DUBLIN, Sept. 3, 2021 /PRNewswire/ — The “Global Cross-Border Payments and Remittance Services Growth Opportunities” report has been added to ResearchAndMarkets.com’s offering.
The proliferation of the digital platform will encourage customers to move to online transactions. Global remittance and cross-border payments’ transaction value is expected to grow from $37.15 trillion in 2020 to $39.9 trillion by 2026.
All major participants are exploring the new Payment-as-a-service (PaaS) and remittance-as-a-service (white label) business model by leveraging on their in-house payment platforms. Global PaaS is expected to reach $25.5 billion by 2026 from $7.1 billion in 2020, expanding at a Compound Annual Growth Rate (CAGR) of 23.9%.
Cross-border payments and remittance transactions, even if essential, appear as a commodity for most customers; as a result, the fee structure has to be lowered to not appear as a pain point during the…