Changing lanes: Cross-border payment providers in new race to win small business loyalty

• 9 in 10 SMEs (91%) plan to switch cross-border payment providers in the next two years, and 92% already use multiple providers, underlining a more competitive and fluid market.

• By 2028, smaller specialist providers are projected to be SMEs’ main choice for money movement.

• Speed and trust are now top priorities for SMEs, with transparency and cost close behind, in a money movement market set to surge to $47.8 trillion by 2032.

• A new film with the McLaren Mastercard Formula 1 Team shows Mastercard completing an end-to-end cross-continental payment in 1.8 seconds, matching the team’s record pit stop time.

   

Nine in 10 (91%) small and medium-sized businesses (SMEs) trading internationally are set to switch their current cross-border payment provider in the next two years, according to Mastercard’s new Money in Motion report, compiled by Bain & Company. The findings point to a fast-changing market, as SMEs look for more efficient ways to move money across borders. 

The report, based on a survey of SMEs across 11 countries, suggests the market could look very different by 2028, as competition intensifies in a fast-growing sector. The overall B2B cross-border payments market is set to grow by 51%, from $31.7 trillion in 2024 to $47.8 trillion by 2032. Against that backdrop, smaller specialist providers are projected to become the leading choice for SMEs’ cross-border payment needs. By then, 48% are expected to choose a fintech as their main provider, up from 30% in 2025, while 28% are expected to select a bank, compared with 42% in 2025.

The research shows that SME priorities are changing. Trust (35%) and speed (34%) are now the biggest considerations when selecting a cross-border payment provider, with cost and transparency close behind at 28% each. Among SMEs that have recently changed providers, two in three (67%) say faster transactions and more reliable settlements were the driving force. Once selected, trust remains the strongest anchor for loyalty in an increasingly fluid market.

More than nine in 10 (92%) SMEs surveyed already use multiple payment providers, showing that many are spreading their business across different partners to meet their cross-border payment needs.

“SMEs are rethinking what they need from cross-border payments. They are using more providers, comparing options more closely and becoming more willing to switch. For banks and fintechs, that creates a clear opportunity to win and keep their business by delivering the speed, trust and transparency SMEs now expect,” says Pratik Khowala, Global Head of Transfer Solutions, Mastercard.

SMEs are also looking beyond the payment itself. The report shows that they want more visibility, control and tools that help them manage risk and reconcile payments more easily. Payment tracking (43%) and fraud detection (42%) are the two most sought-after value-added services, showing how important the wider payment experience has become.

Pratik Khowala continues: “Banks and fintechs cannot afford to treat cross-border payments as a back-office service. For SMEs, it is becoming a test of whether a provider understands their business. Those that keep pace can build deeper relationships. Those that do not risk losing not just payment volumes, but the wider SME relationship.”

• In Indonesia and India, SMEs are among the most likely to shop around, with 34% and 29%, respectively, using at least four providers, compared with an average of 19% across the countries surveyed. 

• In the UK, transparency is critical for building loyalty, with 45% saying clear pricing makes them more likely to choose or stay with a provider, compared with 38% globally.

• In the US, 44% say real-time updates on payment status would increase their loyalty to a provider or make them more likely to use more of its services, compared with 32% globally.

• SMEs in Brazil are the most proactive in enhancing their cross-border payments, with six in 10 (60%) exploring additional tools, compared with a global average of 48%. 

   

Mastercard has teamed up with the McLaren Mastercard Formula 1 Team and world champion Lando Norris to bring the world of racing and cross-border payments together. The McLaren Mastercard Formula 1 Team races across more than 20 cities during a racing season and works with hundreds of suppliers around the world, making fast, efficient global money movement a vital part of its operations.

The collaboration has resulted in a new film showing Mastercard’s technology in action, with an end-to-end cross-continental payment going head-to-head with the McLaren Mastercard Formula 1 Team’s fastest-ever pit stop of 1.8 seconds, set in 2023. Mastercard recorded a similar milestone in March, when a payment from the US to the Philippines took just under one second.

Laura Bowden, Chief Financial Officer, McLaren Racing, comments: “Every fraction of a second matters to us on track, and that same discipline extends to how we run the business behind the scenes. We work with partners and suppliers across the world, so payments need to move quickly, reliably and with as little friction as possible. For businesses expanding internationally, having the right infrastructure in place can make the difference between ambition and execution.” 

McLaren uses Airwallex to support its cross-border payment needs. Airwallex, in turn, connects to Mastercard Move, leveraging its global payout network to help facilitate fast, reliable and transparent payments for its customers.  

Mastercard Move enables banks, fintechs and other payment providers – and their customers – to send and receive funds quickly, securely and transparently. Built on Mastercard’s trusted card and non-card networks, it supports domestic and international transfers across more than 200 countries and territories and in over 150 currencies, connecting to bank accounts, digital wallets, cards and cash endpoints. 

To find out more about how the SME cross-border market is expanding,  
read the report here.

Notes to editors:

Money in Motion: What It Takes to Win in the Next Era of Cross-Border Payments, a new study conducted in 2026 with Bain & Company revealing how SMEs and mid-market businesses are reshaping the cross-border payments landscape. Based on research with more than 1,000 decision-makers across 11 markets: Brazil, Canada, China, Germany, India, Indonesia, Mexico, South Africa, Türkiye, UK and the US.