Over 50% of people in Saudi Arabia say cross-border payments made in the last year helped family and friends through economic challenges

• Mastercard’s Borderless Payments Report 2021/2022 reveals 73% of people in the Kingdom made cross-border payments in the last 12 months to financially support family, friends or children who live in a different country
• In Saudi Arabia, 48% say that families abroad are still struggling from the economic effects of the pandemic and require their financial support
• Almost one-third of people in the Kingdom are earning more money than before the pandemic
• 89% feel confident about the security of online cross-border payments

Data from the Mastercard’s Borderless Payments Report 2021/2022 reveals more than half (51%) of those in Saudi Arabia who made online cross-border payments to family and friends over the last 12 months believe recipients would have struggled financially without that support. This compares to 40% globally as the payments continue to provide a lifeline for people with families abroad.

The research covered almost 8,000 consumers across 15 different markets. Even with the evidence of an economic recovery – in Saudi Arabia, 31% of people are earning more money than before the pandemic – and international travel re-opening, it is found that 52% of residents in the Kingdom sent more money internationally in the last year to family abroad. 

The survey results show that, in Saudi Arabia, 30% of people are making or receiving more cross-border payments than 12 months ago, with ‘supporting family’ a key driver for sending money.  Some 73% of consumers in the Kingdom say they sent money abroad, as the economic effects of the Covid pandemic and other recent global events mean people still find the economic environment challenging.  Almost half (48%) say that families abroad are still struggling to recover financially.

The most important consideration when making online cross-border payments for people in the Kingdom is ensuring funds are delivered within 24 hours and enabling them to send funds via mobile app (both 52%). And although 89% are confident their money will arrive when it should, 90% of people in Saudi say they would use cross-border payments more often if they were faster. 

Overall, almost nine in ten (89%) in the country feel confident in the security of online cross-border payments, which continue to play an increasingly central role in the global economy.

Maria Medvedeva, VP and Country Lead Saudi Arabia and Bahrain, Mastercard, said: “Cross-border payments is a vital tool when it comes to sending money to family and friends abroad. Our latest report further highlights how these payments offer consumers an easy, quick and safe way to send, receive and manage their funds. At Mastercard, we’re going beyond borders to support communities in their needs.”

Mastercard has facilitated increased volume and value of international payments between people and small businesses during the pandemic. Mastercard’s Cross-Border Services enable banks, non-banking financial institutions and digital players to support multiple payment use cases and reach 90% of the world’s population in over 100 markets, improving predictability and certainty for international transfers. A key driver in advancing the company’s multi-rail proposition, Mastercard’s services deliver the choice to globally pay out to cards, bank accounts, digital wallets, and cash agents through a single, secure connection. Learn more at crossborder.mastercard.com