The top 10 cross-border payments companies

Cross-border payments enable the international transfer of money and act as an integral part of the global economy. As globalization continues to take hold, the need for secure, fast, and efficient cross-border payment grows. Valued at $176.5 trillion in 2021, BCC Research expects the global market for cross-border payments to grow at a CAGR of 5.3%, reaching $238.9 trillion by 2027. 

Several significant trends are circulating the industry, meaning the competitive landscape is primed for change. Rising pressure from advanced technologies, accelerating international commerce in retail and corporate sectors, shifting regulatory and sanctions frameworks, and changing customer demands are all creating a push-pull dynamic across the landscape. Given these highly fragmented conditions, gaining an understanding of the leading companies is vital to navigating the cross-border payments space.

The leading companies in cross-border payments 

Considering R&D activity, recent developments, revenue, and solution innovation, BCC Research has ranked the following companies as the leading players in the market for cross-border payments.

1.  PayPal

PayPal is synonymous with easy, fast transfers. The company provides technology and payment solutions that facilitate mobile, in-app, and online payments for merchants and customers. Moreover, the company offers other value-added services such as working capital, gateway services, short-term business financing, and invoicing. The company also provides consumer-to-consumer (C2C) payment solutions, and has marked its geographic presence in North America, Europe and Asia-Pacific.

2.  Visa

Visa is a global digital payment technology company that serves individual and commercial clients, government entities, financial institutions, and merchants. The company facilitates global e-commerce through digital payments and information. The company operates its business across the Americas, Europe, Asia-Pacific, the Middle East, and Africa.

3.  Western Union Holdings

Western Union Holdings is a global money movement and payment services provider that offers its clients fast, reliable and convenient ways to send money and make payments globally. The company offers services such as prepaid cards, money orders, bill payments, and domestic and international money transfers. Western Union also develops new ways to send money through digital, mobile and retail channels. The company caters to individuals, educational and financial institutions, nongovernmental organizations (NGOs), and legal and healthcare sectors across the Americas, Europe, Asia-Pacific, and the Middle East and Africa.

4.  FIS

FIS is a financial technology company that managements over half the world’s wealth, processing as much as $10 trillion annually. FIS provides technology solutions for merchants, banks, and capital markets across the globe. The company operates its business under three reportable segments: Merchant Solutions; Banking Solutions; and Capital Market Solutions. FIS focuses on retail and institutional banking, payments, risk and compliance, asset and wealth management, and outsourcing solutions. 

5.  Payoneer

Payoneer offers a payment and e-commerce platform that accelerates marketplaces, platforms, and online merchants across the globe. The company’s cross-border payment solutions support an ecosystem of marketplaces that pay their sellers in approximately 190 countries and territories by connecting to Payoneer application programming interfaces (APIs).

6.  Vodafone

Through the brand M-PESA, Vodafone’s cross-border payment offering is regarded as Africa’s most successful mobile money service and the region’s largest fintech platform. M-PESA provides safe and convenient banked and unbanked payments, allowing those without bank accounts a secure way to send and receive money across seas.

7.  Corpay

Part of the FLEETCOR portfolio of brands, Corpay is a payments leader serving customers across the globe. Their offerings include cross-border transactions, commercial expense cards, and bill payments for businesses.

8.  Fincra

Fincra offers payment infrastructure for fintechs, global businesses and platforms. The company provides online and offline payment solutions to ensure secure payments. Fincra currently offers local and cross-border transactions across over one hundred currencies, quick payment collection, Agency Banking, POS Terminal, Utility Management and Identity Management via API.

9.  Routefusion

Routefusion is a fintech company that provides global financial payments and infrastructure to businesses around the world. The company created a product that provided a single API to make cross-border payments and international expansion more accessible.

10.  TransferMate

TransferMate uses technology and global banking infrastructure to offer companies better exchange rates, greater transparency and improved reconciliation via direct integration into accounting and ERP systems. 

Discover the market for cross-border payments

With competitive changes on the horizon, there’s never been a better time to get a handle on the cross-border payments market. Our brand new report dives into the landscape to equip players with the knowledge to navigate the shifting market conditions. With a technology breakdown and regional market figures, the report is the perfect handbook for those looking to make waves in the industry.

Download your complimentary report overview here.

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