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Global Cross-Border Payment Service Market Research Report 2024
Synopsis
Cross-border payments are financial transactions where the payer and the recipient are based in separate countries. They cover both wholesale and retail payments, including remittances. Cross-border payments can be made in several different ways.
Global Cross-Border Payment Service market is projected to reach US$ 2015.6 million in 2029, increasing from US$ 1417 million in 2022, with the CAGR of 5.9% during the period of 2023 to 2029. Influencing issues, such as economy environments, COVID-19 and Russia-Ukraine War, have led to great market fluctuations in the past few years and are considered comprehensively in the whole Cross-Border Payment Service market research.
The global cross-border payment service market refers to the market for payment services that facilitate the transfer of funds across different countries and currencies. Cross-border payments are essential for international trade, remittance, and global economic transactions. The market for cross-border payment services is driven by factors such as increased globalization, growing international business activities, expanding e-commerce, and the need for efficient and secure funds transfer across borders. Cross-border payment services enable individuals, businesses, and financial institutions to send and receive funds internationally. These services typically involve the use of electronic payment platforms, financial messaging systems, and correspondent banking relationships. They offer convenience, speed, transparency, and cost-effectiveness compared to traditional international money transfer methods. The global cross-border payment service market can be segmented based on the type of service providers, including banks, non-bank financial institutions, payment processors, and digital payment service providers. It can also be segmented based on the type of payment methods used, such as wire transfers, mobile payments, e-wallets, and others. Geographically, the market covers regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Market growth is influenced by factors such as economic growth, trade volumes, regulatory frameworks, advancements in technology, and the increasing adoption of digital payment solutions. Key trends in the market include the adoption of blockchain technology and distributed ledger solutions to enhance security and efficiency in cross-border transactions, the increasing focus on regulatory compliance and fraud prevention, and the integration of artificial intelligence and machine learning for risk management and optimization of payment processes. Challenges in the market include complex regulatory environments, compliance requirements, currency exchange risks, and the need to enhance interoperability and harmonization between different payment systems and networks worldwide. In summary, the global cross-border payment service market caters to the demand for efficient, secure, and convenient fund transfers across borders. The market is driven by factors such as globalization, international business activities, e-commerce growth, and the need for seamless payment solutions. Key players focus on innovation, partnerships, and regulatory compliance. As global trade and economic activities continue to expand, the cross-border payment service market is expected to witness further growth and opportunities.
Report Scope
This report, based on historical analysis (2018-2022) and forecast calculation (2023-2029), aims to help readers to get a comprehensive understanding of global Cross-Border Payment Service market with multiple angles, which provides sufficient supports to readers’ strategy and decision making.
By Company
Western Union
Paypal
Google Checout
Worldpay
Ecopayz
Skill
MoneyGram
Gspay
Paysafecard
Payoneer
Eway
Paymate
Segment by Type
B2B Cross-Border Payment
B2C Cross-Border Payment
Others
Segment by Application
Personal
Enterprise
Others
By Region
North America
United States
Canada
Europe
Germany
France
UK
Italy
Russia
Nordic Countries
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
The Cross-Border Payment Service report covers below items:
Chapter 1: Product Basic Information (Definition, Type and Application)
Chapter 2: Global market size, regional market size. Market Opportunities and Challenges
Chapter 3: Companies’ Competition Patterns
Chapter 4: Product Type Analysis
Chapter 5: Product Application Analysis
Chapter 6 to 10: Country Level Value Analysis
Chapter 11: Companies’ Outline
Chapter 12: Market Conclusions
Chapter 13: Research Methodology and Data Source
Cross-border payments are financial transactions where the payer and the recipient are based in separate countries. They cover both wholesale and retail payments, including remittances. Cross-border payments can be made in several different ways.
Global Cross-Border Payment Service market is projected to reach US$ 2015.6 million in 2029, increasing from US$ 1417 million in 2022, with the CAGR of 5.9% during the period of 2023 to 2029. Influencing issues, such as economy environments, COVID-19 and Russia-Ukraine War, have led to great market fluctuations in the past few years and are considered comprehensively in the whole Cross-Border Payment Service market research.
The global cross-border payment service market refers to the market for payment services that facilitate the transfer of funds across different countries and currencies. Cross-border payments are essential for international trade, remittance, and global economic transactions. The market for cross-border payment services is driven by factors such as increased globalization, growing international business activities, expanding e-commerce, and the need for efficient and secure funds transfer across borders. Cross-border payment services enable individuals, businesses, and financial institutions to send and receive funds internationally. These services typically involve the use of electronic payment platforms, financial messaging systems, and correspondent banking relationships. They offer convenience, speed, transparency, and cost-effectiveness compared to traditional international money transfer methods. The global cross-border payment service market can be segmented based on the type of service providers, including banks, non-bank financial institutions, payment processors, and digital payment service providers. It can also be segmented based on the type of payment methods used, such as wire transfers, mobile payments, e-wallets, and others. Geographically, the market covers regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Market growth is influenced by factors such as economic growth, trade volumes, regulatory frameworks, advancements in technology, and the increasing adoption of digital payment solutions. Key trends in the market include the adoption of blockchain technology and distributed ledger solutions to enhance security and efficiency in cross-border transactions, the increasing focus on regulatory compliance and fraud prevention, and the integration of artificial intelligence and machine learning for risk management and optimization of payment processes. Challenges in the market include complex regulatory environments, compliance requirements, currency exchange risks, and the need to enhance interoperability and harmonization between different payment systems and networks worldwide. In summary, the global cross-border payment service market caters to the demand for efficient, secure, and convenient fund transfers across borders. The market is driven by factors such as globalization, international business activities, e-commerce growth, and the need for seamless payment solutions. Key players focus on innovation, partnerships, and regulatory compliance. As global trade and economic activities continue to expand, the cross-border payment service market is expected to witness further growth and opportunities.
Report Scope
This report, based on historical analysis (2018-2022) and forecast calculation (2023-2029), aims to help readers to get a comprehensive understanding of global Cross-Border Payment Service market with multiple angles, which provides sufficient supports to readers’ strategy and decision making.
By Company
Western Union
Paypal
Google Checout
Worldpay
Ecopayz
Skill
MoneyGram
Gspay
Paysafecard
Payoneer
Eway
Paymate
Segment by Type
B2B Cross-Border Payment
B2C Cross-Border Payment
Others
Segment by Application
Personal
Enterprise
Others
By Region
North America
United States
Canada
Europe
Germany
France
UK
Italy
Russia
Nordic Countries
Rest of Europe
Asia-Pacific
China
Japan
South Korea
Southeast Asia
India
Australia
Rest of Asia
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
The Cross-Border Payment Service report covers below items:
Chapter 1: Product Basic Information (Definition, Type and Application)
Chapter 2: Global market size, regional market size. Market Opportunities and Challenges
Chapter 3: Companies’ Competition Patterns
Chapter 4: Product Type Analysis
Chapter 5: Product Application Analysis
Chapter 6 to 10: Country Level Value Analysis
Chapter 11: Companies’ Outline
Chapter 12: Market Conclusions
Chapter 13: Research Methodology and Data Source
Index1 Report Overview
1.1 Study Scope
1.2 Market Analysis by Type
1.2.1 Global Cross-Border Payment Service Market Size Growth Rate by Type: 2018 VS 2022 VS 2029
1.2.2 B2B Cross-Border Payment
1.2.3 B2C Cross-Border Payment
1.2.4 Others
1.3 Market by Application
1.3.1 Global Cross-Border Payment Service Market Growth by Application: 2018 VS 2022 VS 2029
1.3.2 Personal
1.3.3 Enterprise
1.3.4 Others
1.4 Study Objectives
1.5 Years Considered
1.6 Years Considered
2 Global Growth Trends
2.1 Global Cross-Border Payment Service Market Perspective (2018-2029)
2.2 Cross-Border Payment Service Growth Trends by Region
2.2.1 Global Cross-Border Payment Service Market Size by Region: 2018 VS 2022 VS 2029
2.2.2 Cross-Border Payment Service Historic Market Size by Region (2018-2023)
2.2.3 Cross-Border Payment Service Forecasted Market Size by Region (2024-2029)
2.3 Cross-Border Payment Service Market Dynamics
2.3.1 Cross-Border Payment Service Industry Trends
2.3.2 Cross-Border Payment Service Market Drivers
2.3.3 Cross-Border Payment Service Market Challenges
2.3.4 Cross-Border Payment Service Market Restraints
3 Competition Landscape by Key Players
3.1 Global Top Cross-Border Payment Service Players by Revenue
3.1.1 Global Top Cross-Border Payment Service Players by Revenue (2018-2023)
3.1.2 Global Cross-Border Payment Service Revenue Market Share by Players (2018-2023)
3.2 Global Cross-Border Payment Service Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.3 Players Covered: Ranking by Cross-Border Payment Service Revenue
3.4 Global Cross-Border Payment Service Market Concentration Ratio
3.4.1 Global Cross-Border Payment Service Market Concentration Ratio (CR5 and HHI)
3.4.2 Global Top 10 and Top 5 Companies by Cross-Border Payment Service Revenue in 2022
3.5 Cross-Border Payment Service Key Players Head office and Area Served
3.6 Key Players Cross-Border Payment Service Product Solution and Service
3.7 Date of Enter into Cross-Border Payment Service Market
3.8 Mergers & Acquisitions, Expansion Plans
4 Cross-Border Payment Service Breakdown Data by Type
4.1 Global Cross-Border Payment Service Historic Market Size by Type (2018-2023)
4.2 Global Cross-Border Payment Service Forecasted Market Size by Type (2024-2029)
5 Cross-Border Payment Service Breakdown Data by Application
5.1 Global Cross-Border Payment Service Historic Market Size by Application (2018-2023)
5.2 Global Cross-Border Payment Service Forecasted Market Size by Application (2024-2029)
6 North America
6.1 North America Cross-Border Payment Service Market Size (2018-2029)
6.2 North America Cross-Border Payment Service Market Growth Rate by Country: 2018 VS 2022 VS 2029
6.3 North America Cross-Border Payment Service Market Size by Country (2018-2023)
6.4 North America Cross-Border Payment Service Market Size by Country (2024-2029)
6.5 United States
6.6 Canada
7 Europe
7.1 Europe Cross-Border Payment Service Market Size (2018-2029)
7.2 Europe Cross-Border Payment Service Market Growth Rate by Country: 2018 VS 2022 VS 2029
7.3 Europe Cross-Border Payment Service Market Size by Country (2018-2023)
7.4 Europe Cross-Border Payment Service Market Size by Country (2024-2029)
7.5 Germany
7.6 France
7.7 U.K.
7.8 Italy
7.9 Russia
7.10 Nordic Countries
8 Asia-Pacific
8.1 Asia-Pacific Cross-Border Payment Service Market Size (2018-2029)
8.2 Asia-Pacific Cross-Border Payment Service Market Growth Rate by Region: 2018 VS 2022 VS 2029
8.3 Asia-Pacific Cross-Border Payment Service Market Size by Region (2018-2023)
8.4 Asia-Pacific Cross-Border Payment Service Market Size by Region (2024-2029)
8.5 China
8.6 Japan
8.7 South Korea
8.8 Southeast Asia
8.9 India
8.10 Australia
9 Latin America
9.1 Latin America Cross-Border Payment Service Market Size (2018-2029)
9.2 Latin America Cross-Border Payment Service Market Growth Rate by Country: 2018 VS 2022 VS 2029
9.3 Latin America Cross-Border Payment Service Market Size by Country (2018-2023)
9.4 Latin America Cross-Border Payment Service Market Size by Country (2024-2029)
9.5 Mexico
9.6 Brazil
10 Middle East & Africa
10.1 Middle East & Africa Cross-Border Payment Service Market Size (2018-2029)
10.2 Middle East & Africa Cross-Border Payment Service Market Growth Rate by Country: 2018 VS 2022 VS 2029
10.3 Middle East & Africa Cross-Border Payment Service Market Size by Country (2018-2023)
10.4 Middle East & Africa Cross-Border Payment Service Market Size by Country (2024-2029)
10.5 Turkey
10.6 Saudi Arabia
10.7 UAE
11 Key Players Profiles
11.1 Western Union
11.1.1 Western Union Company Detail
11.1.2 Western Union Business Overview
11.1.3 Western Union Cross-Border Payment Service Introduction
11.1.4 Western Union Revenue in Cross-Border Payment Service Business (2018-2023)
11.1.5 Western Union Recent Development
11.2 Paypal
11.2.1 Paypal Company Detail
11.2.2 Paypal Business Overview
11.2.3 Paypal Cross-Border Payment Service Introduction
11.2.4 Paypal Revenue in Cross-Border Payment Service Business (2018-2023)
11.2.5 Paypal Recent Development
11.3 Google Checout
11.3.1 Google Checout Company Detail
11.3.2 Google Checout Business Overview
11.3.3 Google Checout Cross-Border Payment Service Introduction
11.3.4 Google Checout Revenue in Cross-Border Payment Service Business (2018-2023)
11.3.5 Google Checout Recent Development
11.4 Worldpay
11.4.1 Worldpay Company Detail
11.4.2 Worldpay Business Overview
11.4.3 Worldpay Cross-Border Payment Service Introduction
11.4.4 Worldpay Revenue in Cross-Border Payment Service Business (2018-2023)
11.4.5 Worldpay Recent Development
11.5 Ecopayz
11.5.1 Ecopayz Company Detail
11.5.2 Ecopayz Business Overview
11.5.3 Ecopayz Cross-Border Payment Service Introduction
11.5.4 Ecopayz Revenue in Cross-Border Payment Service Business (2018-2023)
11.5.5 Ecopayz Recent Development
11.6 Skill
11.6.1 Skill Company Detail
11.6.2 Skill Business Overview
11.6.3 Skill Cross-Border Payment Service Introduction
11.6.4 Skill Revenue in Cross-Border Payment Service Business (2018-2023)
11.6.5 Skill Recent Development
11.7 MoneyGram
11.7.1 MoneyGram Company Detail
11.7.2 MoneyGram Business Overview
11.7.3 MoneyGram Cross-Border Payment Service Introduction
11.7.4 MoneyGram Revenue in Cross-Border Payment Service Business (2018-2023)
11.7.5 MoneyGram Recent Development
11.8 Gspay
11.8.1 Gspay Company Detail
11.8.2 Gspay Business Overview
11.8.3 Gspay Cross-Border Payment Service Introduction
11.8.4 Gspay Revenue in Cross-Border Payment Service Business (2018-2023)
11.8.5 Gspay Recent Development
11.9 Paysafecard
11.9.1 Paysafecard Company Detail
11.9.2 Paysafecard Business Overview
11.9.3 Paysafecard Cross-Border Payment Service Introduction
11.9.4 Paysafecard Revenue in Cross-Border Payment Service Business (2018-2023)
11.9.5 Paysafecard Recent Development
11.10 Payoneer
11.10.1 Payoneer Company Detail
11.10.2 Payoneer Business Overview
11.10.3 Payoneer Cross-Border Payment Service Introduction
11.10.4 Payoneer Revenue in Cross-Border Payment Service Business (2018-2023)
11.10.5 Payoneer Recent Development
11.11 Eway
11.11.1 Eway Company Detail
11.11.2 Eway Business Overview
11.11.3 Eway Cross-Border Payment Service Introduction
11.11.4 Eway Revenue in Cross-Border Payment Service Business (2018-2023)
11.11.5 Eway Recent Development
11.12 Paymate
11.12.1 Paymate Company Detail
11.12.2 Paymate Business Overview
11.12.3 Paymate Cross-Border Payment Service Introduction
11.12.4 Paymate Revenue in Cross-Border Payment Service Business (2018-2023)
11.12.5 Paymate Recent Development
12 Analyst's Viewpoints/Conclusions
13 Appendix
13.1 Research Methodology
13.1.1 Methodology/Research Approach
13.1.2 Data Source
13.2 Disclaimer
13.3 Author Details
Published By : QY Research
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