Global cross-border transaction market is projected to exceed USD40 trillion in 2028, largely driven by trading. Fast, low cost and secure became the three key service requirements of embedded cross-border transaction solutions, while local penetration in key markets globally is one of the key differentiators. FinTechs have been winning digital wallets, digital banks and other digital services, while incumbent operators expand to digital solutions to enhance partnerships with banks.
This report comes in PPT.
Cross-border retail e-commerce witnessed more than 25% year-on-year growth, thanks to border restrictions during the pandemic.
From 2022 to 2023, along with scrapping of travel restrictions, travel and migration have been recovering, motivating financial institutions to roll out new travel and remittance products.
International supply chain and FDI have been greatly impacted by the trade wars and conflicts, especially between the two superpowers, increasing the complexity and expense.
In an era with increasing uncertainties, investors demand profit growth trajectories, while investment has been increasingly concentrated within the top 10 markets.
Card operators such as Visa, Mastercard and UnionPay have been offering personal and commercial cards, enabling banks to issue cards for cross-border transaction.
They have been stretching to digital payments (fast transaction and QR payment, etc), to capture embedded finance opportunities with banks and remittance firms.
Challenging incumbents, FinTechs including Ant Group, Wise and Stripe have been focusing on agile and low-cost digital cross-border transaction solutions.
They focus on digital banks and digital wallets, which in turn target long-tail consumers and businesses, requiring highly automated solutions involving a few incumbent banks and operators.
This is the aggregation of ATM, charge, credit, debit, e-purse and retail cards. Note that smart cards are not included in financial cards.
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