Cross-border payments are not only a convenient way to send money between countries, but also a necessity for many consumers. That’s especially true for those in Saudi Arabia, according to research from Mastercard’s “Borderless Payments Report 2021/2022.”
The study found that nearly three-quarters (73%) of respondents in Saudi Arabia made a cross-border payment within the past 12 months—primarily to help financially support their family who resides outside the country.
Many of the consumers surveyed said they’re in a good place financially, with nearly a third of respondents making more money than they did before the pandemic. However, roughly half said their families are “still struggling to recover financially.”
The Mastercard study also found that overall, trust in cross-border payments is increasing among respondents in Saudi Arabia. Some 89% of respondents said they feel confident about the safety and security of online payments.