全球跨境支付服务行业丨洞察报告 核心摘要： 全球跨境电商市场持续扩大，货物贸易占比稳步提升，中国跨境电商市场稳居全球跨境电商主力，出口导向 格局持续强化。全球跨境支付市场已进入实时支付、稳定币与数字货币时代，市场规模稳步扩张，小额高频 场景正推动结构重塑。在这样的背景下，跨境第三方支付服务价值得到突显，其中，中国跨境出口第三方收 款服务市场快速扩容。本文重点梳理全球及中国跨境第三方收款服务市场发展情况与竞争格局，阐述服务商 在本地化服务、安全稳定性、场景定制化等方面的关键竞争力，并挖掘当前市场发展机遇。 全球跨境贸易市场宏观数据 全球跨境贸易持续扩张，服务驱动趋势增强，新兴经济体引领增长 2020年至2024年，全球进出口贸易总体呈现稳步回升态势，并逐步迈入结构优化阶段。在总量增速 趋缓的背景下，服务贸易持续展现出更强劲的增长势头，成为驱动全球贸易扩张的核心力量。这反 映出全球产业结构正加速由传统制造导向，向数字服务、知识产权以及金融与科技服务等领域转 型。与此同时，全球区域表现显著分化，亚洲和大洋洲等新兴经济体在全球贸易中的地位持续提 升。相比之下，发达经济体在2024年则整体陷入低速甚至零增长的困境。全球 ...

Core Insights - The global cross-border e-commerce market is expanding, with a steady increase in the share of goods trade, and China remains a dominant player in the global cross-border e-commerce landscape, reinforcing an export-oriented structure [1][11][17] - The global cross-border payment market has entered an era characterized by real-time payments, stablecoins, and digital currencies, with a steady market expansion driven by small, high-frequency transactions [1][26] - The value of cross-border third-party payment services is becoming increasingly prominent, particularly in China's rapidly growing cross-border export third-party collection service market [1][26][33] Global Cross-Border Trade Market Data - From 2020 to 2024, global import and export trade is expected to achieve an average annual compound growth rate of approximately 8%, reflecting strong industrial resilience and policy regulation capabilities [7] - The global trade landscape is shifting towards emerging economies, with Asia and Oceania leading growth, while developed economies face low or zero growth by 2024 [2][7] China Cross-Border Trade Market Scale - China's goods and services import and export trade is projected to maintain an average annual growth rate of about 8% from 2020 to 2024, with a stable global trade share of around 11% [7][17] - The diversification of China's export markets is evident, with significant growth in Asia, Europe, North America, and emerging markets like Latin America and Africa [7][17] Global Cross-Border E-Commerce Market Data - The global cross-border e-commerce market is expected to grow at an average annual compound growth rate of 17% from 2020 to 2024, driven by consumer demand for diverse products and the digital transformation of traditional trade [11][17] - The rise of social e-commerce and digital platforms is reshaping user acquisition paths and decision-making processes [11] Global Cross-Border Payment Market Size and Forecast - The global cross-border payment market is projected to grow from approximately $141.1 trillion to nearly $194.6 trillion from 2020 to 2024, with personal cross-border payments experiencing rapid growth [26] - By 2029, the personal cross-border payment market is expected to significantly increase, driven by the demand for diverse, small, and high-frequency payment needs [26] Cross-Border Third-Party Payment Service Value - Cross-border third-party payment service providers are increasingly recognized for their value in enhancing operational experience, transaction speed, currency support, and value-added services compared to traditional channels [28][29] - The market for cross-border third-party collection services is expected to grow from nearly $600 billion in 2024 to over $1 trillion by 2029, driven by the diversification of trade participants [33] Competitive Landscape of Cross-Border Third-Party Payment Services - The market for cross-border third-party payment services is showing significant concentration, with leading firms expanding their competitive advantages through global service networks and regulatory compliance [38] - The ability to provide flexible, modular payment solutions and integrate with specific business processes is becoming a key competitive barrier for payment service providers [39][40] Emerging Market Opportunities and Risks - The expansion of China's cross-border e-commerce into emerging markets such as Southeast Asia, Latin America, and Africa presents both opportunities and challenges, requiring enhanced local payment capabilities [47][49] - Key countries to focus on include Singapore, Indonesia, Thailand, Brazil, Mexico, Saudi Arabia, UAE, Nigeria, and South Africa, each with unique market dynamics [49][51]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 increased by 7% year over year and 15% compared to 2024, leading to an upward revision of full-year guidance for revenue and adjusted EBITDA [4][18] - Adjusted EBITDA for Q2 was $181 million, down 13% year over year, primarily due to the timing of license-based contracts [18] - Cash balance at the end of Q2 was $190 million, with a net leverage ratio of 1.4 times adjusted EBITDA, significantly below the previously discussed target of two times [7][21] Business Segment Data and Key Metrics Changes - The biller segment revenue grew by 16% in Q2 and 13% for the first half of 2025, driven by strong performance in government, consumer finance, and utility markets [5][19] - Payment software segment revenue was roughly flat in Q2 but grew by 18% for the first half of 2025, with recurring revenue accelerating to 8% growth in Q2 [5][19] - Annual recurring revenue (ARR) bookings in Q2 were up 86%, bringing first half 2025 new ARR bookings growth to 71% [5][20] Market Data and Key Metrics Changes - The company is experiencing strong demand for its Kinetic platform, which is cloud-native and offers enhanced capabilities for real-time payments and wire transfers [6][12] - The backlog has exceeded $7 billion for the first time, indicating strong future revenue potential [10][70] Company Strategy and Development Direction - The company is focused on enhancing shareholder returns through share repurchases and investments in technology leadership [6][21] - ACI Worldwide is well-positioned to benefit from the adoption of stablecoins, which could drive more cross-border real-time payments [11][13] - The company aims to continue its strategy of signing new contracts and renewals earlier in the year to improve sales efficiency [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving upper single-digit revenue growth targets for 2025, supported by a strong pipeline and positive customer feedback on new products [8][24] - The leadership team emphasized the importance of modernization and the ability to bring new products to market faster, which is critical for maintaining competitive advantage [66][68] Other Important Information - ACI Worldwide was recognized as one of CNBC's World's Top Fintech Companies for 2025 and one of Time's America's Best Midsize Companies in 2025 [14] - The company plans to host an event called "Payments Unleashed" in October 2023 to celebrate its 50th anniversary and discuss emerging trends in payments [25] Q&A Session Summary Question: Update on stablecoins and bank customer conversations - Management indicated that ACI is ready for stablecoin transactions and is positioned in the middle of the payments infrastructure for banks, facilitating these transactions as demand increases [30][31] Question: Acceleration in the Biller segment - Management noted strong performance in the Biller segment, particularly from government contracts, and expects continued progress, though not at Q2 levels [38][39] Question: Areas of strength in ARR bookings - The company reported a diverse mix of deals contributing to ARR growth, with no single deal dominating the performance [44][45] Question: Trends in investment from governments and banks - Management stated that there hasn't been a fundamental change in investment trends, but ACI is better positioned to capitalize on existing demand for payment modernization [65][68] Question: Capital allocation strategy and buybacks - The company remains flexible in its capital allocation strategy, focusing on buybacks and potential M&A opportunities to enhance growth [73][76] Question: Unit economics of stablecoin transactions - Management explained that real-time payments generate significantly more revenue than debit transactions, with stablecoin transactions expected to follow a similar trend as adoption increases [84][86]

Core Insights - Fiserv, Inc. (FI) reported mixed second-quarter 2025 results, showcasing strong segmental revenue performance and margins, but the earnings beat did not satisfy the market, leading to a 15.7% decline in shares since the results release on July 23 [1] Financial Performance - Adjusted earnings per share were $2.47, exceeding the consensus estimate by 2.5% and reflecting a 16% year-over-year increase [2] - Adjusted revenues reached $5.2 billion, slightly missing consensus estimates but showing an 8.6% year-over-year growth [2][7] Segment Performance - Processing and services revenues amounted to $4.3 billion, a 4% year-over-year increase, falling short of the estimated $4.5 billion [2] - The product segment generated revenues of $1.2 billion, up 25.3% from the same quarter last year, surpassing the estimate of $1.1 billion [2] - Merchant Solutions revenues were $2.6 billion, a 9.7% increase from the previous year, but below the estimate of $2.8 billion, driven by Clover growth and expansion into new markets [3] - Financial Solutions segment reported revenues of $2.6 billion, a 7.2% rise from the year-ago quarter, exceeding the estimate of $2.5 billion, supported by strong growth in Zelle transactions and increasing demand for real-time payments [4]