2024 has been marked by volatility, with delayed interest rate cycles, regulatory forces and geopolitical tensions around the world. We take a look at the performance of cross-border payments players, exploring the share prices of major publicly traded companies in the space.

Looking at share prices between 1 January and 18 December 2024, the cross-border payments industry saw mostly positive performance, with 11 out of 18 companies reporting growth in share prices. However, many smaller companies (with market caps under $1bn) have had a tough year in the stock market.

Against this backdrop, Payoneer has seen the biggest full-year movement, with its share price rising 97.42% to $9.93. This reflects the company’s updated 2024 guidance, which raised its revenue and adjusted EBITDA outlooks.

The main money transfer players, meanwhile, have seen mixed success in the stock market. Both Wise and Remitly had modest full-year growth in share prices, while other players have struggled in 2024. In particular, Western Union’s shares hit a 52-week low in November, following its Q3 results.

Visa and Mastercard have had another year of solid growth, and remained the dominant players in the space, with market caps of $607.49bn and $477.24bn (as of 19 December). Both companies have seen double-digit growth in their share prices, supported by several regional partnerships that occurred in Q4.

Notably, there were some potential acquisitions announced in the second half of 2024 that may ultimately see some companies cease to be publicly traded. For example, LatAm remittances major Intermex put itself up for sale in November, while Railsr agreed to acquire the B2B-focused Equals Group in December. 

As 2024 draws to a close, the cross-border payments space remains a landscape of contrasts. While some companies have outperformed market expectations, others are navigating significant challenges. Looking forward, we will keep an eye on key industry trends and developments for 2025.

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Niece Prayoonrat

Niece is a Data Journalism Intern at FXC Intelligence, writing reports and analysis to support the company’s weekly content and projects. She has a passion for finding insights and telling stories from financial data. She has an MSc in Media, Communication and Development from LSE and a BSc in Political Economy from King’s College London.