment service market is segmented by transaction type into Business to Business (B2B), Business to Consumer (B2C), Consumer to Business (C2B), and Consumer to Consumer (C2C). Each of these segments plays a vital role in the overall market dynamics, catering to different needs and preferences of end-users.

The B2B segment is a major contributor to the cross-border payment service market. Businesses engaging in international trade rely heavily on efficient and secure payment soluti

Instant payment transactions in the UK, using Faster Payments (FP), grew by over *** million between 2021 and 2022. This may indicate that the use of real-time payments is growing in the United Kingdom. Note, however, that Faster Payments - a system rolled out in early 2008 - mostly serves bank transfers and is not necessarily used for consumer payments. FP, in that sense, is more akin to a clearing house system similar to SWIFT as opposed to instant payment schemes Pix in Brazil or CoDi in Mexico, which were deliberately created by domestic banks to help promote digital payments in those countries.

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Real Time Payments Market Size 2025-2029

The real time payments market size is forecast to increase by USD 188.14 billion at a CAGR of 46.7% between 2024 and 2029.

The Real Time Payments (RTP) market is experiencing significant growth, driven by the increasing adoption of smartphones and access to high-speed Internet. The digitalization of payments is accelerating, with consumers and businesses seeking faster and more convenient transaction processing. However, this rapid growth comes with challenges. Security concerns, particularly the rise in data breaches, are a major challenge for the RTP market. As more money transactions move online, ensuring the security and privacy of sensitive financial information becomes increasingly important. Companies must invest in robust security measures to mitigate these risks and build trust with their customers.
Additionally, regulatory compliance and interoperability between different payment systems are also key challenges. Despite these hurdles, the RTP market presents significant opportunities for innovation and growth. Companies that can effectively address security concerns and navigate regulatory complexities will be well-positioned to capitalize on the market's momentum and meet the evolving needs of digital consumers and businesses.

What will be the Size of the Real Time Payments Market during the forecast period?

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Payment service providers play a crucial role in the dynamic payment market, offering various solutions such as payment user interfaces, payment processors, virtual cards payment, and payment facilitators. Embedded finance is a growing trend, integrating financial services into non-financial industries through these providers. Mobile banking and digital identity are key components of this evolving payment ecosystem. Payment processors ensure seamless transactions, while payment orchestration optimizes the use of multiple processors. Payment fraud detection and risk management are essential for maintaining security standards, including PCI DSS. Faster payments, such as real-time risk assessment and account-to-account transactions, are driving the market.
Distributed ledger technology and digital banking innovations, like request to pay and push payments, are transforming the payment landscape. Payment transaction costs, processing time, and user experience are critical factors influencing consumer preferences. Payment gateway aggregation and network connectivity enhance payment network interoperability, enabling SWIFT gpi and frictionless payments. Payment transaction volume and success rate are essential metrics for businesses, with pull payments and payment rejection rate impacting approval rates. Payment network interoperability and seamless payments contribute to a better user experience. Payment data analytics provide valuable insights, improving overall payment processing efficiency.

How is this Real Time Payments Industry segmented?

The real time payments industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Component

  Solutions
  Services


Deployment

  On-premises
  Cloud


Sector

  Large enterprises
  SMEs


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa



  APAC

    China
    India
    Singapore
    Thailand


  South America



  Rest of World (ROW)

By Component Insights

The solutions segment is estimated to witness significant growth during the forecast period.

In the dynamic realm of financial transactions, advanced payment solutions have become integral components of modern business operations. These solutions encompass payment gateway systems, wallet solutions, and point-of-sale systems. Payment gateways serve as secure and real-time digital payment acceptance platforms, enabling seamless transactions between merchants, shoppers, and financial institutions. The proliferation of the Internet and its decreasing costs have fueled the digital and technological shift in various sectors, including retail, education, agriculture, logistics, finance, and healthcare. This transformation has led to a significant surge in digital payments across multiple industries worldwide. Payment wallet solutions, consisting of mobile wallets and peer-to-peer (P2P) payments, have gained immense popularity due to their convenience and accessibility.

The integration of cloud computing, application programming interfaces (APIs), and API integration has streamlined payment processing and authentication, enhancing the overall customer experience. Biometric authentication, two-factor authentication, and fraud prevention measures ensure the security of these transactions. Moreo

The global cross-border payment service market is experiencing robust growth, driven by the increasing volume of international trade, e-commerce transactions, and cross-border remittances. The market, estimated at $1.5 trillion in 2025, is projected to expand at a Compound Annual Growth Rate (CAGR) of 15% from 2025 to 2033, reaching approximately $5 trillion by 2033. This surge is fueled by several key factors: the proliferation of digital payment platforms offering faster, more secure, and cheaper alternatives to traditional methods; the increasing adoption of mobile wallets and fintech solutions; and the globalization of businesses and individual interactions. The B2C segment dominates the market, primarily driven by the growth of online shopping and international money transfers to support family and friends abroad. However, the B2B segment is also experiencing significant growth, fueled by the expansion of international supply chains and the need for efficient and cost-effective payment solutions for businesses operating globally. Geographic expansion continues to be a significant driver, with developing economies demonstrating substantial growth potential. Regulatory changes and the ongoing need for enhanced security measures remain critical considerations for market participants. Market segmentation reveals a dynamic landscape. The personal application segment holds a larger share due to the rise in individual cross-border transactions for travel, education, and remittances. However, the enterprise segment is experiencing faster growth, driven by the increasing complexity and volume of international business payments. Regionally, North America and Europe currently hold the largest market shares due to established digital infrastructure and a high concentration of multinational corporations. However, the Asia-Pacific region is anticipated to show the fastest growth, fueled by rapid economic expansion and rising internet and smartphone penetration. Restraints on market growth include fluctuating exchange rates, cross-border regulations, and security concerns regarding data privacy and fraud. Despite these challenges, the market's robust growth trajectory remains largely positive, indicating promising opportunities for existing and emerging players.

Real-Time Payments Market Outlook

In 2023, the global market size of real-time payments was valued at approximately USD 15.5 billion and is projected to reach USD 75.4 billion by 2032, exhibiting a robust CAGR of 19.2% during the forecast period. The significant growth factor driving this market includes the increasing demand for instantaneous fund transfers among businesses and consumers, facilitated by the proliferation of digital payment platforms and the rising adoption of smartphones and internet services worldwide.

The surge in digital transformation across various industries has been a major catalyst in the expansion of the real-time payments market. As businesses strive for operational efficiency and superior customer experiences, the need for immediate financial transactions has become paramount. The integration of advanced technologies such as artificial intelligence, blockchain, and machine learning in payment systems has further enriched the capabilities of real-time payments, ensuring secure, transparent, and swift transactions. Additionally, the growing preference for contactless payments amidst the COVID-19 pandemic has accelerated the shift towards real-time payment solutions.

Another significant growth driver is the supportive regulatory environment in various countries, which is fostering the adoption of real-time payment systems. Governments and financial regulatory bodies are increasingly recognizing the benefits of real-time payments in enhancing financial inclusion and improving the overall efficiency of the payment ecosystem. For instance, initiatives like the European Payment Services Directive (PSD2) and the U.S. Federal Reserve's FedNow Service are aimed at promoting real-time payments, thereby boosting market growth.

Furthermore, the collaboration between financial institutions and fintech companies has played a crucial role in the advancement of the real-time payments market. Financial institutions are leveraging the innovative capabilities of fintech firms to offer seamless and efficient payment solutions to their customers. This symbiotic relationship is driving the development of new real-time payment platforms and the enhancement of existing ones, thereby expanding the market footprint. Additionally, the increasing penetration of mobile banking and the rise of peer-to-peer (P2P) payment applications are contributing to the market's growth trajectory.

Regionally, North America holds a significant share in the real-time payments market, driven by the early adoption of advanced payment technologies and the presence of major market players. The region is expected to maintain its dominance throughout the forecast period, owing to continuous investments in payment infrastructure and the rising popularity of digital payment methods. Meanwhile, the Asia Pacific region is anticipated to witness the highest growth rate, fueled by the rapidly expanding digital economy, growing smartphone penetration, and supportive government initiatives promoting cashless transactions.

Component Analysis

The real-time payments market by component is bifurcated into solutions and services, each playing a pivotal role in the overall ecosystem. Solutions encompass the software and platforms that enable real-time payment processing, while services include the support, maintenance, and consulting services that ensure smooth implementation and operation of these solutions. The solutions segment holds a dominant share in the market, primarily due to the increasing need for advanced payment platforms that can handle high transaction volumes with speed and accuracy.

Within the solutions segment, payment gateways and processing platforms are crucial components, facilitating the seamless execution of real-time transactions. These platforms are equipped with capabilities such as fraud detection, data encryption, and transaction monitoring, ensuring secure and efficient payment processing. The demand for robust payment solutions is further driven by the growing complexity of payment transactions and the need for compliance with regulatory requirements. As businesses expand their digital presence, the adoption of sophisticated payment solutions is expected to rise, propelling the growth of this segment.

On the other hand, the services segment is gaining traction as organizations seek expert guidance and support for the deployment and management of real-time payment systems. Professional services, including system integration, consulting, and training, are essential for the successful implementation of real-time payment so

International Money Transfer Service Market Outlook

In 2023, the global market size for international money transfer services is approaching $700 billion, with projections indicating it will surpass $1.2 trillion by 2032, growing at an impressive CAGR of 6.5% during this period. Factors driving this robust growth include technological advancements, increased globalization, and the growing need for efficient cross-border payment solutions.

The growth of the international money transfer service market is substantially driven by technological advancements that have made digital transfers more secure, efficient, and user-friendly. The advent of blockchain technology and AI-driven fraud detection systems has considerably lowered the risks associated with money transfers. Furthermore, mobile banking and fintech innovations have democratized access to these services, enabling users to transfer money across borders with just a few taps on their smartphones. This has significantly increased the adoption rates among consumers and businesses alike, further propelling market growth.

Globalization has also played a pivotal role in the expansion of the international money transfer service market. As businesses and individuals increasingly operate on a global scale, the need for reliable and swift cross-border payment solutions has never been greater. The rise of remote work and global freelancing has also contributed to this trend, as companies seek efficient ways to compensate international employees and contractors. Additionally, the growing migrant population across various countries has fueled the demand for remittance services, which are a critical lifeline for many families.

Financial inclusion is another major growth driver for the market. Traditional banking systems have often excluded a significant portion of the global population, particularly in developing regions. However, fintech companies have stepped in to fill this gap by offering accessible and affordable money transfer services. This has not only expanded the customer base for international money transfer services but also stimulated market growth by introducing competitive pricing and innovative service offerings. Financial literacy programs and partnerships with local fintech companies are further enhancing market penetration in underserved regions.

The evolution of Cross-Border Payment Service has been instrumental in shaping the international money transfer landscape. As businesses and individuals increasingly engage in global transactions, the demand for seamless and efficient cross-border payment services has surged. These services facilitate the transfer of funds across different countries and currencies, ensuring that payments are processed quickly and securely. The integration of advanced technologies such as blockchain and AI has further enhanced the reliability and speed of these services, making them a preferred choice for both personal and business transactions. As the global economy continues to expand, the role of cross-border payment services will become even more critical in supporting international trade and commerce.

From a regional perspective, the Asia Pacific region is expected to witness the highest growth rates, driven by the significant volume of remittances sent to countries like India, China, and the Philippines. North America and Europe also represent substantial markets due to their large expatriate populations and the presence of major financial hubs. Latin America and the Middle East & Africa are gradually emerging as important markets, spurred by improving economic conditions and increased digital adoption. The varied economic landscapes and regulatory environments across these regions will shape the future dynamics of the international money transfer service market.

Type Analysis

Bank transfers continue to dominate the international money transfer service market, particularly among older and more traditional consumers. These transfers are often considered the most secure method for transferring large sums of money internationally, and they benefit from the established trust and reliability of banking institutions. However, the process can be time-consuming and expensive due to the involvement of multiple intermediary banks and stringent regulatory requirements. Despite these challenges, bank transfers remain a popular choice for businesses and individuals who prioritize security and reliability over speed and cost.

The global cross-border payment platform market is experiencing robust growth, driven by the increasing volume of international transactions facilitated by e-commerce, globalization, and the rise of digital economies. The market's expansion is fueled by several key factors: the increasing adoption of mobile payment solutions, the growing demand for secure and efficient payment gateways, and the continuous development of innovative technologies like blockchain and AI to enhance transaction processing speed and security. Major players like PayPal, Google Checkout, and Worldpay are leading the market, constantly innovating to capture market share and cater to the evolving needs of businesses and consumers engaged in cross-border commerce. Competition is intense, pushing players to offer competitive pricing, enhanced security features, and wider geographical reach. While regulatory hurdles and varying transaction fees in different regions pose challenges, the overall growth trajectory remains positive. We estimate the market size in 2025 to be approximately $2 trillion, reflecting the significant volume of cross-border transactions. Assuming a conservative CAGR of 15% (a reasonable estimate given the market's dynamics), we project the market size to reach approximately $4 trillion by 2033. This growth is expected across various segments including B2B, B2C, and P2P transactions. The market segmentation is expected to further evolve with specialized platforms emerging to serve niche industries and regions. The adoption of open banking APIs also presents opportunities for the industry to integrate seamlessly with financial institutions, streamlining cross-border payments. Geopolitical factors and fluctuations in exchange rates can impact market growth, requiring platforms to adapt to these dynamics through robust risk management and hedging strategies. The continuous advancement in fintech solutions will continue to be a significant driver in the coming years, enabling faster, more cost-effective, and secure cross-border payment processing. Continued consolidation within the industry is also anticipated, leading to further innovation and enhanced market penetration.

B2B Payments Market Outlook

The global B2B payments market size was valued at $1.2 trillion in 2023 and is projected to reach $2.5 trillion by 2032, growing at a compound annual growth rate (CAGR) of 8.5% during the forecast period. The market is experiencing significant growth driven by the increasing adoption of digital payment solutions, the expansion of global trade, and the necessity for efficient and secure transaction methods in the business ecosystem. This growth is further bolstered by technological advancements in payment processing and the increasing focus on reducing transaction times and associated costs.

A critical growth factor for the B2B payments market is the rapid digital transformation across various industries. Businesses are increasingly opting for digital payment solutions to streamline their financial operations, reduce fraud, and enhance transaction transparency. The proliferation of electronic invoicing and advanced analytics tools has allowed firms to manage their cash flows more effectively and make real-time financial decisions, thus fueling the adoption of B2B payment solutions.

Another significant factor contributing to the market's expansion is the globalization of trade. As companies increasingly engage in international trade, there is a growing need for efficient cross-border payment solutions that facilitate seamless transactions and currency exchanges. The rise of e-commerce and online marketplaces has also played a vital role in driving demand for advanced B2B payment platforms, as businesses require robust and secure payment methods to handle high transaction volumes and varied payment preferences of international buyers and suppliers.

The regulatory landscape is also influencing the growth trajectory of the B2B payments market. Governments and regulatory bodies worldwide are implementing stringent policies to ensure secure and transparent financial transactions. Compliance with these regulations necessitates the adoption of advanced payment systems that can provide real-time tracking, reporting, and fraud detection features. This regulatory push is prompting businesses to upgrade their payment infrastructure, thereby contributing to market growth.

The emergence of a Cross-Border Payment Platform is revolutionizing the way businesses handle international transactions. These platforms are designed to simplify the complexities associated with cross-border payments by offering seamless currency conversion and compliance with diverse regulatory standards. By leveraging advanced technologies such as blockchain and artificial intelligence, these platforms enhance transaction security and reduce processing times, making them an attractive option for businesses engaged in global trade. The integration of these platforms with existing financial systems allows for real-time tracking and reporting, providing businesses with greater transparency and control over their international financial operations. As global trade continues to expand, the demand for efficient cross-border payment solutions is expected to rise, further driving the growth of the B2B payments market.

Regionally, North America holds a significant share in the B2B payments market, attributed to the presence of major market players and the early adoption of innovative payment technologies. The Asia Pacific region is anticipated to witness the highest growth rate during the forecast period, driven by the rapid digitalization of economies, the expansion of SMEs, and government initiatives promoting cashless transactions. Europe and Latin America are also expected to exhibit substantial growth, supported by the increasing focus on enhancing payment infrastructure and the rise of fintech innovations.

Payment Type Analysis

The B2B payments market is segmented based on payment types into domestic payments and cross-border payments. Domestic payments, which involve transactions within a single country, are prevalent due to their lower complexity and reduced regulatory requirements. These payments are often preferred by small and medium enterprises (SMEs) that primarily operate within local markets. The convenience and lower transaction costs associated with domestic payments are key drivers behind their extensive adoption across various industry verticals.

Cross-border payments, on the other hand, are growing in prominence as businesses increasingly engage in international trade. These payments invol

The global overseas transfer market is experiencing robust growth, driven by increasing cross-border e-commerce, international remittances, and the expansion of businesses with global operations. The market size in 2025 is estimated at $1.5 trillion, exhibiting a Compound Annual Growth Rate (CAGR) of 12% from 2025 to 2033. This significant expansion is fueled by several key factors. Firstly, the rise of digital payment platforms and fintech solutions provides consumers and businesses with faster, cheaper, and more convenient ways to transfer money internationally. Secondly, globalization and increased international trade are creating a higher demand for seamless cross-border transactions. Furthermore, the growing adoption of mobile technology and the expansion of internet penetration, especially in emerging markets, are significantly contributing to market growth. The B2B segment, encompassing overseas transfers for business purposes, is expected to witness faster growth than the B2C segment due to the increasing complexity and volume of international business transactions. Key players such as PayPal, Worldpay, and MoneyGram are strategically investing in technological advancements and expanding their global reach to capitalize on this growth. However, the market also faces challenges. Regulatory complexities and varying compliance requirements across different jurisdictions pose significant hurdles for providers. Fluctuations in exchange rates and cross-border transaction fees can also impact consumer and business decisions. Security concerns related to online financial transactions remain a major concern, requiring robust security measures and consumer education. Despite these challenges, the long-term outlook for the overseas transfer market remains positive, driven by continued technological innovation, increasing globalization, and the growing demand for efficient and secure international money transfer services. The market is segmented by transfer type (B2B and B2C) and application (personal and merchant), offering opportunities for specialized providers to cater to specific market needs. Regional growth will vary, with faster expansion anticipated in regions with rapidly growing economies and high levels of internet penetration.

Payment Cards: Transactions: Vol: Issued in Denmark: Debit: International: E-commerce data was reported at 71,100.000 Unit th in Mar 2025. This records a decrease from the previous number of 73,413.000 Unit th for Dec 2024. Payment Cards: Transactions: Vol: Issued in Denmark: Debit: International: E-commerce data is updated quarterly, averaging 40,976.000 Unit th from Mar 2016 (Median) to Mar 2025, with 37 observations. The data reached an all-time high of 73,413.000 Unit th in Dec 2024 and a record low of 24,597.000 Unit th in Mar 2016. Payment Cards: Transactions: Vol: Issued in Denmark: Debit: International: E-commerce data remains active status in CEIC and is reported by Statistics Denmark. The data is categorized under Global Database’s Denmark – Table DK.KA004: Payment Cards: Transactions. [COVID-19-IMPACT]

Money Remittances: International Transaction Received: Volume data was reported at 34,394.000 Unit in Dec 2019. This records a decrease from the previous number of 35,666.000 Unit for Sep 2019. Money Remittances: International Transaction Received: Volume data is updated quarterly, averaging 37,296.000 Unit from Mar 2014 (Median) to Dec 2019, with 24 observations. The data reached an all-time high of 42,182.000 Unit in Jun 2015 and a record low of 31,727.000 Unit in Sep 2017. Money Remittances: International Transaction Received: 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.KA007: Payment System Тurnover. [COVID-19-IMPACT]

Hungary Money Remittances: International Transaction Sent: Volume data was reported at 17,398.000 Unit in Dec 2019. This records an increase from the previous number of 16,636.000 Unit for Sep 2019. Hungary Money Remittances: International Transaction Sent: Volume data is updated quarterly, averaging 14,193.500 Unit from Mar 2014 (Median) to Dec 2019, with 24 observations. The data reached an all-time high of 17,749.000 Unit in Jun 2018 and a record low of 12,956.000 Unit in Mar 2017. Hungary Money Remittances: International Transaction Sent: 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.KA007: Payment System Тurnover. [COVID-19-IMPACT]

The Canadian payment gateway market, valued at $1.81 billion in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 22.04% from 2025 to 2033. This surge is driven by the increasing adoption of e-commerce, the rising preference for digital payments amongst consumers, and the expanding mobile commerce sector within Canada. Key factors fueling this growth include the government's initiatives promoting digitalization, the increasing penetration of smartphones and internet access, and the growing demand for secure and convenient online transaction solutions across various industries, particularly travel, retail, BFSI (Banking, Financial Services, and Insurance), and media and entertainment. The market is segmented by deployment type (hosted and non-hosted), enterprise size (SMEs and large enterprises), and end-user industry. The hosted payment gateway segment is expected to dominate due to its cost-effectiveness and ease of integration. Large enterprises are anticipated to drive significant market share owing to their higher transaction volumes and sophisticated technological infrastructure. Competition is intense, with major players like PayPal Holdings Inc., Interac Corporation, Stripe, Block Inc., and Moneris Solutions vying for market share, fostering innovation and driving prices down. Growth in the Canadian market is further bolstered by the government's focus on reducing reliance on cash transactions and promoting digital financial inclusion. However, challenges remain, such as concerns about data security and fraud, regulatory hurdles concerning data privacy, and the need for robust cybersecurity measures to maintain consumer trust. Nevertheless, the overall market outlook remains positive, fueled by continued technological advancements in payment processing, the emergence of innovative payment methods (e.g., mobile wallets, Buy Now Pay Later options), and the expanding adoption of omnichannel payment strategies. The increasing adoption of cloud-based payment solutions and the growing demand for integrated payment platforms will further contribute to market expansion in the forecast period. Recent developments include: April 2024: Payments Canada, in partnership with tech giants IBM and CGI, is set to unveil its Real-Time Rail (RTR) system for swift digital payments by 2026. This announcement comes after a decade-long journey marked by several delays since the initiative's inception. The RTR system is designed to enhance transaction oversight and security for Canadians, enabling real-time payments around the clock every day of the year, with swift clearance and settlement in mere seconds.May 2024: Intellect Design Arena Ltd, a versatile financial technology company catering to banks, credit unions, and insurance clients, has unveiled the Canada eMACH.ai Cloud tailored for banks and credit unions. This all-encompassing product suite covers areas such as digital engagement, liquidity, virtual accounts, and core banking (encompassing Payments and Deposits). With integrated AI, these offerings empower financial institutions to customize their digital services, meeting but surpassing customer expectations and driving growth. Furthermore, all products are fully operational or specifically designed for the Canadian market.. Key drivers for this market are: Increased E-commerce Sales and High Internet Penetration Rate, Increased Demand for Mobile-based Payments; Growing Adoption of Payment Gateways in Retail. Potential restraints include: Increased E-commerce Sales and High Internet Penetration Rate, Increased Demand for Mobile-based Payments; Growing Adoption of Payment Gateways in Retail. Notable trends are: Increased Demand for Mobile-based Payments.

Faster Payment Service (FPS) Market Outlook

The global Faster Payment Service (FPS) market size was valued at approximately USD 200 billion in 2023 and is projected to reach around USD 550 billion by 2032, growing at a robust CAGR of 12%. This impressive growth is driven by advancements in digital banking technologies and the increasing demand for real-time payment solutions. As more businesses and consumers seek quick and efficient transaction methods, the FPS market is poised for significant expansion.

One of the primary growth factors for the FPS market is the widespread adoption of digital payment solutions. With the rise of e-commerce and digital banking, there is a growing need for faster and more reliable payment systems. The convenience and efficiency offered by FPS over traditional payment methods are leading to its increased adoption among businesses and consumers alike. In addition, the COVID-19 pandemic has accelerated the shift towards digital transactions, further propelling the demand for fast payment services.

Another significant factor contributing to the market's growth is regulatory support and initiatives by governments worldwide. Many countries are implementing regulations that promote the use of faster payment systems to enhance financial inclusion and economic efficiency. For example, the UK's Faster Payments Service and the European Union's SEPA Instant Credit Transfer are initiatives that aim to facilitate real-time payments across the respective regions. Such regulatory frameworks are creating a conducive environment for the growth of the FPS market.

Technological advancements in payment processing are also playing a crucial role in the growth of the FPS market. Innovations such as blockchain technology, artificial intelligence, and machine learning are enhancing the security, speed, and reliability of payment systems. These technologies are enabling faster processing times, reducing fraud risks, and improving the overall customer experience. As a result, more financial institutions and businesses are investing in FPS solutions to stay competitive in the digital era.

From a regional perspective, North America and Europe are currently leading the FPS market, primarily due to the early adoption of digital payment technologies and robust financial infrastructure. However, regions like Asia Pacific are expected to witness the highest growth rates due to the increasing penetration of smartphones and internet connectivity, coupled with a large unbanked population. The Asia Pacific region's rapid economic growth and favorable regulatory environment also contribute to the strong outlook for FPS adoption.

Component Analysis

In the FPS market, the component segment can be divided into software, hardware, and services. Each of these components plays a vital role in the overall functioning and efficiency of faster payment systems. The software component involves the development and implementation of digital platforms that facilitate real-time payments. These software solutions are critical for ensuring secure and swift transaction processing, and they often include features such as fraud detection and user authentication.

Hardware components in the FPS market include the physical devices and infrastructure required to support faster payment transactions. This can range from point-of-sale (POS) terminals to servers and network equipment. As the demand for real-time payments grows, there is a corresponding need for robust and reliable hardware that can handle high transaction volumes without compromising on speed or security. Financial institutions and payment service providers are increasingly investing in advanced hardware solutions to meet these requirements.

The services component encompasses a wide range of support and maintenance activities necessary for the smooth operation of FPS. This includes consulting services for system integration, technical support, and regular updates to ensure compliance with evolving regulatory standards. Managed services are also becoming increasingly popular, where third-party providers handle the end-to-end management of faster payment systems, allowing businesses to focus on their core operations.

The integration of these components is crucial for the effective deployment and operation of FPS. Software and hardware need to work seamlessly together to provide a cohesive and reliable payment solution. Additionally, ongoing services and support are essential to address any issues that may arise and to keep the syst

Netherlands - Volume of cashless payments, card and e-money payments with cards and e-money issued inside the country, by card with a debit function

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

Indonesia - Volume of cashless payments, card and e-money payments with cards and e-money issued inside the country by e-money payments