50% of SMBs surveyed say global payments network has helped them weather the pandemic, Mastercard’s Borderless Payments Report 2022 reveals

Mastercard has released its 2022 Borderless Payments Report, highlighting the challenges small businesses face and their reliance on cross-border payments to stay afloat during the pandemic. Three thousand small and medium-sized enterprises (SMEs) from around the world were interviewed.

According to the report, 67% of SMEs surveyed in Canada said the pandemic had changed their business model forever, with 36% still worried that they would never reach pre-pandemic revenue levels. Fifty percent said cross-border payments had helped them survive the pandemic, while 29% said they would have given up without wire transfers from international businesses, making cross-border payments key to business growth after the pandemic. pandemic.

Wire transfers, however, still present some challenges, given the late and difficult-to-track processing of payments, which makes them vulnerable to fraud. Thirty-one percent of SMEs expressed frustration with the lack of transparency on exchange fees and transactions.

Mastercard Cross Border Services says the report provides guidance to help cross-border payment providers educate users, expand payment options, speed up transactions and improve pricing while improving transparency and strengthening security.

“As Canadian businesses recognize the potential to expand overseas through digital transformation, it’s critical that financial institutions have the right cross-border solutions to support them,” said Ramesh Jayakrishnan, Vice President, New Platforms. of payment, Mastercard. “Cross-border payment systems must become faster, cheaper and more secure.”

The full report can be viewed here (registration required).

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Elaine R. Knight