Asia's Cross-Border Payments Set to Surge to $23.8tn by 2032, Study Reveals

 

Asia-Pacific's cross-border payments volume is projected to nearly double by 2032, reaching $23.8 trillion, up from $12.8 trillion in 2024.

 

This is according to a new joint report from Money20/20 and FXC Intelligence, revealed on Tuesday.

 

This expansion outpaces the global average and is forecast to increase the region's share of global cross-border flows to 36.8% by 2032.

 

 

The report, "How Will Asia's Money Move in the Future? 2025's View of 2035," draws on market analysis and insights from over 100 industry stakeholders.

 

It examines the trends, technologies, innovations, and policy shifts anticipated to shape Asia's cross-border payments landscape over the next decade.

 

Key findings reveal that a significant 88% of stakeholders consider interoperability "very or extremely important" for Asia's payment future.

 

Real-time payment systems are expected to lead this development (66%), followed by digital wallets (59%).

 

 

The study also highlights consumer habits (79%), regulatory policy (86%), and technological innovation (79%) as the primary factors influencing future infrastructure.

 

Furthermore, 91% of fintech leaders believe partnerships will be crucial in shaping this infrastructure.
 

 

"We're seeing a significant acceleration in how cross-border money moves, and the next decade will be crucial in shaping the infrastructure that powers it," stated Scarlett Sieber, chief strategy and growth officer at Money20/20. "Asia's future lies not in a one-size-fits-all model, but in interconnected systems that balance innovation with regional adoption."

 

The report indicates that while business-to-business (B2B) and business-to-consumer (B2C) transactions will continue to dominate by volume, B2C payments are predicted to experience the most rapid growth, fuelled by e-commerce and the expansion of subscription services.

 

 

Initiatives such as Project Nexus, greater regional policy alignment, and public-private partnerships are beginning to establish the foundations for a more seamless cross-border experience.
 

 

Daniel Webber, Founder and CEO of FXC Intelligence, commented: "Asia's payments landscape is evolving quickly, albeit with considerable complexity. This report underscores the necessity of deliberate collaboration across borders, sectors, and technologies to foster truly inclusive financial ecosystems."

 

 

Launched at Money20/20 Asia in Bangkok, the report concludes that Asia is on the verge of a major transition.

 

It is moving from fragmented payment systems towards more interconnected networks, driven by strong consumer demand and rapid digital innovation.

 

While no single dominant technology is anticipated, the future direction will be determined by astute policymaking, scalable technological solutions, and a collaborative approach across the diverse markets within the region.