Key Takeaways
An anticipated surge in cross-border payments, with the value set to rise from nearly $150 trillion in 2017 to over $250 trillion by 2027, marking an increase of over $100 trillion within a decade.
The Bank of England’s estimation aligns with this projection, emphasizing the significant opportunities for entities in the cross-border payments domain.
Market dynamics indicate potential shifts in market share, with almost 90% of financial institution clients surveyed by Citi believing that at least 5% of the market share will transition, mainly to FinTechs, in the upcoming 5-10 years. Notably, 40% observed that a share of the wallet has already been redirected.
Citi’s recent Global Perspectives & Solutions (Citi GPS) report, titled ‘FUTURE OF CROSS-BORDER PAYMENTS — Who Will Be Moving $250 Trillion in the Next Five Years?’ sheds light on the transformative potential of the cross-border payments industry.
Jane…
