B2B segment led; forecast CAGR of 9.3% to 2030 driven by e-commerce and digital payment adoption in Brazil and Mexico.

Market Size and Global Share

Latin America generated USD 10.6 billion in cross-border payment revenue in 2024, accounting for 4.6% of the global total, according to industry estimates compiled from public web research. The region's compound annual growth rate (CAGR) from 2020 to 2024 was 8.5%, reflecting steady expansion as digital payment infrastructure matured across key economies.

While Latin America's share remains modest relative to mature markets in North America, Europe, and Asia-Pacific, its growth trajectory signals a structural shift. The 4.6% slice of the global cross-border payments pie represents approximately USD 230 billion in total worldwide revenue for 2024, a figure driven by rising trade volumes, remittance flows, and—increasingly—digital commerce.

%Source: Orionmano Industries

B2B Segment Dominance

Business-to-business (B2B) transactions represent the largest segment within Latin America's cross-border payments market. According to Grand View Research, B2B was the dominant segment by revenue share in 2024 across the region. This aligns with the global pattern: worldwide B2B cross-border payment revenue reached USD 185.01 billion in 2024, according to Fortune Business Insights, making up an estimated 52% of total cross-border revenue.

The B2B segment's outsized role in Latin America is no coincidence. High-value corporate transactions—including imports of manufactured goods, agricultural commodity exports, supply chain settlements, and treasury operations—drive the majority of cross-border payment volumes. Multinational corporations and small-to-medium enterprises (SMEs) alike depend on international payment systems for vendor settlements, service outsourcing, and trade finance. B2B flows are inherently larger in value per transaction than consumer payments, which amplifies their revenue contribution even when transaction volumes are lower.

The region's trade profile supports this structure. Latin America's major economies—Brazil, Mexico, Argentina, Chile, and Colombia—are deeply integrated into global supply chains for commodities (soy, copper, lithium, oil) and manufactured goods (automotive, electronics, aerospace components). These trade flows generate recurring, high-value cross-border payment streams that accrue primarily to the B2B channel.

Growth Drivers: E-Commerce and Digital Payments

Two reinforcing trends are accelerating cross-border payment revenue in Latin America: explosive e-commerce growth and deepening digital payment adoption.

Brazil remains the region's dominant e-commerce market, with volume reaching USD 346 billion in 2024, according to data cited by Fintech News America from PCMI. Projections indicate the market will nearly double to USD 586 billion by 2027, reflecting a 19% CAGR. Critically, cross-border e-commerce in Brazil is expected to grow 32% in 2025, outpacing the 20% forecast for domestic e-commerce growth. While domestic sales still command 92% of Brazil's e-commerce volume, the cross-border segment's faster growth rate signals increasing consumer comfort with international online purchases.

Mexico presents a similar story. The country's e-commerce volume hit USD 97 billion in 2024, with a 74% penetration rate among adults. Cross-border e-commerce in Mexico is projected to grow 41% in 2025, according to PCMI data, as Mexican consumers increasingly turn to international platforms for goods and services. Domestic sales currently account for 79% of Mexico's total e-commerce volume, leaving meaningful headroom for cross-border expansion.

On the digital payments side, financial inclusion initiatives are creating new rails for cross-border transactions. Digital wallets and mobile payments are reaching previously underserved populations—over 200 million adults in Latin America remain unbanked, according to Thunes. Mercado Pago, the payments arm of Mercado Libre, provides a concrete example: its QR payment system reached 62.6 million transactions in December 2024 alone, with volumes continuing to rise in 2025, underpinned by Argentina's central bank Transferencias 3.0 framework that made QR payments interoperable across banks and wallets.

In more volatile economies, cryptocurrency and stablecoin usage is emerging as a cross-border payments alternative. According to a Bloomberg July 2024 report cited by Fintech News America, crypto remittances now account for approximately 9% of total remittances to Venezuela, hovering around USD 461 million. This trend reflects demand for currency value preservation and faster, lower-cost cross-border transfers in high-inflation environments.

Forecast and Competitive Dynamics

Looking ahead, Latin America's cross-border payment revenue is forecast to grow at a CAGR of 9.3% from 2024 to 2030, according to industry estimates. An alternative projection from Grand View Research places the broader Latin America cross-border payments market (including domestic B2B and B2C segments) at USD 52.7 billion by 2030, growing at a 7.3% CAGR from a 2024 base of USD 34.6 billion. The variance between estimates reflects differences in market definition and scope, but both point to sustained double-digit growth well above global cross-border payment averages.

Competitive dynamics are intensifying. dLocal, the Uruguay-headquartered cross-border payments platform covering 40-plus emerging markets, recorded total payment volume (TPV) of USD 26 billion in 2024, up 45% year-over-year. The company reported USD 84 million in gross profit, underlining the profitability of serving high-growth corridors.

International players are also moving in. Airwallex, an Australian B2B payments fintech, secured a payments license in Brazil and plans to launch services in 2025, including access to Brazilian real bank accounts with unique identification numbers, alongside integration with local payment methods Pix and Boleto. This marks the latest in a series of international fintech entries into Latin America, reflecting recognition that the region's cross-border payments opportunity—while still representing less than 5% of global revenue—is growing faster than most developed markets.

The forecast 9.3% CAGR will depend on continued regulatory innovation and further digitalization. Brazil's Pix instant payment system has already transformed domestic payments and is increasingly being explored for cross-border use cases. Mexico's regulatory sandbox environment and Colombia's fintech-friendly framework are similarly lowering barriers to entry. If these regulatory trends persist alongside e-commerce growth and mobile payment adoption, Latin America's share of the global cross-border payments market—currently 4.6%—could meaningfully expand by the end of the decade.