GITNUX MARKETDATA REPORT 2024

Cross Border Payment Industry Statistics

The cross border payment industry is expected to grow rapidly as global trade increases, with significant expansion in digital and mobile payment options anticipated.

With sources from: cybersource.com, mckinsey.com, technavio.com, ibisworld.com and many more

Statistic 1

Global cross-border payments are expected to exceed $250 trillion by 2027.

Statistic 2

The cross-border digital remittance market is projected to reach a value of $60.14 billion by 2026.

Statistic 3

In 2020, the cross-border payment industry was valued at $23.2 trillion.

Statistic 4

Over 13,000 financial institutions across 200 countries are currently engaged in cross-border payments services.

Statistic 5

North America holds the largest market share for cross-border payments industry, accounting for more than 30% of the global market.

Statistic 6

80% of businesses claim they have encountered challenges with cross-border payments.

Statistic 7

Cross-border payments totalled $29 trillion in 2019, more than 150% increase compared to $12 trillion in 2010.

Statistic 8

40% of global financial transactions are cross-border.

Statistic 9

Cross-border transaction values will reach $150 trillion by 2022.

Statistic 10

In 2017, 36% of global eCommerce sales were cross-border transactions.

Statistic 11

58% of SMBs are operating internationally and need to make cross-border payments.

Statistic 12

Approximately 50% of all international transactions are processed through SWIFT.

Statistic 13

The USA is the largest remittance-sending country, with an outward flow of $68 billion.

Statistic 14

China is the largest remittance-receiving country, with an inflow of $64 billion.

Statistic 15

The digital money transfer market is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.75% till 2021.

Statistic 16

The average time for a cross-border payment to reach its destination is 3-5 working days.

Statistic 17

In 2019, cross-border payments represented almost 40% of global payments transactional revenues.

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In the following post, we will explore key statistics and insights surrounding the cross-border payment industry. With a growing prevalence in global transactions, these figures shed light on the immense scale and impact of cross-border payments on the global economy. From projected market values to the challenges faced by businesses, these statistics paint a comprehensive picture of the evolving landscape of international financial operations. Join us as we dive into the world of cross-border payments and uncover the trends shaping the industry’s future.

Statistic 1

"Global cross-border payments are expected to exceed $250 trillion by 2027."

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Statistic 2

"The cross-border digital remittance market is projected to reach a value of $60.14 billion by 2026."

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Statistic 3

"In 2020, the cross-border payment industry was valued at $23.2 trillion."

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Statistic 4

"Over 13,000 financial institutions across 200 countries are currently engaged in cross-border payments services."

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Statistic 5

"North America holds the largest market share for cross-border payments industry, accounting for more than 30% of the global market."

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Statistic 6

"80% of businesses claim they have encountered challenges with cross-border payments."

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Statistic 7

"Cross-border payments totalled $29 trillion in 2019, more than 150% increase compared to $12 trillion in 2010."

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Statistic 8

"40% of global financial transactions are cross-border."

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Statistic 9

"Cross-border transaction values will reach $150 trillion by 2022."

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Statistic 10

"In 2017, 36% of global eCommerce sales were cross-border transactions."

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Statistic 11

"58% of SMBs are operating internationally and need to make cross-border payments."

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Statistic 12

"Approximately 50% of all international transactions are processed through SWIFT."

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Statistic 13

"The USA is the largest remittance-sending country, with an outward flow of $68 billion."

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Statistic 14

"China is the largest remittance-receiving country, with an inflow of $64 billion."

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Statistic 15

"The digital money transfer market is expected to grow at a Compound Annual Growth Rate (CAGR) of 11.75% till 2021."

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Statistic 16

"The average time for a cross-border payment to reach its destination is 3-5 working days."

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Statistic 17

"In 2019, cross-border payments represented almost 40% of global payments transactional revenues."

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Interpretation

The global cross-border payment industry is experiencing rapid growth, with significant projections and increasing transaction values over the coming years. Despite the opportunities presented by this market, businesses are facing challenges in navigating cross-border payments. As the industry continues to evolve, there is a clear need for streamlined processes and solutions to address these issues and facilitate smoother transactions. With a substantial number of financial institutions involved in cross-border payments services worldwide and the dominance of regions like North America in the market share, it is evident that this sector plays a crucial role in the global economy.

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