PUBLISHER: Allied Market Research | PRODUCT CODE: 1414876
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414876
According to a new report published by Allied Market Research, titled, "Cross-border Payments Market," The cross-border payments market was valued at $181.94 billion in 2022, and is estimated to reach $356.5 billion by 2032, growing at a CAGR of 7.3% from 2023 to 2032.
The cross-border payments market is driven by the increase in globalization and international trade. Cross-border trade is growing in line with enterprises expanding their operations worldwide. Businesses transnationally acquire and sell products and services; thus, they need cross-border payment solutions that are dependable and efficient to complete transactions. Furthermore, rise in the number of e-commerce transaction trades is driving the demand for the cross border payments market. However, Complex regulatory environment hampering the expansion of cross-border payments markets. Uncertainties and inconsistencies may result from the absence of uniform regulations among nations. Organizations may encounter difficulties putting consistent protocols in place, which could lead to disconnected compliance efforts and possible inefficiencies in cross-border payments processes. Furthermore, currency exchange risks and volatility must restrict the cross-border payments market growth. On the contrary, the cross-border payments market can benefit from rise in demand for remittance services. Cross-border payment companies can reach new markets and customers due to the need for remittance services. Businesses that can attract a wider customers are those that can provide remittance transactions with competitive prices, transparency, and dependability.
The cross-border payments market is segmented on the basis of channel, transaction enterprise size, end-user, and region. On the basis of channel, the market is segmented into bank transfer, money transfer operator, card payment, and others, by transaction type, it is segmented into business to business (B2B), customer to business (C2B), business to customer (B2C), and customer to customer (C2C), on the basis enterprise size it is segmented into large enterprise size, and small and medium-sized enterprises, by end user, it is bifurcated into individuals, and business, and On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyses the profiles of key players operating in the cross-border payments market such as
1) Adyen, American Express, FIS, Payoneer Inc., PayPal Holdings, Inc., Square, Inc, Stripe, Inc., TransferMate, VISA INC., Western Union Holdings, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the cross-border payments market.
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