Both commercial and consumer-based cross-border payment transactions in Latin America declined between 2022 and 2023, especially on the business side. The source does not explain why this is the case, although it should be noted that each year represents its own data model, meaning revisions made for 2023 might have led to lower results compared to the model used for 2022. The United States-Mexico payments corridor is regarded as the largest in the world. The source adds that the highest global growth after 2022 is expected in C2B cross-border, due to increasing online shopping and international travel. Consumer categories, it continues, also have higher margins when compared to B2B.
Total cross-border payments revenue – B2B, B2C, C2B, remittances – in Latin America (LATAM) from 2014 to 2023
(in billion U.S. dollars)
Characteristic
Cross-border payment services (B2B, B2C) and documentary trade finance
C2C remittance services and C2B cross-border payment services
All figures provided are estimates, and have been taken from different reports
Supplementary notes
The source did not separate between countries – it only provided regional numbers for Latin America as a whole. It also did not provide more in-depth figures on the exact type of cross-border payments or remittances, such as what goods or services are exactly paid for.
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Statista, & McKinsey & Company. (October 18, 2024). Total cross-border payments revenue – B2B, B2C, C2B, remittances – in Latin America (LATAM) from 2014 to 2023 (in billion U.S. dollars) [Graph]. In Statista. Retrieved December 30, 2024, from https://www.statista.com/statistics/1418524/latin-america-cross-border-payments-by-channel/
Statista, und McKinsey & Company. "Total cross-border payments revenue – B2B, B2C, C2B, remittances – in Latin America (LATAM) from 2014 to 2023 (in billion U.S. dollars)." Chart. October 18, 2024. Statista. Accessed December 30, 2024. https://www.statista.com/statistics/1418524/latin-america-cross-border-payments-by-channel/
Statista, McKinsey & Company. (2024). Total cross-border payments revenue – B2B, B2C, C2B, remittances – in Latin America (LATAM) from 2014 to 2023 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: December 30, 2024. https://www.statista.com/statistics/1418524/latin-america-cross-border-payments-by-channel/
Statista, and McKinsey & Company. "Total Cross-border Payments Revenue – B2b, B2c, C2b, Remittances – in Latin America (Latam) from 2014 to 2023 (in Billion U.S. Dollars)." Statista, Statista Inc., 18 Oct 2024, https://www.statista.com/statistics/1418524/latin-america-cross-border-payments-by-channel/
Statista & McKinsey & Company, Total cross-border payments revenue – B2B, B2C, C2B, remittances – in Latin America (LATAM) from 2014 to 2023 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1418524/latin-america-cross-border-payments-by-channel/ (last visited December 30, 2024)
Total cross-border payments revenue – B2B, B2C, C2B, remittances – in Latin America (LATAM) from 2014 to 2023 (in billion U.S. dollars) [Graph], Statista, & McKinsey & Company, October 18, 2024. [Online]. Available: https://www.statista.com/statistics/1418524/latin-america-cross-border-payments-by-channel/
