Cross-border payments refer to financial transactions between parties in different countries. These transactions involve transferring funds or assets internationally, usually through banks or financial institutions. They can be initiated by individuals or businesses, often require currency conversion, and can be processed using various payment methods

The growth in international trade, remittances, and global e-commerce sales has driven the demand for more efficient and seamless cross-border payment options and innovative payment solutions that support transactions and facilitate quick, low-cost transfers.

In CY24, the global cross-border payments market was valued at US$ 207T. By 2028, the market is projected to reach US$ 290T

• Different cross-border payment options ensure secure, fast, and efficient global money transfer
   Online payment platforms, including wire transfers and credit card payments, allow individuals and businesses to send and receive money internationally through mobile devices or computers. These platforms typically offer competitive exchange rates, low fees, and are often supported by major credit card networks for cross-border transactions

  • International money orders are a paper-based payment method that can be sent via mail or transmitted electronically through a third-party provider. They are typically available for purchase at banks and financial institutions and are commonly used for smaller amounts

  Indian players in the cross-border payments space are attracting substantial investments, highlighting the increasing significance of seamless financial transactions. Companies like Skydo, Infinity, Dodo Payments, Briskpe, Glomopay, Cashfree, Zolve, Hiwipay, and Fable Fintech have emerged as key players, collectively raising ~US$ 319.9M in FY25. These FinTech firms are leveraging technology to tackle challenges such as high transaction fees and lengthy processing times, providing faster and more cost-effective solutions for international payments Cross-border payments are set to become increasingly promising, with recent developments paving the way for a more efficient system. The Reserve Bank of India is working to link UPI with fast payment systems in other countries, addressing challenges such as high costs, slow transaction speeds, limited access, and lack of transparency in cross-border remittances. In February 2023, India’s UPI was linked with Singapore’s PayNow system, marking a significant step. Additionally, the RBI has joined Project Nexus, an international initiative aimed at enabling instant cross-border retail payments by connecting domestic fast payment systems across multiple countries. Project Nexus is expected to be completed by 2026. Looking ahead, Indian UPI apps are set to support merchant payments via QR codes in countries like Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka, and the UAE