Global Cross-Border Payments: A $1 Quadrillion Evolving Market?
IMF Working Papers, June 13, 2025
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- Global Cross-Border Payments: A $1 Quadrillion Evolving Market?
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Bibliographic details
- Authors: Eugenio M Cerutti, Melih Firat, Martina Hengge
- Published: June 13, 2025
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798229013505.001
Key findings on market size and composition
- The global cross-border traditional and crypto payment market approached a value of about one quadrillion dollars in 2024.
- Crypto payments represent only a small fraction of the total cross-border payments market despite a recent surge.
- Analysis focuses on data from Swift—the largest traditional cross-border financial messaging network—over 2021-24.
Geography, institutions, and transaction structure
- Payments are predominantly concentrated in advanced economies.
- Cross-border flows are driven by financial institutions and large transactions.
- Aggregate dynamics mask substantial heterogeneity across:
- message types (customer vs. financial related payments),
- currencies,
- transaction sizes.
Currency usage and trends
- Currency usage remains stable, with the U.S. dollar maintaining the largest share.
- The Chinese renminbi demonstrates signs of increasing global integration, albeit from a low base.
Determinants and empirical evidence
- Gravity model estimates confirm that traditional economic linkages shape cross-border payments, specifically:
- trade,
- portfolio investment,
- foreign direct investment (FDI).
- Information asymmetries play a diminished role in larger payments.
Subject classifications and keywords (as provided)
- Subjects: Balance of payments, Currencies, Foreign direct investment, Imports, International trade, Money, Portfolio investment.
- Keywords: cross-border payment, Cross-Border Payments, crypto payment market, Currencies, customer payment, Europe, FDI, financial institution payment, Foreign direct investment, Global, Imports, Networks, Portfolio Investment, quadrillion evolving market, Trade.
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- Working Paper