Borderless payments: Helping people stay connected to their worlds

Cross-border payments have played a major role in keeping the world economy moving at a time of unprecedented turmoil.  The first Borderless Payments Report from Mastercard helps us understand why consumers and small businesses send and receive money around the world, and how digital cross-border payment solutions have been a financial lifeline to many.

At a global level, key findings include:

• 38% of consumers are sending or receiving more cross-border payments than a year ago
• 62% are more reliant on online transfers
• 73% have sent money to support friends and family abroad

More than a quarter (26%) of respondents, including 57 percent of those in India and 43 percent of those in the U.S., said they regularly send more than half of their monthly income to another country, and 46% send more than a fifth of their salary abroad. The high value and importance of these transactions mean people need the cross-border payment services they use to be dependable and efficient, as well as secure.

• 38% of small businesses are sending or receiving more cross-border payments than a year ago
• 74% say cross-border payments have helped their business to survive
• 81% say using online cross-border payments had helped the business to grow

It has never been more important to help small businesses pay and get paid to help them weather the economic storm of COVID-19 and come out stronger on the other side. More than three quarters (76%) of small business respondents agreed the pandemic had forced them to look at new opportunities for the business globally, with 68% reportedly planning to do more international business than they had before.

Maintaining a safe, efficient and inclusive global economy will be essential for economic recovery and growth from the pandemic and beyond.

Mastercard is supporting banks, non-banking financial institutions and digital platforms to improve efficiency, transparency and predictability of cross-border payments. Through a single, secure point of access, Mastercard Cross-Border Services allow people and businesses to send and receive money securely and with certainty. For any purpose; to any end point.