{
  "title": "Global Cross-Border Payments: A $1 Quadrillion Evolving Market?",
  "publication": "IMF Working Papers, June 13, 2025",
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  "summary": "Cross-border payments are essential to the global financial system, facilitating trade and investment. The global cross-border traditional and crypto payment market approached a value of about one quadrillion dollars in 2024, with crypto payments representing only a small fraction despite their rece",
  "sections": [
    {
      "heading": "Key findings on market size and composition",
      "content": "- The global cross-border traditional and crypto payment market approached a value of about one quadrillion dollars in 2024.\n- Crypto payments represent only a small fraction of the total cross-border payments market despite a recent surge.\n- Analysis focuses on data from Swift—the largest traditional cross-border financial messaging network—over 2021-24."
    },
    {
      "heading": "Geography, institutions, and transaction structure",
      "content": "- Payments are predominantly concentrated in advanced economies.\n- Cross-border flows are driven by financial institutions and large transactions.\n- Aggregate dynamics mask substantial heterogeneity across:\n  - message types (customer vs. financial related payments),\n  - currencies,\n  - transaction sizes."
    },
    {
      "heading": "Currency usage and trends",
      "content": "- Currency usage remains stable, with the U.S. dollar maintaining the largest share.\n- The Chinese renminbi demonstrates signs of increasing global integration, albeit from a low base."
    },
    {
      "heading": "Determinants and empirical evidence",
      "content": "- Gravity model estimates confirm that traditional economic linkages shape cross-border payments, specifically:\n  - trade,\n  - portfolio investment,\n  - foreign direct investment (FDI).\n- Information asymmetries play a diminished role in larger payments."
    },
    {
      "heading": "Subject classifications and keywords (as provided)",
      "content": "- Subjects: Balance of payments, Currencies, Foreign direct investment, Imports, International trade, Money, Portfolio investment.\n- 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.\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2025/06/13/global-cross-border-payments-a-1-quadrillion-evolving-market-567604"
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    "Authors: Eugenio M Cerutti, Melih Firat, Martina Hengge",
    "Published: June 13, 2025",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798229013505.001",
    "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.",
    "Payments are predominantly concentrated in advanced economies.",
    "Cross-border flows are driven by financial institutions and large transactions.",
    "Aggregate dynamics mask substantial heterogeneity across:",
    "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.",
    "Gravity model estimates confirm that traditional economic linkages shape cross-border payments, specifically:",
    "Information asymmetries play a diminished role in larger payments.",
    "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.",
    "**Working Paper**"
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