PURCHASE, N.Y.—A new report has found more consumers globally are setting up side jobs and considering working or living abroad, prompting the acceleration of cross-border payments.
According to Mastercard, which produced the report, the primary remittance-related challenges facing consumers and businesses include late or failed payments, the risk of fraud, and knock-on effects of being unable to support their own in-country payments.
The report is based on the views of more than 11,000 consumers and small businesses across 15 different markets in the Americas, Europe, the Middle East, Africa and Asia Pacific.
“Over the next three years, 50% of people who have made a cross-border payment in the last year say they are now considering living and working abroad, with particularly high numbers in India (72%), South Africa (71%), Colombia (69%) and the Philippines (66%),”Mastercard said.
Additional Findings
In addition, Mastercard further stated the growing number of people in overseas work has, as a result, fueled an increase in cross-border transactions, with many respondents expecting to make more payments over the next 12 months (41%) and at higher value (46%).
“They included a few key factors when determining how to send their money home –level of the fees, speed in delivery and simplicity in the experience,” Mastercard said.
The report also found 61% of small business respondents say they are now sourcing more suppliers internationally than they were 12 months ago.
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