Dubai, UAE — Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next 12 months and 36 percent expect to receive more cross-border payments during the same period, according to the recently released Mastercard Borderless Payments Report for 2023.
Globally, the report indicates a similar trend, with 40 percent of senders and half of receivers expressing their intention to use cross-border payments more frequently. Approximately half of the respondents globally plan to amplify the value of their cross-border transactions.
The insights presented in Mastercard’s third Borderless Payments Report are derived from the perspectives of over 11,000 consumers and small businesses across 15 markets spanning the Americas, Europe, the Middle East, Africa, and Asia.
Key factors influencing the choice of brands or companies for cross-border payments in the UAE include lower fees, speed, and simplicity. The report reveals that 53 percent of respondents in the UAE prioritize lower fees, 52 percent prefer speedy transactions, and 41 percent seek a straightforward remittance process.
Gina Petersen-Skyrme, VP and Country Business Development Lead, UAE & Oman, Mastercard, commented on the findings, stating, “The UAE is home to a sophisticated community of consumers and businesses that rely on cross-border payments to support their everyday needs.” She emphasized Mastercard’s commitment to providing fast, seamless, cost-effective, and secure remittance services.
In the era of digital transformation and heightened focus on financial services digitization, 33 percent of UAE respondents stress the importance of securing personal information, while 24 percent emphasize the need for robust fraud protections.
Turning attention to the small and medium enterprise (SME) sector in the UAE, the report reveals that 80 percent of SMEs are actively planning to engage in more international business. Notably, 96 percent of small businesses have increased their use of international suppliers and services over the past 12 months.
A remarkable finding is the surge in the use of apps for cross-border payments among UAE SMEs, with 82 percent leveraging this technology. This figure represents the highest growth among all countries surveyed, showing a remarkable 27 percent increase compared to 2021.
Mastercard’s technology and innovative solutions play a pivotal role in facilitating quick and secure movement of money and data domestically and internationally. The company’s suite of remittance-related products enables payments through its global network, reaching more than 180 countries and 150 currencies, providing access to over 90 percent of the world’s banked population in near real-time to over 50 markets.