{"id":37261,"date":"2022-10-18T20:12:04","date_gmt":"2022-10-18T17:12:04","guid":{"rendered":"https:\/\/saudishopper.com.sa\/en\/?p=37261"},"modified":"2026-03-28T01:58:22","modified_gmt":"2026-03-27T22:58:22","slug":"over-50-of-people-in-saudi-arabia-say-cross-border-payments-made-in-the-last-year-helped-family-and-friends-through-economic-challenges","status":"publish","type":"post","link":"https:\/\/saudishopper.com.sa\/en\/over-50-of-people-in-saudi-arabia-say-cross-border-payments-made-in-the-last-year-helped-family-and-friends-through-economic-challenges\/","title":{"rendered":"Over 50% of people in Saudi Arabia say cross-border payments made in the last year helped family and friends through economic challenges"},"content":{"rendered":"\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/urldefense.com\/v3\/__https:\/www.mastercard.com\/news\/insights\/2022\/borderless-payments\/__;!!N96JrnIq8IfO5w!iHNiyef4gHDCemszZE5SEPYHDeaRfMWSZBUoE6NmI-vYCeUxqj1UeYKAT6EhNeScYJnA9Nj03ttTWj7QlQGJF6fFou0pOpAL$\" target=\"_blank\" rel=\"noreferrer noopener\">Mastercard\u2019s\u00a0Borderless Payments Report 2021\/2022<\/a>\u00a0reveals\u00a073% 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<\/li><li>In Saudi Arabia, 48% say that families abroad are still struggling from the economic effects of the pandemic and require their financial support<\/li><li>Almost one-third of people in the Kingdom are earning more money than before the pandemic<\/li><li>89% feel confident about the security of online cross-border payments<\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Saudi Arabia; 17 October 2022:<\/strong>&nbsp;Data from the Mastercard\u2019s&nbsp;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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The research covered almost 8,000 consumers across 15 different markets. Even with the evidence of an economic recovery \u2013 in Saudi Arabia, 31% of people are earning more money than before the pandemic \u2013 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.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The survey results show that, in Saudi Arabia, 30% of people are making or receiving more cross-border payments than 12 months ago, with \u2018supporting family\u2019 a key driver for sending money. &nbsp;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.&nbsp; Almost half (48%) say that families abroad are still struggling to recover financially.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Maria Medvedeva, VP and Country Lead Saudi Arabia and Bahrain, Mastercard,<\/strong>&nbsp;said: \u201cCross-border payments is a vital tool when it comes to sending money to family and friends abroad. Our latest report further&nbsp;highlights&nbsp;how these payments&nbsp;offer consumers an easy, quick and safe way to send, receive and manage their funds.&nbsp;At Mastercard, we\u2019re going beyond borders to support communities in their needs.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mastercard has facilitated increased volume and value of international payments between people and small businesses during the pandemic. Mastercard\u2019s Cross-Border Services enable banks, non-banking financial institutions and digital players to support multiple payment use cases and reach 90% of the world\u2019s population in over 100 markets, improving predictability and certainty for international transfers. A key driver in advancing the company\u2019s multi-rail proposition, Mastercard\u2019s 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<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mastercard\u2019s\u00a0Borderless Payments Report 2021\/2022\u00a0reveals\u00a073% 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 [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":30530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_meta-robots-noindex":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_pr_autopilot_social_copy":"","_yoast_wpseo_opengraph_title":"","_yoast_wpseo_opengraph_description":"","_yoast_wpseo_opengraph_image":"","_yoast_wpseo_opengraph_image_id":0,"_yoast_wpseo_twitter_title":"","_yoast_wpseo_twitter_description":"","_yoast_wpseo_twitter_image":"","_yoast_wpseo_twitter_image_id":0,"_yoast_wpseo_primary_category":24,"_extra_hide_author_box":"","_extra_featured_post":"","_partner_post_id":0,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-37261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized 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