15 predictions for the cross-border payments industry in 2024
- FXC Intelligence publishes its predictions of what 2024 will look like for cross-border payments trends. While 2023 was a significant year of change, following the economic and geopolitical downturn of 2022, 2024 is set to be a year of evolution for cross-border payments.
- In total, FXC Intelligence provides 15 key predictions for the industry that we expect to occur over the course of the year.
- These predictions fit into three main categories: geopolitical and social trends, technological advances and industry evolution, all of which are set to provide powerful shaping forces in the market.
FXC Intelligence has published its predictions for the cross border payments industry in 2024. While 2023 was a significant year of change, following the economic and geopolitical downturn of 2022, 2024 is set to be a year of evolution for cross-border payments.
Over the next year, we are set to see the global payments landscape shift and develop in response to factors that have long been in motion.
In total, FXC intelligence provides 15 key predictions that fit into three main categories: geopolitical and social trends; technological advances; and industry evolution.
Geopolitical and social trends
Expect to see an increased focus on transparency, alongside greater cross-border integration of country-level payment systems; further de-dollarisation; more small businesses operating internationally; and the beginnings of a reckoning with the industry’s environmental impact.
Technological advances
Expect to see a continued focus on faster payments, alongside novel avenues for payment processing; the use of generative AI; growing geographic adoption of QR codes; and some key announcements on CBDCs.
Industry evolution
Expect to see focus on consolidation and spinoffs rather than IPOs; a fightback from banking on B2B payments; significant growth in B2B ecommerce; a sense of the long-term strategy for remittances; and the rise of cross-border gifting as an alternative to classic remittances.
Lucy Ingham, Head of Content and Editor-in-Chief at FXC Intelligence said:
“2023 was a significant year for the cross-border payments industry as it continues to mature and evolve. As we enter 2024, the industry is bigger and more complex than ever before, but faces exciting and unprecedented opportunities across geopolitical and social trends, technological strides and pivotal industry transformations.
“FXC Intelligence is especially interested in monitoring the impact of the G20’s Roadmap for enhancing cross-border payments, as it provided much of the benchmarking data published by the Financial Stability Board. The data showed that the industry has some way to go to reduce costs, increase speed and increase access, so we expect the industry to place a renewed focus on operating with insight and transparency.”
To see the 15 predictions for cross-border payments in 2024 in full, read the FXC Intelligence report here.