Almond releases Latest Trends in Cross-Border Payments infographic

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1. Digitalization has Elevated Cross-Border Transactions

  • Digital infrastructure for cross-border payments was accelerated by a need brought forth by the Covid-19 pandemic. Digital economies then grew more rapidly than ever across Asia – encouraging today’s global shift toward a cashless society.
  • Through 2024 and beyond, cross-border payments will continue to grow faster and faster.
  • Cross-border payments market is expected to grow over $100 trillion in the next decade – exceeding $250 trillion by 2027.
  • Digital wallet payments made up half of global transactions in 2023.
  • Asia Pacific region showed the highest digital wallet penetration rate in 2023 – accounting for over 2/3rds of global spending.
  • $14 TRILLION - Projected increase on cashless payment volumes globally from 2020-2025.

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2. Cross-Border & Digital Payment Popularity will Continue to Skyrocket

  • 82% of consumers look to their financial institutions to provide instant digital payment services.

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3. Cross-Border Payments to embrace Automation further for Cost Reduction

  • To cut costs of payments, automation is being utilized more and more to reduce the rate of failed processing – and to prevent fraud.
  • $2.7 TRILLION spent each year on manual invoice processing.

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4. Cross-border growth is encouraging cross-industry collaboration

  • While digital wallet and cross-border payment popularity expands, a more collaborative ecosystem is emerging among major players from numerous industries.
  • Technological and financial services are converging as digital transformation deepens, with smartphone manufacturers, eCommerce platforms, banks, and more integrating.
  • 42% of industry experts strongly agree that there is an acceleration of instant cross-border payments.

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5. Private & Public sector collaboration is expanding too

  • Beyond industry cooperation, there has been an increased joining between private and public institutions to give users greater payment interoperability.
  • 84% of UK residents utilize fintech daily.
  • 48% of American residents utilize fintech daily.
  • In 2021, 38% of Southeast Asian consumers already paid via cross-border capable QR.

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6. Compliance & security rising as cross-border payment fraud grows

  • Digital payment compliance and security concerns are heightening as cross-border transactions become a prime target for cyber-criminal groups.
  • Cross-border payment fraud losses tripled from 2011 to 2020.
    • $9.84 billion in 2011 to $32.39 billion in 2020.
  • Projections expect over $40.62 billion lost by 2027.

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7. A.I. & Machine learning technology is expected to improve fraud detection and financial crime prevention for more secure cross-border transfers

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  • Global banking institutions are launching A.I. pilots to combat fraud.
  • Generative A.I. is increasingly explored to enhance cross-border payment customer service.

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To download the infographic, click here. 

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About the Author

Howard Davidson is the CMO of Almond FinTech

Almond FinTech is a B2B fintech company transforming cross-border payments by empowering financial institutions and their customers with the best possible rates and near-instant FX settlements across all corridors globally. With Almond technology, institutions can guarantee fast, affordable, and transparent cross-border transactions. Finally.