세계의 크로스보더 결제 시장 : 결제 유형별, 채널별, 최종사용자별, 지역별 - 기회 및 예측(2018-2032년)

Global cross-border payment market is projected to witness a CAGR of 6.76% during the forecast period 2025-2032, growing from USD 201.42 billion in 2024 to USD 339.92 billion in 2032F, growing at a prompt pace, driven by a booming need for secure, real-time, and smooth global transaction experiences. Multiple key factors continue to fuel this growth, such as increased digital commerce, the expansion of freelance and gig economies, and efforts to drive financial inclusion in emerging markets. In addition, the regulatory landscape surrounding KYC/AML compliance, data protection, and FX transparency continues to evolve and apply pressure on banks and financial service offerings to upgrade their systems and processes.

The global cross-border payments market is undergoing fundamental change fueled by globalization, expansion of digital commerce, as well as the increased demand for real-time, transparent, and cost-effective methods of moving money across borders. In addition, the central banks and regulators around the world are looking to build new real-time rails and interoperable payment infrastructures to facilitate inclusive growth and seamless money movement. As the number of transactions grows at pace internationally, payment offerings are also investing in new technology to ensure trust, compliance, and scalability.

For example, in July 2025, Societe Generale-FORGE launched the CoinVertible USD stablecoin on public blockchains such as Ethereum and Solana. CoinVertible is backed by BNY Mellon as the reserve custodian and represents a new paradigm of tokenized and transparent settlement that opens the potential of programmable money for institutional use in cross-border payments 24/7. CoinVertible represents a continuation of bank adoption of digital currency technology to develop wholesale remittance infrastructure.

Increasing Adoption of Stablecoins Shaping Global Cross-Border Payment Market Dynamics

One of the most potent drivers reshaping cross-border payments is the accelerating use of stablecoins, a digital currency that blends the speed and programmability of crypto while maintaining the stability of fiat currency. These blockchain-based digital currencies allow cheap and almost instant international settlements and include smart contract logic into payment. This is critical when global businesses require real-time treasury management and transparency in fees, as the expanding stablecoin infrastructure has been embraced by large banks, card networks, and fintechs. Regulatory clarity offered by markets such as the U.S., Singapore, and the EU has provided a level of institutional confidence in stablecoins, especially for B2B payments and remittance corridors.

For instance, in April 2025, Mastercard Incorporated announced cross-chain and end-to-end stablecoin transaction capabilities through a partnership with OKX and other services. This allows for stablecoin payments from digital wallets directly to merchant checkout terminals. Customers can spend their stablecoins through the Mastercard network in a KYC-compliant manner while using an asset that provides strong settlement predictability and access to over 90 million merchants around the world, bridging Web3 and traditional financial infrastructure.

Real-time Clearing and Integration of Blockchain Technology Pushes Cross-Border Market Growth

The shift to real-time, blockchain-based clearing platforms that can diminish friction and increase liquidity is an additional key growth element. Traditional cross-border payments leave time gaps and incur a lot of fees relating to the various intermediaries. Blockchain-enabled clearing, on the other hand, is offering an infrastructure platform making remote funds instantly liquid with less friction and moving the costs lower, as well as a higher level of transparency. This is great for corporates using cash from a tight cycle and extracting or importing time-sensitive commodities or goods. Countries such as India that are beginning to offer 24/7 dollar clearing, for example, to bring their business days in line with their trading partners and decrease dependence on foreign correspondent banks.

For instance, in 2025, Axis Bank Limited collaborated with J.P. Morgan's Kinexys platform to offer real-time USD clearing at GIFT City through blockchain rails. This partnership enabled corporates in India to settle cross-border dollar payments even on weekends or public holidays, a major step towards 24/7 liquidity and accelerating institutional blockchain utilization in a regulated space.

B2B Payment Segment Dominates the Cross-Border Payment Market Share

Business-to-Business (B2B) payments are the highest in terms of both transaction volume and value in the cross-border space. Companies typically have complicated supplier networks, forced to deal with different regulatory jurisdictions with respect to tax and invoicing, and often need payments to be transparent, low-cost, and traceable. Unlike P2P payments, B2B payments involve bulk transfers (sending thousands of dollars), require high regulatory scrutiny, and reconciliation systems that are integrated. As a result of their complexities, B2B payments have been widely adopted by exporters, e-commerce platforms, and freelancers. In addition, many of these platforms offer automated FX conversions and invoice links along with their built-in KYC and AML functions as part of one cross-border payments suite.

For example, in May 2025, PayPal Holdings, Inc. received in-principle approval for registration as a Cross-Border Payment Aggregator by the RBI in India, providing Indian SMEs and exporters greater access to international payments and payments/remittance and bypassing their banking complexities. This verifies the continued rise of digital B2B platforms in global trade and coincides with India's target of supporting export-oriented MSMEs.

North America Leads the Global Cross-Border Payment Market

North America remains the cross-border payments stronghold, led by the technology-driven banking sector, a well-developed digital infrastructure, and the rapid adoption of blockchain and real-time innovation. Major global fintech players and card networks that are more than willing to invest in scalable and compliant cross-border payments all have headquarters in the United States and Canada. In addition, the remittance corridors to Latin America and Southeast Asia are some of the busiest in the world, with consumers requiring low-cost, real-time mobile-first services. Innovation is being sustained through pilot programs and Central Bank Digital Currency research by the U.S. Treasury and U.S. Federal Reserve, giving fintechs a regulatory sandbox to innovate. For instance, in April 2025, Visa Inc. and Revolut Ltd. entered into a significant global agreement to expand their collaboration through Visa Direct, enabling real-time cross-border payments for business customers worldwide. The agreement focuses on enhancing the speed, efficiency, and transparency of international transactions, specifically targeting sectors such as B2B travel, where seamless global money movement is critical.

Key Players Landscape and Outlook

Cross-border payment business internationally has accelerated competition among fintech startups, in competition with existing payment networks. The traditional players are deepening their digital offering, and challengers are building modular platforms with embedded finance. Companies are making transparent offers to their users on low FX margins and instant settlement, representing the future of cross-border payments for all types of users, including freelancers, travelers, and businesses. Also, API-based platforms are being white-labeled for banks, enabling them to access the markets much faster and enabling regional expansion.

In April 2025, Mastercard Incorporated announced a strategic partnership with Corpay, Inc., a global leader in business payments, to streamline and expand cross-border B2B payment solutions. The collaboration focuses on enhancing corporate treasury efficiency by integrating Mastercard's payment rails with Corpay's cloud-based platform, enabling faster, more transparent, and compliant international transactions for businesses of all sizes.

For example, in December 2024, Wise Payments Limited announced a partnership with Morgan Stanley to offer enhanced international payments to corporate clients. Morgan Stanley offers Wise's platform to enable fast, low-cost cross-border payouts with treasury services. This demonstrates how fintech players are providing trusted enablers for even the most conservative financial institutions.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customers

• 4.1. Respondent Demographics (SMEs, Enterprises, Freelancers, Remittance Users)
• 4.2. Frequency of Cross-Border Transactions
• 4.3. Preferred Channels (Banks, Digital Wallets, Fintech Platforms)
• 4.4. Key Expectations (Transaction Speed, Cost Transparency, FX Rates)

5. Global Cross-Border Payment Market Outlook, 2018-2032F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By Payment Type
    • 5.2.1.1. B2B Payments
    • 5.2.1.2. B2C Payments
    • 5.2.1.3. C2B Payments
    • 5.2.1.4. C2C Payments
  • 5.2.2. By Channel
    • 5.2.2.1. Banks
    • 5.2.2.2. Money Transfer Operators
    • 5.2.2.3. Fintech Platforms
    • 5.2.2.4. Card Networks
  • 5.2.3. By End-user
    • 5.2.3.1. Individuals
    • 5.2.3.2. Businesses
  • 5.2.4. By Region
    • 5.2.4.1. North America
    • 5.2.4.2. Europe
    • 5.2.4.3. Asia-Pacific
    • 5.2.4.4. South America
    • 5.2.4.5. Middle East and Africa
• 5.3. Market Map Analysis, 2024
  • 5.3.1. By Payment Type
  • 5.3.2. By Channel
  • 5.3.3. By End-user
  • 5.3.4. By Region

6. North America Cross-Border Payment Market Outlook, 2018-2032F

• 6.1. Market Size Analysis & Forecast
  • 6.1.1. By Value
• 6.2. Market Share Analysis & Forecast
  • 6.2.1. By Payment Type
    • 6.2.1.1. B2B Payments
    • 6.2.1.2. B2C Payments
    • 6.2.1.3. C2B Payments
    • 6.2.1.4. C2C Payments
  • 6.2.2. By Channel
    • 6.2.2.1. Banks
    • 6.2.2.2. Money Transfer Operators
    • 6.2.2.3. Fintech Platforms
    • 6.2.2.4. Card Networks
  • 6.2.3. By End-user
    • 6.2.3.1. Individuals
    • 6.2.3.2. Businesses
  • 6.2.4. By Country Share
    • 6.2.4.1. United States
    • 6.2.4.2. Canada
    • 6.2.4.3. Mexico
• 6.3. Country Market Assessment
  • 6.3.1. United States Cross-Border Payment Market Outlook, 2018-2032F*
    • 6.3.1.1. Market Size Analysis & Forecast
      • 6.3.1.1.1. By Value
    • 6.3.1.2. Market Share Analysis & Forecast
      • 6.3.1.2.1. By Payment Type
        • 6.3.1.2.1.1. B2B Payments
        • 6.3.1.2.1.2. B2C Payments
        • 6.3.1.2.1.3. C2B Payments
        • 6.3.1.2.1.4. C2C Payments
      • 6.3.1.2.2. By Channel
        • 6.3.1.2.2.1. Banks
        • 6.3.1.2.2.2. Money Transfer Operators
        • 6.3.1.2.2.3. Fintech Platforms
        • 6.3.1.2.2.4. Card Networks
      • 6.3.1.2.3. By End-user
        • 6.3.1.2.3.1. Individuals
        • 6.3.1.2.3.2. Businesses
  • 6.3.2. Canada
  • 6.3.3. Mexico

All segments will be provided for all regions and countries covered

7. Europe Cross-Border Payment Market Outlook, 2018-2032F

• 7.1. Germany
• 7.2. France
• 7.3. Italy
• 7.4. United Kingdom
• 7.5. Russia
• 7.6. Netherlands
• 7.7. Spain
• 7.8. Turkey
• 7.9. Poland

8. Asia-Pacific Cross-Border Payment Market Outlook, 2018-2032F

• 8.1. India
• 8.2. China
• 8.3. Japan
• 8.4. Australia
• 8.5. Vietnam
• 8.6. South Korea
• 8.7. Indonesia
• 8.8. Philippines

9. South America Cross-Border Payment Market Outlook, 2018-2032F

• 9.1. Brazil
• 9.2. Argentina

10. Middle East and Africa Cross-Border Payment Market Outlook, 2018-2032F

• 10.1. Saudi Arabia
• 10.2. UAE
• 10.3. South Africa

11. Demand Supply Analysis

12. Value Chain Analysis

13. Porter's Five Forces Analysis

14. PESTLE Analysis

15. Market Dynamics

• 15.1. Market Drivers
• 15.2. Market Challenges

16. Market Trends and Developments

17. Revenue Model (Best Effort Basis)

18. Case Studies

19. Competitive Landscape

• 19.1. Competition Matrix of Top 5 Market Leaders
• 19.2. SWOT Analysis for Top 5 Players
• 19.3. Key Players Landscape for Top 10 Market Players
  • 19.3.1. PayPal Holdings, Inc.
    • 19.3.1.1. Company Details
    • 19.3.1.2. Key Management Personnel
    • 19.3.1.3. Products and Services
    • 19.3.1.4. Financials (As Reported)
    • 19.3.1.5. Key Market Focus and Geographical Presence
    • 19.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 19.3.2. Western Union Holdings, Inc.
  • 19.3.3. Wise Payments Limited
  • 19.3.4. MoneyGram International, Inc.
  • 19.3.5. NIUM Pte. Ltd.
  • 19.3.6. Visa Inc.
  • 19.3.7. Mastercard Incorporated
  • 19.3.8. Remitly Global, Inc.
  • 19.3.9. Airwallex Limited
  • 19.3.10. TransferGo Ltd

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

20. Strategic Recommendations

21. About Us and Disclaimer