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 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.