GITNUX MARKETDATA REPORT 2024

Cross Border Payments Industry Statistics

The Cross Border Payments industry is expected to experience continued growth driven by increasing global trade and the rise of e-commerce.

With sources from: business.com, blogs.worldbank.org, ukandeu.ac.uk, reportsanddata.com and many more

Statistic 1

Because of the high demand for digital solutions, by the end of 2022, the global cross border payments market size will reach US$42.78 billion.

Statistic 2

In 2020, cross-border payments amounted to more than $130tn worldwide.

Statistic 3

The Middle East and Africa's cross border payments market size is forecasted to be growing at CAGR of 9.1% between 2020-2027.

Statistic 4

In 2019, the average cost of sending $200 across a border was approximately 7%.

Statistic 5

By 2025, cross border transfers are expected to total more than $25 trillion annually.

Statistic 6

The United States is one of the largest sources of remittances, at around $68 billion annually.

Statistic 7

Predictions for 2027 show cross-border payments will reach a value of nearly $240 billion globally.

Statistic 8

In 2021, China recorded an estimated $67 billion in outgoing remittances and $33 billion in incoming remittances.

Statistic 9

About 85% of global consumers had made a cross-border purchase as of 2018.

Statistic 10

As of 2019, British companies involved in cross-border trade lose around £34bn ($44bn) each year due to payment process inefficiencies in the cross border payment industry.

Statistic 11

Cost of sending payments cross-border is expected to decrease to as low as 3% by 2030.

Statistic 12

Swift’s global payments innovation (gpi) handled more than two million cross-border payments a day in 2019.

Statistic 13

The UK is the third largest market for cross-border data flows, transferring 11.5% in 2015.

Statistic 14

Up to 65% of medium-sized businesses in Europe face challenges and fees in dealing with cross-border payments.

Statistic 15

The global cross-border payments market is expected to grow at a CAGR of over 4% from 2020 to 2026.

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In this post, we explore the dynamic landscape of the cross-border payments industry, backed by a wealth of compelling statistics. From the staggering growth projections to the impact on global economies, these numbers shed light on the key trends shaping the future of international transactions.

Statistic 1

"Because of the high demand for digital solutions, by the end of 2022, the global cross border payments market size will reach US$42.78 billion."

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Statistic 2

"In 2020, cross-border payments amounted to more than $130tn worldwide."

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Statistic 3

"The Middle East and Africa's cross border payments market size is forecasted to be growing at CAGR of 9.1% between 2020-2027."

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Statistic 4

"In 2019, the average cost of sending $200 across a border was approximately 7%."

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Statistic 5

"By 2025, cross border transfers are expected to total more than $25 trillion annually."

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Statistic 6

"The United States is one of the largest sources of remittances, at around $68 billion annually."

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Statistic 7

"Predictions for 2027 show cross-border payments will reach a value of nearly $240 billion globally."

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Statistic 8

"In 2021, China recorded an estimated $67 billion in outgoing remittances and $33 billion in incoming remittances."

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Statistic 9

"About 85% of global consumers had made a cross-border purchase as of 2018."

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Statistic 10

"As of 2019, British companies involved in cross-border trade lose around £34bn ($44bn) each year due to payment process inefficiencies in the cross border payment industry."

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Statistic 11

"Cost of sending payments cross-border is expected to decrease to as low as 3% by 2030."

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Statistic 12

"Swift’s global payments innovation (gpi) handled more than two million cross-border payments a day in 2019."

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Statistic 13

"The UK is the third largest market for cross-border data flows, transferring 11.5% in 2015."

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Statistic 14

"Up to 65% of medium-sized businesses in Europe face challenges and fees in dealing with cross-border payments."

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Statistic 15

"The global cross-border payments market is expected to grow at a CAGR of over 4% from 2020 to 2026."

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Interpretation

The global cross-border payments industry is witnessing significant growth and transformation, driven by increasing demand for digital solutions. With the market size projected to reach US$42.78 billion by the end of 2022, and estimates indicating that cross-border transfers will exceed $25 trillion annually by 2025, the industry is poised for rapid expansion. However, challenges such as high transaction costs and inefficiencies in payment processes persist, with significant financial losses incurred by businesses. Efforts to reduce costs and improve efficiencies, including initiatives like Swift's gpi, are aimed at addressing these issues. As the industry continues to evolve, it is crucial for businesses to adapt to the changing landscape to remain competitive in the global market.

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