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.

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.

Market Size and Growth: The UK digital payment industry has experienced steady growth, reaching a market size of £490.77 million in 2025. It is projected to continue expanding at a CAGR of 11.60% over the next ten years, driven by the increasing adoption of cashless transactions, e-commerce, and mobile payments. Key drivers of this growth include government initiatives promoting digital payments, increasing consumer preference for contactless and secure transactions, and the expansion of online retail. Industry Trends, Restraints, and Key Players: Several trends are shaping the UK digital payment industry, including the rise of mobile wallets, the integration of artificial intelligence (AI) and machine learning (ML) for fraud detection, and the growing importance of data security. However, concerns over privacy and data breaches remain restraints for the industry. Major players in the UK digital payment market include Visa Inc., Klarna Inc., Worldpay Inc., and PayPal Payments Private Limited. These companies are investing heavily in innovation and partnerships to meet the evolving needs of consumers and businesses alike. The industry is expected to see continued consolidation as larger players acquire smaller fintech startups with niche offerings. Recent developments include: November 2023 - Square launched Tap to Pay on iPhone across the United Kingdom, making it the third market globally where the company will offer the technology to its sellers. Available within the Square for Retail, Square Point of Sale, and Square Appointments iOS apps, Tap to Pay on iPhone enables sellers of all sizes to accept contactless payments directly from their iPhone, without additional hardware required and at no extra cost., February 2023: International payment provider ECOMMPAY launched a new BNPL payment solution for UK travel companies amid calls for tighter rules in the BNPL sector. Built with the company's proprietary technology, the new payment solution promises 24/7 customer support with a robust risk scoring system tailored to an individual's travel circumstances, offering higher credit limits for specific travel needs and credit return limits to protect booking agencies and travel agents.. Key drivers for this market are: High Proliferation of E-commerce, including the rise of m-commerce and cross-border e-commerce supported by the increase in purchasing power, Enablement Programs by Key Retailers and Government encouraging digitization of the market; Growth of Real-time Payments, especially Buy Now Pay Later in the country. Potential restraints include: , Stringent Regulations in the Payments Industry. Notable trends are: Card Payments to Witness Significant Growth.

Snapshot img

Remittance Market Size 2024-2028

The remittance market size is forecast to increase by USD 57 bn at a CAGR of 13.54% between 2023 and 2028.

The market is experiencing significant growth, driven by technological advancements and government initiatives to promote digital payments. Keywords such as payments, wallets, and software are transforming the industry through FinTech innovations. The integration of blockchain technology, artificial intelligence, big data, and R analytics is revolutionizing the remittance landscape. Digital remittance solutions are increasingly popular, offering convenience, speed, and cost savings. However, challenges persist, including security concerns, regulatory compliance, and the need for financial education to ensure users fully understand the benefits and risks of digital remittances. As the market continues to evolve, staying informed about these trends and challenges is essential for businesses and individuals alike.

What will be the Size of the Remittance Market During the Forecast Period?

Request Free SampleThe market encompasses money transfers initiated by migratory workers and individuals seeking to send funds across borders. This market is characterized by a significant volume of cross border transactions, facilitated through digital transfer platforms and online transactions. Electronic devices, including mobile phones, have become increasingly important tools for executing these transactions, leading to the growth of digital remittance services. Financial security and anonymity are key considerations for users, who often incur extra fees and navigate complex paperwork to complete transactions. Regulators play a crucial role In the digital remittance business, implementing regulations to mitigate risks such as money laundering and terrorism funding.Despite these challenges, the market continues to expand, driven by the increasing popularity of digital payments and the need for convenient, cost-effective cross border payments. Money transfer costs remain a significant concern for users, with fees varying widely among different providers. Lack of knowledge and security barriers can also hinder adoption, necessitating education and innovation to address these concerns.

How is this Remittance Industry segmented and which is the largest segment?

The remittance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. MethodNon-digitalDigitalTypeInwardOutwardGeographyNorth AmericaUSEuropeUKAPACMiddle East and AfricaSouth America

By Method Insights

The non-digital segment is estimated to witness significant growth during the forecast period. The non-digital segment dominates The market, accounting for the largest revenue share in 2023. Traditional methods such as Automated Teller Machines (ATMs) and cheques offer accessibility to senders and recipients, flexible remittance channels, and fund accessibility to recipients. The sense of security experienced through offline transactions is a significant factor contributing to the growth of this segment. Prior to the emergence of digital channels, non-digital methods were the only means for international remittances. Key advantages of non-digital remittance include ease of use, convenience, and the absence of digital barriers for international residents. These factors are expected to drive the growth of the non-digital segment In the market during the forecast period.Cross-border transactions continue to be a crucial aspect of the international economy, with migratory workers playing a significant role in driving remittance volumes. Regulators play a crucial role in ensuring financial security and preventing money laundering and terrorism funding through digital remittance services. Digital payment solutions, including mobile wallets and blockchain technology, are gaining popularity but still trail behind non-digital methods in terms of market share.

Get a glance at the market report of various segments Request Free Sample

The Non-digital segment was valued at USD 34.00 bn in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market size of various regions, Request Free Sample

The digital the market is experiencing significant growth due to the increasing number of migratory workers requiring cross-border transactions. Digital transfer platforms and online transactions have become increasingly popular, facilitated by the widespread use of electronic devices. Cross-border

United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Outflows: % of GDP data was reported at 5.608 % in 2017. This records an increase from the previous number of 1.977 % for 2016. United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Outflows: % of GDP data is updated yearly, averaging 2.574 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 17.722 % in 2000 and a record low of -3.769 % in 2014. United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Outflows: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Capital and Financial Account. Foreign direct investment refers to direct investment equity flows in an economy. It is the sum of equity capital, reinvestment of earnings, and other capital. Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy. Ownership of 10 percent or more of the ordinary shares of voting stock is the criterion for determining the existence of a direct investment relationship. This series shows net outflows of investment from the reporting economy to the rest of the world, and is divided by GDP.; ; International Monetary Fund, Balance of Payments database, supplemented by data from the United Nations Conference on Trade and Development and official national sources.; Weighted average; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

Money transfers to other countries outside the United Kingdom were nearly ** times higher in 2021 than money received. Remittances refer to cross-border payments to family or friends and are often associated with migrant workers sending money back home to friends or relatives back in their communities of origin. It is estimated that about *** in ***** people worldwide are involved with remittances - substantially impacting payment behavior in, especially, Asia and Latin America. For the United Kingdom, the top five recipient countries for remittances in 2021 included India, Pakistan, Nigeria, France, and Germany. The UK's five main sources for remittances were Australia, the United States, Canada, Spain, and Ireland.

United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Inflows: % of GDP data was reported at 2.467 % in 2017. This records a decrease from the previous number of 10.027 % for 2016. United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Inflows: % of GDP data is updated yearly, averaging 1.761 % from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 10.027 % in 2016 and a record low of -0.075 % in 1984. United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Inflows: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Capital and Financial Account. Foreign direct investment are the net inflows of investment to acquire a lasting management interest (10 percent or more of voting stock) in an enterprise operating in an economy other than that of the investor. It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of payments. This series shows net inflows (new investment inflows less disinvestment) in the reporting economy from foreign investors, and is divided by GDP.; ; International Monetary Fund, International Financial Statistics and Balance of Payments databases, World Bank, International Debt Statistics, and World Bank and OECD GDP estimates.; Weighted average; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

Snapshot img

Credit Card Payments Market Size 2025-2029

The credit card payments market size is forecast to increase by USD 181.9 billion, at a CAGR of 8.7% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing prevalence of online transactions. The digital shift in consumer behavior, fueled by the convenience and accessibility of e-commerce platforms, is leading to a surge in credit card payments. Another key trend shaping the market is the adoption of mobile biometrics for payment processing. This advanced technology offers enhanced security and ease of use, making it an attractive option for both consumers and merchants. However, the market also faces challenges. In developing economies, a lack of awareness and infrastructure for online payments presents a significant obstacle. Bridging the digital divide and educating consumers about the benefits and security of online transactions will be crucial for market expansion in these regions. Effective strategies, such as partnerships with local financial institutions and targeted marketing campaigns, can help overcome this challenge and unlock new opportunities for growth.

What will be the Size of the Credit Card Payments 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, driven by advancements in technology and shifting consumer preferences. Payment optimization through EMV chip technology and payment authorization systems enhances security and streamlines transactions. Cross-border payments and chargeback prevention are crucial for businesses expanding globally. Ecommerce payment solutions, BNPL solutions, and mobile payments cater to the digital age, offering flexibility and convenience. Payment experience is paramount, with user interface design and alternative payment methods enhancing customer satisfaction. Merchant account services and payment gateway integration enable seamless transaction processing. Payment analytics and loyalty programs help businesses understand customer behavior and boost retention. Interchange fees, chargeback management, and dispute resolution are essential components of credit card processing. Data encryption and fraud detection ensure payment security. Multi-currency support and digital wallets cater to diverse customer needs. Customer support and subscription management are vital for maintaining positive relationships and managing recurring billing. Processing rates, settlement cycles, and PCI compliance are key considerations for businesses seeking efficient and cost-effective payment solutions. The ongoing integration of these elements shapes the dynamic and evolving credit card payments landscape.

How is this Credit Card Payments Industry segmented?

The credit card payments 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-userConsumer or individualCommercialProduct TypeGeneral purpose credit cardsSpecialty credit cardsOthersApplicationFood and groceriesHealth and pharmacyRestaurants and barsConsumer electronicsOthersGeographyNorth AmericaUSCanadaEuropeGermanyUKAPACChinaIndiaJapanSouth KoreaSouth AmericaArgentinaBrazilRest of World (ROW).

By End-user Insights

The consumer or individual segment is estimated to witness significant growth during the forecast period.The market is a dynamic and evolving landscape that caters to businesses and consumers alike. Recurring billing enables merchants to automatically charge customers for goods or services on a regular basis, streamlining the payment process for both parties. EMV chip technology enhances payment security, reducing the risk of fraud. Payment optimization techniques help businesses minimize transaction costs and improve authorization rates. Cross-border payments facilitate international business, while chargeback prevention measures protect merchants from revenue loss due to disputed transactions. Ecommerce payment solutions provide convenience for consumers and merchants, with payment gateway integration ensuring seamless transactions. Rewards programs and buy now, pay later (BNPL) solutions incentivize consumer spending. Mobile payments and digital wallets offer flexibility and convenience. Merchants can accept various payment methods, including cryptocurrencies, and benefit from payment analytics and conversion rate optimization. Payment volume continues to grow, necessitating robust fraud detection systems and multi-currency support. Customer support is crucial for resolving disputes and addressing payment issues. Alternative payment methods cater to diverse consumer preferences. The payment experience is key

Snapshot img

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.

Request Free Sample

The La

Snapshot img

Payment Processing Solutions Market Size 2025-2029

The payment processing solutions market size is forecast to increase by USD 93.5 billion, at a CAGR of 13.9% between 2024 and 2029.

The market is witnessing significant growth due to the high adoption of contactless payment solutions. This trend is driven by the increasing preference for cashless transactions and the convenience they offer. Debit card processing, regulatory compliance, and subscription management are essential for businesses, with regulatory requirements and conversion rates influencing the choice of payment gateways, merchant accounts, and payment APIs. Moreover, the global push towards financial inclusion is expanding the market's reach, particularly in emerging economies. However, the market faces challenges related to privacy and security concerns as consumer data becomes an increasingly valuable asset.
To capitalize on opportunities and navigate challenges effectively, players in the market must stay informed of emerging trends and consumer preferences while prioritizing data security and regulatory compliance. Companies must prioritize robust security measures to mitigate risks and maintain consumer trust.

What will be the Size of the Payment Processing Solutions 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 Sample

The market continues to evolve, driven by advancements in technology and the expanding needs of various sectors. Integration services enable seamless incorporation of data encryption, international payments, real-time payments, virtual terminals, reporting and analytics, batch processing, and automated clearing house into business operations. Fraud prevention and dispute resolution are crucial components, with the ongoing development of biometric authentication, two-factor authentication, and EMV chip cards enhancing security protocols. Mobile payments, including contactless payments and QR code payments, are gaining popularity, necessitating the integration of NFC technology and multi-currency support.

Settlement cycles, funding options, chargeback management, and customer support are also vital elements that impact customer retention. The market's dynamism extends to the integration of digital wallets, payment buttons, recurring billing, and transaction history. The continuous unfolding of market activities includes the adoption of PCI compliance, processing volume optimization, and the use of shopping carts and check processing. Cross-border payments and POS systems further expand the market's reach, while transaction fees and currency exchange remain significant factors influencing business decisions. Additionally, regulatory compliance and the integration of advanced technologies, such as artificial intelligence and machine learning, are essential for market success.

How is this Payment Processing Solutions Industry segmented?

The payment processing solutions 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.

Deployment

  Cloud-based
  On-premises


Method

  Credit card
  Debit card
  E-wallet
  Others


End-user

  Retail and e-commerce
  BFSI
  IT and telecommunication
  Others


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By Deployment Insights

The cloud-based segment is estimated to witness significant growth during the forecast period. In today's digital economy, businesses require efficient and secure payment processing solutions to cater to their customers' diverse needs. Cloud-based payment processing is gaining popularity due to its flexibility, scalability, and cost-effectiveness. With cloud deployment, payment processing solutions are hosted on remote servers and accessed online, allowing businesses to avoid the high upfront costs of on-premises infrastructure. This model also offers seamless integration with other cloud-based services, remote access, and effortless software updates. Financial institutions, in particular, have been turning to cloud-based payment platforms to replace outdated legacy systems. These systems struggle to keep pace with the evolving market and technology landscape.

NFC technology and EMV chip cards ensure secure transactions, and transaction history and online payment processing provide a seamless user experience. Mobile payments, settlement cycles, and funding options add to the convenience, while regulatory compliance and PCI DSS certification ensure security. The payment processing market is dynamic and evolving, with cloud-based so

A summary of annual balance of payments accounts, international investment position, financial account and investment income and statistics for the current account.

Snapshot img

Digital Remittance Market Size 2024-2028

The digital remittance market size is forecast to increase by USD 15.2 million at a CAGR of 14.08% between 2023 and 2028. The market is experiencing significant growth due to the quickness and convenience of fund transfers through user-friendly digital payment solutions. With the rising global migration and cross-border remittance processes, the demand for digital platform solutions, including electronic wallets and mobile remittance applications, has increased. Mobile devices and mobile wallets have become essential tools for sending and receiving money across borders. Technological advancements, such as blockchain technology, have enhanced security and transparency, leading to faster transaction settlements. However, the implementation of know-your-customer (KYC) regulations adds complexity to the remittance process. To address this challenge, digital wallet providers are investing in mobile apps and digital wallets to streamline KYC procedures. As the trend of rising cross-border migration continues, the need for efficient and secure digital remittance solutions will remain high. The market is witnessing growth due to technological advancements, user-friendly digital payment solutions, and government initiatives promoting online payments. Cross-border migration and the need for quick and secure fund transfers have led to the increasing popularity of mobile wallets and mobile remittance apps. Blockchain technology enhances security and transparency, enabling faster transaction settlements.

Request Free Sample

The market is witnessing significant growth as more individuals and businesses turn to digital transfer platforms for cross-border transactions. This shift is particularly prominent among migratory workers and families sending money to each other. Traditional methods of sending money, such as physical cash and paper-based transactions, are being replaced by mobile-based payment channels and digital transfer platforms. These electronic devices enable faster, more convenient, and cost-effective online transactions. Cross-border remittances have become an essential part of the global economy, with families and business associates relying on money transfer operators to facilitate these transactions.

However, the use of intermediaries and hidden charges have long been a concern for those sending and receiving money. Digital technology, including fintech innovations like artificial intelligence, data analytics, and chatbots, is revolutionizing the remittance industry. Digital platforms offer a more transparent and efficient way to send and receive money, reducing the need for intermediaries and minimizing hidden charges. Mobile money, a type of digital transfer platform, is becoming increasingly popular for family-to-family money transfers. This technology enables users to send and receive money using their mobile devices, making cross-border transactions faster and more convenient. Online transfer services offer several advantages over traditional methods, including reduced money transfer time, increased security, and the ability to track transactions in real-time.

Moreover, digital technology also enables users to access their account information and perform transactions from anywhere in the world. The market is expected to continue expanding as more individuals and businesses embrace digital transfer platforms. The convenience, efficiency, and cost-effectiveness of digital remittances make them an attractive alternative to physical cash and paper-based transactions. In conclusion, the market is experiencing significant growth as more individuals and businesses turn to digital transfer platforms for cross-border transactions. Digital technology, including mobile money and online transfer services, offers a faster, more convenient, and cost-effective way to send and receive money, making it an essential part of the global economy.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

End-user

  Personal
  Small business
  Migrant labor workforce
  Others


Type

  Outward digital remittance
  Inward digital remittance


Geography

  North America

    US


  Europe

    Germany
    UK


  APAC



  Middle East and Africa



  South America

By End-user Insights

The personal segment is estimated to witness significant growth during the forecast period. The market has witnessed substantial growth in the personal segment due to various factors. Technological advancements and changing demographics are key drivers, with an increasing number of people using digital platforms for international money transfers. This trend is particularly prevalent among younger generations wh

Snapshot img

Digital Banking Platforms Market Size 2025-2029

The digital banking platforms market size is forecast to increase by USD 27.8 billion, at a CAGR of 16.4% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing adoption of digital payment solutions. Open banking APIs, investment platforms, and network security facilitate collaboration and innovation. The shift towards contactless transactions and online banking services is accelerating, as consumers seek convenience and flexibility in managing their finances. Additionally, the rise of blockchain as a service in the banking, financial services, and insurance (BSFI) sector is revolutionizing the industry, offering secure, decentralized solutions for transactions and record-keeping.
Effective implementation of robust security measures and transparent communication with customers regarding data usage will be crucial for market players looking to capitalize on the opportunities presented by this dynamic market. Companies must remain agile and innovative, addressing these challenges while staying abreast of the latest trends and technologies to maintain a competitive edge. Biometric authentication and incident response systems further bolster online banking security.

What will be the Size of the Digital Banking Platforms 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 Sample

The digital banking landscape continues to evolve, with innovative technologies and applications shaping the industry's dynamics. Multi-factor authentication (MFA) and fraud detection systems ensure secure international payments, while API security and data analytics strengthen application security. Wealth management tools and algorithmic trading platforms cater to diverse financial needs, with risk management tools providing essential safeguards. Integration of cryptocurrency, checking accounts, and mobile banking apps broadens accessibility, enhancing financial inclusion. Contactless payments, QR code payments, and mobile wallets offer seamless transaction processing. Digital identity verification and KYC compliance ensure regulatory adherence, while account aggregation and AML compliance maintain transparency.

Blockchain technology, data encryption, and customer support prioritize data privacy and security. Real-time payments, cross-border transactions, and accessibility features cater to diverse customer needs. Vulnerability management and regulatory compliance remain crucial aspects of this dynamic market. However, this market is not without challenges. Issues related to data privacy and security continue to pose significant obstacles, as financial institutions navigate the complexities of protecting sensitive customer information in a digital age.

How is this Digital Banking Platforms Industry segmented?

The digital banking platforms 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.

Type

  Retail banking
  Corporate banking


Component

  Platforms
  Services


Service Type

  Online banking
  Mobile banking


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    Italy
    UK


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By Type Insights

The Retail banking segment is estimated to witness significant growth during the forecast period. In the retail banking landscape, digital platforms have become a priority for both customers and financial institutions. The shift towards digital banking is driven by the convenience and time-saving benefits it offers. Spending on application development, maintenance, system integration, IT consulting, software deployment, and hardware deployment in the retail sector for digital banking platforms continues to grow. Multi-factor authentication (MFA), fraud detection systems, API security, data analytics, and digital identity verification are integral components of these platforms, ensuring robust security for customers. Wealth management tools, algorithmic trading platforms, and investment platforms offer personalized financial services.

Risk management, application security, and network security safeguard transactions and customer data. Real-time payments, bill payment systems, and mobile wallets streamline financial transactions, while QR code payments and contactless payments enhance the user experience. Credit and debit cards, savings accounts, and checking accounts are now accessible through digital channels. Regulatory compliance, including KYC and AML, is maintained through digital means, ensuring a secure and transparent banking envir

This dataset as reported to the Rural Payments Agency contains a list of movements for Great Britain born or imported cattle from English market killed at an Scottish slaughterhouse

Snapshot img

Money Transfer Agencies Market Size 2024-2028

The money transfer agencies market size is estimated to grow by USD 15.84 billion at a CAGR of 11.54% between 2023 and 2028. In today's rapidly advancing world, technological innovations have significantly transformed the educational landscape. An increasing number of students are seizing the opportunity to expand their horizons by studying abroad, benefiting from diverse cultural experiences and world-class education. Simultaneously, the tourism industry is thriving, offering travelers unique experiences and connections to different parts of the globe. These trends are interconnected, as technological advancements facilitate international education and travel, making the world more accessible than ever before. The fusion of technology, global education, and tourism is revolutionizing personal and professional growth, fostering a more interconnected and dynamic world.

What will be the Size of the Market During the Forecast Period?

For More Highlights About this Report, Request Free Sample

Market Dynamic and Customer Landscape

The market encompasses a diverse range of players, including banks, Money Transfer Operators (MTOs), and various service providers. This sector caters to the monetary needs of individuals, businesses, and industries, facilitating international remittances and business payments. Financial technology innovations have significantly transformed the industry, enabling user-friendly mobile apps and online platforms for seamless transactions. Digital technologies and mobile devices have become integral to the MTA market, with retail agents and payout locations offering cash pickups and bank deposits as options. The market adheres to industry standards, ensuring secure and efficient monetary asset transfers across international borders. Intermediaries play a crucial role in the process, facilitating financial investments and promoting financial inclusion. The MTA market continues to evolve, with digital platforms and mobile applications revolutionizing the way funds are transferred between parties. The market's growth is driven by the increasing demand for convenient and accessible financial services, making it an essential component of the financial services industry. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

Technological advancements are notably driving market growth. The market has experienced significant growth due to the digital transformation in the financial services industry. With advancements in technology, banks, and financial establishments can now offer contemporary services such as cross-border e-commerce, multicurrency accounts, and real-time transaction tracking. Fintech disruptors have also entered the scene, providing innovative solutions for remittance services and money transfer operations. However, the market faces challenges in addressing financial crimes and ensuring security during international transactions. Remittance companies and money transfer operators facilitate funds transfer across international borders, acting as intermediaries for financial investments and financial inclusion.

Furthermore, retail agents, mobile applications, and cash pickups provide convenience for migrants, expatriates, students, and travelers. Payout locations and home addresses can be specified for funds transfer, making it easier for individuals to receive their remittances. Digital technology and mobile platforms have revolutionized cross-border payments, enabling currency exchange and mobile wallet transfers. Exchange rates and traditional financial institutions, including digital banks and wire transfers, continue to play a role in the market. Correspondent banks and partners collaborate to facilitate seamless transactions and expand reach. Overall, the Money Transfer Agencies Market is expected to continue growing as it adapts to the evolving needs of the global economy. Thus, such factors are driving the market's growth during the forecast period.

Significant Market Trends

The rising number of start-ups is the key trend in the market. The market is undergoing significant transformation, with fintech start-ups such as TransferWise and Revolut disrupting the industry by offering innovative solutions. These companies are attracting substantial financial investments and expanding their market share, posing a challenge to traditional remittance companies and money transfer operators (MTOs). According to recent reports, Paypal's Xoom holds approximately 23% of the market share. The payments landscape is expected to undergo substantial change during the forecast period, with the rise of digital technology and cross-border e-commerce. Financial crimes and security concerns are m

United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Outflows data was reported at 147.078 USD bn in 2017. This records an increase from the previous number of 52.419 USD bn for 2016. United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Outflows data is updated yearly, averaging 28.454 USD bn from Dec 1970 (Median) to 2017, with 48 observations. The data reached an all-time high of 370.395 USD bn in 2007 and a record low of -113.915 USD bn in 2014. United Kingdom UK: BOP: Financial Account: Foreign Direct Investment: Net Outflows data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United Kingdom – Table UK.World Bank.WDI: Balance of Payments: Capital and Financial Account. Foreign direct investment refers to direct investment equity flows in an economy. It is the sum of equity capital, reinvestment of earnings, and other capital. Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy. Ownership of 10 percent or more of the ordinary shares of voting stock is the criterion for determining the existence of a direct investment relationship. This series shows net outflows of investment from the reporting economy to the rest of the world. Data are in current U.S. dollars.; ; International Monetary Fund, Balance of Payments database, supplemented by data from the United Nations Conference on Trade and Development and official national sources.; Sum; Note: Data starting from 2005 are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6).

Covers International Transactions of the film and television industry through a variety of formats.

Source agency: Office for National Statistics

Designation: National Statistics

Language: English

Alternative title: International transactions of the UK film and television industries FTV

Quarterly end-of-period balance sheet levels of UK external assets and liabilities, including direct, portfolio and other investment, sector analysis and government reserve assets.

Snapshot img

Europe Virtual Cards Market Size 2025-2029

The Europe virtual cards market size is forecast to increase by USD 122.7 billion at a CAGR of 18.4% between 2024 and 2029.

The market is experiencing significant growth, driven by the high adoption of contactless payment solutions and the emergence of Near Field Communication (NFC)-based payment technology. The popularity of mobile payments is another key factor fueling market expansion. Virtual cards offer numerous benefits, including increased security, convenience, and cost savings for both businesses and consumers. Contactless payment solutions have gained widespread acceptance, with Europe leading the way in contactless transaction volumes. NFC technology, which enables secure and convenient payments through smartphones and wearable devices, is also gaining traction. These trends are creating new opportunities for market participants, particularly those offering innovative solutions that cater to the evolving needs of customers.
However, challenges such as data security concerns and regulatory complexities persist, requiring companies to invest in security measures and navigate the complex regulatory landscape effectively. To capitalize on these opportunities and navigate challenges, companies should focus on developing secure and user-friendly virtual card solutions that cater to the specific needs of European markets. Additionally, strategic partnerships and collaborations can help market players expand their reach and enhance their offerings. Overall, the market presents significant growth opportunities for companies seeking to innovate and adapt to the changing payment landscape.

What will be the size of the Europe Virtual Cards Market during the forecast period?

Request Free Sample

The European virtual cards market is experiencing significant growth, driven by the increasing adoption of real-time monitoring and mobile card apps for streamlined payment processing. Data analytics platforms are playing a crucial role in enhancing payment security and data protection standards, aligning with stringent data privacy regulations. Payment service providers are integrating user interface design and customer data management features to deliver personalized experiences, while adhering to cybersecurity solutions and multi-factor authentication. Digital transformation initiatives are driving the market, with businesses seeking cost reduction strategies through automated payment processing, alternative payment methods, and payment fraud detection. Virtual card management and card issuing platforms are gaining popularity for their ability to optimize user experience, facilitate card integration, and provide real-time transactions.
Payment gateway providers and card network providers are collaborating to offer cloud-based payment solutions, enabling businesses to streamline their payment processors and workflow automation tools. The market is further by the innovation of API integration, business intelligence tools, and cross-border payments, ensuring seamless payment processing and expanded reach. Overall, the European virtual cards market is poised for continued growth, as businesses prioritize convenience, security, and efficiency in their payment solutions.

How is this market segmented?

The market 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.

Product

  B2B virtual cards
  B2C remote payment virtual cards
  B2C POS virtual cards


Application

  B2B Payments
  Consumer Purchases
  Travel Bookings


Technology

  Tokenization
  Encryption
  API Integration


Geography

  Europe

    France
    Italy
    Switzerland
    UK

By Product Insights

The b2b virtual cards segment is estimated to witness significant growth during the forecast period.

The European virtual cards market experienced significant growth in 2024, with the B2B segment leading in terms of value. This trend was driven by the increasing adoption of real-time digital disbursements in mobile platforms and the widespread availability of the Internet in Europe. In fact, Eurostat reported that 93% of European households had Internet access in 2024. Major industries such as BFSI, e-commerce, healthcare and life sciences, education, utilities, and retail contributed to the market's expansion. Companies in these sectors integrated near-field communication (NFC) chips into their devices to facilitate contactless payments and a variety of applications. Financial services, travel and hospitality, and large enterprises were other significant contributors to the market's growth.

Virtual cards offered these entities cost optimization, payment security, and fraud prevention benefits. Moreover, the implementation of digital transformation, fintech sol