The global cross-border payments market is on track to hit $290 trillion by 2030, driven by rising international e-commerce, global workforce mobility, and the adoption of digital payment solutions, according to the Convera Fintech 2025 Report.
These payments form the backbone of international trade and finance, encompassing both high-value wholesale transactions (such as FX trading) and various retail payments like business-to-business (B2B) and consumer-to-business (C2B) transactions.
As businesses and consumers demand faster, more transparent payments, fintech is set to play an increasingly critical role.
Digital Transformation in Cross-Border Payments
The cross-border payments landscape has long been dominated by banks, which handle most high-value B2B transactions at low margins.
However, fintech innovations like blockchain technology, real-time payments (RTP), and global financial messaging standards (e.g. ISO20022) are disrupting traditional models.
These technologies are enabling faster, more secure, and transparent transactions while addressing inefficiencies in underserved segments such as low-value B2B, B2C (business-to-consumer), and C2C (consumer-to-consumer) payments.
The integration of blockchain is particularly impactful in combating fraud and enhancing security, while RTP systems unlock liquidity and streamline cross-border transactions.
Revenue Growth and Market Segmentation
In 2023, cross-border payments generated revenues of $193 billion, primarily split between transaction fees and foreign exchange (FX) revenues.
The B2B segment represents 80% of these revenues, with high-value transactions processed by banks.
As B2B e-commerce grows, its share of cross-border payment flows is expected to expand, becoming the largest sub-sector by 2030. This growth will be driven by the increasing digitisation of the B2B payments market, which has traditionally lagged behind consumer payments in terms of technology adoption.
Despite its dominance, the B2B segment’s revenue margins are lower compared to consumer transactions, which often involve intermediaries and additional services.
The consumer payments segment, particularly C2B, has seen a boost due to the acceleration of e-commerce during the pandemic.
B2C payments, while the smallest segment, continue to grow as more businesses disburse payments directly to consumers through digital platforms.
Regional Market Dynamics
North America remains a dominant force in the cross-border payments market, contributing 28% of total revenues in 2023, thanks to strong technological infrastructure and a supportive regulatory environment.
However, the Asia-Pacific region is closing the gap, with 26% of global revenues. The region’s rapid growth is fueled by investments in digital infrastructure and the proliferation of fintech solutions.
In Europe, cross-border payments are facilitated by the Single Euro Payments Area (SEPA), which has reduced fees and streamlined payment processes and with the mandated SCTinst now coming into effect, will continue to grow quickly.
Meanwhile, Latin America’s shift toward digital payments, driven by the pandemic, is helping the region gain ground in the global cross-border market.
Africa and the Middle East, while still constrained by a lack of infrastructure, are experiencing growth, particularly in the remittance sector.
The Future of Cross-Border Payments
Looking ahead, cross-border payments will continue to grow, with the wholesale market expected to rise from $146 trillion in 2023 to $225 trillion by 2030.
Retail payment flows, meanwhile, are projected to grow from $44 trillion to $65 trillion during the same period. The B2B segment will be the largest contributor to this growth, driven by digitization, e-commerce, and the rise of online marketplaces.
Efforts to improve cross-border payments, such as the Financial Stability Board’s (FSB) roadmap, are set to enhance the speed, cost, and transparency of transactions.
The adoption of global stablecoins and central bank digital currencies (CBDCs) may further streamline payments, making them more accessible and secure.
With advancements in technology, a favourable regulatory landscape, and increasing demand for faster, more transparent services, the market is set to experience significant growth by 2030.
Businesses, consumers, and financial institutions stand to benefit from the efficiencies and opportunities presented by the ongoing digital transformation in cross-border payments.
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