Mastercard has said that demand for cross-border payments is likely to increase over the next year as more consumers “set up side hustles” and consider working or living abroad.

A report by the card issuer found that small businesses are also increasingly reliant on international payment networks with three in five sourcing more suppliers internationally than they were 12 months ago.

The research is based on the views of 11,000 consumers and small businesses across 15 different markets in the Americas, Europe, the Middle East, Africa, and Asia Pacific.

The study revealed that over the next three years, 50 per cent of the people who have made a cross-border payment in the past year are now considering living and working abroad.

Mastercard said that the growing number of people in overseas work has fuelled an increase in cross-border transactions, with 41 per cent of respondents of the survey expected to make more payments over the next 12 months. A further 46 per cent said that payments would be for a higher value.

Two in three, or 65 per cent of small businesses said that they expect to source more suppliers abroad over the next year.

.“The past few years have proven that our global economy depends on seamless connections — of people, raw materials, goods and services,” said Alan Marquard, executive vice president, transfer solutions, Mastercard. “Among these important connections, the ability to make and receive payments quickly and easily is crucial, but failed, late and fraudulent payments risk undermining trust in these crucial networks.”

Share Story: