Cross Border Payment Service Market Report 2025

The cross-border payment service market size has grown rapidly in recent years. It will grow from $29.28 billion in 2024 to $33.22 billion in 2025 at a compound annual growth rate (CAGR) of 13.5%. The growth during the historic period can be attributed to increasing global trade volumes, expanding e-commerce transactions, rising remittance inflows worldwide, growing demand for real-time payments, and wider adoption of digital wallets.

The cross-border payment service market size is expected to see rapid growth in the next few years. It will grow to $54.38 billion in 2029 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to increasing cross-border freelancing activity, rising smartphone penetration globally, growing demand for currency conversion, expanding financial inclusion efforts, and increasing international student payments. Key trends during the forecast period include advancements in blockchain solutions, integration of AI analytics, seamless integration with mobile platforms, technologies enabling instant settlements, and developments in digital identity.

The rising international trade activity is expected to drive growth in the cross-border payment service market moving forward. International trade involves the exchange of goods and services across borders, fueled by global demand, supply chains, and economic cooperation among countries. This increase is largely due to the expansion of e-commerce, which enables businesses and consumers to easily buy and sell goods internationally, boosting the need for cross-border transactions. Cross-border payment services support international trade by enabling fast, secure transactions across multiple currencies and compliance standards, reducing transaction delays and improving trade efficiency and financial connectivity. For example, in April 2025, the World Trade Organization (WTO), a Switzerland-based trade organization, reported that the value of global merchandise trade rose by 2% in 2024, rebounding from a 4% decline in 2023. Therefore, growing international trade activity is propelling the cross-border payment service market.

Key players in the cross-border payment service market are developing advanced solutions such as blockchain-based payment systems to enhance transaction speed, security, and transparency. A blockchain-based payment solution uses decentralized ledger technology to securely record, verify, and facilitate financial transactions across a blockchain network. For instance, in November 2024, UBS Group AG, a Switzerland-based financial services company, launched UBS Digital Cash, a blockchain-based cross-border payment platform. This innovative system enables real-time settlement between financial institutions, reducing dependence on traditional intermediaries and minimizing transaction delays. Operating on a permissioned blockchain, it ensures regulatory compliance while improving efficiency in international money transfers. UBS Digital Cash aims to streamline liquidity management and reduce operational risks, establishing itself as a leading solution in the evolving digital payments landscape.

In March 2025, Rapyd Financial Network (2016) Ltd., a UK-based fintech firm, acquired PayU Global Payment Organisation (GPO) from Prosus N.V. for $610 million. This acquisition enables Rapyd to expand its global reach, enhance its platform-based payment gateway capabilities, and strengthen its position in emerging markets by offering a unified solution for both local and cross-border payments. PayU Global Payment Organisation (GPO) is a Netherlands-based company specializing in cross-border payment services.

Major players in the cross border payment service market are Visa Inc., PayPal Holdings Inc., Mastercard Incorporated, Adyen N.V., The Western Union Company, Revolut Ltd, Stripe Inc., Wise plc, Remitly Global Inc., Payoneer Inc., Ripple Labs Inc., Checkout Ltd, Skrill Limited, Airwallex Pty Ltd, WorldRemit Ltd, OFX Group Limited, Nium Pte. Ltd., TransferGo Ltd, The Currency Cloud Group Limited, PayMate India Limited.

North America was the largest region in the cross border payment service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in cross border payment service report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the cross border payment service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s recommendations and conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the financial sector, particularly in investment strategies and risk management. Heightened tariffs have fueled market volatility, prompting cautious behavior among institutional investors and increasing demand for hedging instruments. Banks and asset managers are facing higher costs associated with cross-border transactions, as tariffs disrupt global supply chains and dampen corporate earnings, key drivers of equity market performance. Insurance companies, meanwhile, are grappling with increased claims risks tied to supply chain disruptions and trade-related business losses. Additionally, reduced consumer spending and weakened export demand are constraining credit growth and investment appetite. The sector must now prioritize diversification, digital transformation, and robust scenario planning to navigate the heightened economic uncertainty and protect profitability.

Cross border payment service refers to the process of transferring money between individuals, businesses, or financial institutions located in different countries. It facilitates international transactions by converting currencies, ensuring compliance with local regulations, and enabling fast, secure fund transfers. This service enables seamless and efficient movement of funds across international borders for trade, remittances, investments, and other global financial activities.

The main transaction types of cross border payment services include business-to-business (B2B), business-to-consumer (B2C), consumer-to-business (C2B), and consumer-to-consumer (C2C). A business-to-business (B2B) payment refers to a financial transaction conducted between two businesses for the exchange of goods or services. These payments can be made through bank transfers, digital wallets, credit or debit cards, and other payment options. These transactions leverage a variety of technologies, including blockchain, Society for Worldwide Interbank Financial Telecommunication (SWIFT) payments, real-time payment systems, and mobile payment solutions. Transaction sizes can range from small to large, serving end users across industries such as retail, manufacturing, healthcare, information technology (IT) and telecommunications, travel and hospitality, and more.

The cross border payment service market research report is one of a series of new reports that provides cross border payment service market statistics, including the cross border payment service industry global market size, regional shares, competitors with the cross border payment service market share, detailed cross border payment service market segments, market trends, and opportunities, and any further data you may need to thrive in the cross border payment service industry. This cross border payment service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The cross border payment service market includes revenues earned by entities through international wire transfers, remittance processing, foreign exchange services, compliance with anti-money laundering and know your customer regulations, and payment gateway solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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