Global cross-border payments and remittance services markets through 2026, with transaction value expected to grow from $ 37.15 trillion in 2020 to $ 39.9 trillion by 2026
DUBLIN, September 3, 2021 / PRNewswire / – The “Global Opportunities for Growth in Cross-Border Payments and Money Transfer Services” report was added to ResearchAndMarkets.com offer.
The proliferation of the digital platform will encourage customers to switch to online transactions. The value of global remittances and cross-border payments transactions is expected to increase from $ 37.15 trillion in 2020 at $ 39.9 trillion by 2026.
All major participants are exploring the new payment as a service (PaaS) and delivery as a service (white label) business model by leveraging their internal payment platforms. Global PaaS is expected to reach $ 25.5 billion by 2026 from $ 7.1 billion in 2020, with a compound annual growth rate (CAGR) of 23.9%.
Cross-border payments and transfer transactions, while essential, appear as a commodity for most customers; as a result, the tariff structure must be lowered so as not to appear as a pain point during the transaction, especially for the digital channel.
Additionally, the rapid growth in mobile penetration across the globe can be attributed to the growth in digital adoption in cross-border payment and remittance services. The adoption of mobile-centric omnichannel models that provide multiple points of contact between customers and service providers will see strong growth. Digitization improves cost reduction mechanisms.
New emerging trends in payment technologies, such as Blockchain and Distributed Ledger Technology (DLT) can improve transaction cost and transfer time, and generate real-time data focused on key aspects (e.g. behavior client). DLT can solve cross-border transaction and settlement issues by verifying the origin and authenticity of a product as it moves through the value chain.
Partnerships with companies that provide Blockchain systems will be crucial in delivering security services with a strong focus on transparency and data privacy. Investments in next-generation architectures will increase as businesses identify important secure payments such as tokenization and cloud-native payment platforms.
Next-generation payment technologies, such as big data automation and cloud computing infrastructure, reduce the costs of money transfer processing infrastructure. Increased connectivity will allow the use of banking application programming interfaces (APIs) by third-party vendors. The exchange of information between different industry players will improve the outcome of APIs to meet different use cases.
The increasing use of APIs and more robust connectivity will lead to a better customer experience by allowing converging industry participants to seamlessly interact and exchange information. Financial institutes (FIs), including money transfer operators (MTOs) and start-ups, are working together to test next-generation technologies, share expertise, and implement new business models.
Market players have developed Money Transfer Platforms (MTP) based on APIs that allow them to create a wide range of money transfer services, including real-time cross-border transfers, Local account clearing house (ACH) transfers, funds sent to a debit card account, integrable payments and account provider tool integration. More FIs will invest in APIs as the value of cross-border payment transactions processed with APIs increases in the near term.
Over the next 5-10 years, companies in the retail, e-commerce, telecom, and tech segments will converge to provide payment capabilities, creating significant opportunities for FIs to further foster payment. adoption of digital payments. Data collected during payment transactions could be monetized to create up-to-date and detailed consumer profiles. Monetizing data collection could also be used to reduce the overall cost of the payment processing transaction. With real-time data updates, service providers can run analyzes and determine unique patterns of customer behavior.
Additionally, the combination of Artificial Intelligence (AI) and Machine Learning (ML) has improved the quality and adoption rate of digital integration as FIs strive to achieve standards of higher compliance and adopt efficient KYC processes. This approach improves digital security and risk management processes; as a result, cross-border payments and transfer services are aligned with regional regulations and security requirements.
Regulators around the world have taken major initiatives to improve the payments industry. In APAC, Singapore, China, Thailand, Malaysia, Indonesia, Vietnam, The Philippines, Japan, South Korea, Australia, and New Zealand established the Asian Payments Network (APN) in 2006 to accelerate the adoption of real-time cross-border interchange banking transactions in the region.
Meanwhile, the European Union (EU) successfully launched the Single Euro Payments Area (SEPA) to connect real-time payment systems between EU countries, thus enabling cross-border transactions.
Main issues addressed
- What are the main drivers and constraints in the cross-border payments and remittances market?
- What are the trends in the cross-border payments and remittances landscape in the global market, and what is their impact?
- What is the size of the global cross-border payments market? Is he growing up?
- Which cross-border money transfer and payment channels are driving the growth of this market and why?
- What is the market outlook for cross-border payments and remittances across the globe?
- What are the future opportunities for cross-border payments and remittances around the world?
- Who are the key players in the market? What are the major opportunities for these companies and how are they positioned to meet customer demands?
Main topics covered:
1. Strategic imperatives
- Why is it harder and harder to grow taller?
- The strategic imperative
- The impact of the three main strategic imperatives on the global cross-border and remittance services industry
- Growth opportunities fuel the growth pipeline engine
2. Analysis of growth opportunities, global cross-border and money transfer services market
- Scope of the analysis
- Market definitions
- Key questions this study will answer
- Cross-border and remittance services market, channel segmentation
- Cross-border and remittance services market, money transfer value chain
- Cross-border and money transfer services market, regional segmentation
- Key growth indicators for the cross-border and remittance services market
- Growth drivers for the cross-border and remittance services market
- Growth constraints for the cross-border and remittance services market
- Forecast assumptions, cross-border services and money transfer market
- Transaction value forecasting, cross-border services market and money transfer
- Forecast of transaction value by channel, cross-border services market and remittance
- Forecast transaction value by region, cross-border services market and remittance
- Forecast Analysis of Transaction Value, Cross-Border Services Market and Money Transfer
- Forecast Analysis of Transaction Value by Region, Cross-Border Services and Money Transfer Market
- Forecast Analysis of Transaction Value by Channel, Cross-Border Services Market and Money Transfer
- Market analysis, cross-border services market and money transfer
- Competitive environment, market for cross-border services and remittances
- Main competitors in the cross-border and money transfer services market
- Revenue share, cross-border and remittance services market
- Revenue Share Analysis (Bank and MTO), Cross Border Services and Money Transfer Market
- Income share analysis (non-bank), cross-border services and remittance market
- Case study – Wirecard
- Case study – Travelex
3. Companies to watch, market for cross-border services and money transfer
- Western Union
4. Key trends, cross-border and remittance services market
- Trend 1 – Main emerging trends in cross-border payments and remittances services
- Trend 2 – Payment as a Service (PPAS) Platform Model
- Trend 3 – Blockchain is transforming the cross-border payments and remittances industry
5. Analysis of growth opportunities, cross-border services market and money transfer, Africa and the Middle East
6. Analysis of growth opportunities, cross-border services market and money transfer, Europe
7. Analysis of growth opportunities, cross-border and remittance services market, APAC
8. Analysis of growth opportunities, cross-border services market and money transfer, North America
9. Universe of growth opportunities, market for cross-border services and money transfer
- Growth Opportunity 1 – Digital Remittance Platforms
- Growth Opportunity 2 – Blockchain Based Solutions for Fast and Affordable Remittances
- Growth Opportunity 3 – Other Financial Services for Improving Customer Value
- Growth Opportunity 4 – Predictive Analytics and Threat Intelligence for Fraud Detection
10. The last word
- Western Union
- Wired card
For more information on this report, visit https://www.researchandmarkets.com/r/vxmsx5
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SOURCE Research and Markets