Global cross-border payment industry value escalates to $194 trillion currently, predictions indicate a surge to an astounding $320 trillion by 2032.
The cross-border payments industry is gearing up for significant growth, with the total addressable market (TAM) forecast to reach an impressive $65 trillion by 2032, according to a new report titled 'How big is the cross-border payments market? 2032's $65tn TAM'. This expansion is encouraging for the industry and the wider economic landscape as we look towards 2030 and beyond.
The report highlights cross-border payments as an essential part of daily life worldwide, driving global economic growth. The B2B cross-border payments market, which had a global size of $31.6 trillion in 2024, is set to grow by 58% to $50 trillion in 2032. The projected growth rate (CAGR) of the B2B cross-border payments market from 2024 to 2032 is 5.3%, indicating steady but moderate expansion in the segment within the overall cross-border payments market.
The B2B cross-border payments market is a significant part of the broader digital payment ecosystem and is influenced by ongoing digital transformation, globalization of trade, and technological advancements facilitating smoother cross-border transactions. Within large enterprise, large enterprise goods represented the largest B2B segment, with a 2024 market size of $13.3 trillion, climbing to $21.1 trillion in 2032.
Meanwhile, the B2B services sector is forecast to grow at a CAGR of 6.6% over the same period, while B2B goods are projected to increase by a CAGR of 5.7%. The growth in the B2B market is also being driven by the ongoing digitalisation of businesses and the globalisation of trade.
The B2C market, which includes international worker payments such as formal employee compensation, gig economy payments, and other ad-hoc cross-border payments like social media payouts, had a 2024 TAM of $1.9 trillion and is forecasted to grow by 131% to $4.4 trillion in 2032, with a CAGR of 11.1%. The growth in the B2C market is also being driven by the continued rise of the gig economy and ongoing increases in cross-border payments to creators and influencers.
The C2C payments market, also known as P2P payments, covers consumer money transfers and is set to see significant growth over the next few years. Digital services within the C2C market are forecast to see stronger growth, with a CAGR of 8.3% over the same period.
The C2B market had a global TAM of $4.5 trillion in 2024 and is projected to reach $7.1 trillion in 2032, with a CAGR of 5.9%. The growth in the C2B and B2C markets is largely driven by the rapid expansion of cross-border ecommerce, particularly in markets like China and India.
The non-wholesale cross-border payments industry had a global TAM of $39.9 trillion in 2024 and is forecasted to grow to $64.5 trillion in 2032, representing a 62% increase. SMB had a 2024 global TAM of $13.8 trillion, which is forecast to rise to $21.2 trillion in 2032.
The report underscores the important role of the cross-border payments industry in driving global economic growth and emphasises the opportunities available to players in the cross-border payments industry that want to make the most of the opportunities in this fast-growing market.
In light of the report's findings, the projected growth of the B2B cross-border payments market, driven by digital transformation, globalization, and technological advancements, presents lucrative investment opportunities in the finance sector, especially for businesses involved in technology. Furthermore, the significant growth potential of the B2C market, particularly due to the rise of the gig economy and cross-border ecommerce, especially in emerging markets like China and India, also provides promising avenues for business expansion and finance.
