Dubai: “The Gulf”
The 2021/2022 Cross-Border Payments Report issued by MasterCard revealed that more than half (51%) of people in the UAE who sent overseas payments online to friends and family last year believe their loved ones would struggle financially without the support. While this percentage drops to 40% globally, these payments continue to provide a lifeline for individuals and families overseas.
The study involved around 8000 consumers in 15 countries, and despite the presence of tangible indicators of an economic recovery in the UAE (29% of people today earn more money than they were in the pre-pandemic period) and the return In the international travel and tourism movement, the study found that nearly two-thirds of UAE residents (66%) sent more money to loved ones overseas last year. The results of the report showed that 34% of people in the country make or receive more payments across the border, compared to 12 months ago, and “family support” was the main motivation for sending this money abroad; Nearly 90% of consumers in the UAE said they sent money overseas to help friends and family, which is the most common reason for making cross-border payments.
More than two years later, many are still feeling the consequences of the pandemic and its economic effects, as well as being affected by recent global events. 57% of respondents in the country said they need to make cross-border payments online more than before due to the effects of the pandemic, while 54% said their relatives abroad are still struggling to recover financially from the effects of the pandemic.
The study revealed that the most important factor for consumers in the country when sending cross-border payments over the internet is the guarantee of delivery of funds within 24 hours (54%). Although 89% were confident that the money would arrive on time, 87% of people in the country said they would make more cross-border payments if it were faster.
Overall, 9 out of ten (89%) of respondents feel safe and secure when making external payments via the Internet, which in turn contributes to the recovery of the global economy. Jihad Khalil, General Manager for the Eastern Region in the Middle East and North Africa at MasterCard, said: “For over 35 years, MasterCard has supported the UAE’s efforts to be a leading center that embraces talent by providing innovative technology solutions. that improve the payment system and elevate the payment system them to the highest level. Through our cooperation with banking institutions, exchange companies and financial technology companies, we have expanded the MasterCard payment system to include more channels and provide new services that collectively contribute to the promotion of the digital economy and facilitate the sending of money at that time, place and way that consumers choose ”.
MasterCard has significantly contributed to increasing the volume and value of international payments between individuals and small businesses during the period of the pandemic and its cross-border services, which it provides to banks, non-bank financial institutions and digital companies, have made it possible to make payments in multiple ways and means and reach 90% of the world population in more than 100 countries around the world, which has helped improve predictability and certainty in the field of international remittances. MasterCard’s services are a key driver of the company’s omnichannel offering, which offers global payment options for cards, bank accounts, digital wallets and cashier agents, all through a single secure connection.
The 2021/2022 Cross-Border Payments Report issued by MasterCard revealed that more than half (51%) of people in the UAE who sent overseas payments online to friends and family last year believe their loved ones would struggle financially without the support. While this percentage drops to 40% globally, these payments continue to provide a lifeline for individuals and families overseas.
The study involved around 8000 consumers in 15 countries, and despite the presence of tangible indicators of an economic recovery in the UAE (29% of people today earn more money than they were in the pre-pandemic period) and the return In the international travel and tourism movement, the study found that nearly two-thirds of UAE residents (66%) sent more money to loved ones overseas last year. The results of the report showed that 34% of people in the country make or receive more payments across the border, compared to 12 months ago, and “family support” was the main motivation for sending this money abroad; Nearly 90% of consumers in the UAE said they sent money overseas to help friends and family, which is the most common reason for making cross-border payments.
More than two years later, many are still feeling the consequences of the pandemic and its economic effects, as well as being affected by recent global events. 57% of respondents in the country said they need to make cross-border payments online more than before due to the effects of the pandemic, while 54% said their relatives abroad are still struggling to recover financially from the effects of the pandemic.
The study revealed that the most important factor for consumers in the country when sending cross-border payments over the internet is the guarantee of delivery of funds within 24 hours (54%). Although 89% were confident that the money would arrive on time, 87% of people in the country said they would make more cross-border payments if it were faster.
Overall, 9 out of ten (89%) of respondents feel safe and secure when making external payments via the Internet, which in turn contributes to the recovery of the global economy. Jihad Khalil, General Manager for the Eastern Region in the Middle East and North Africa at MasterCard, said: “For over 35 years, MasterCard has supported the UAE’s efforts to be a leading center that embraces talent by providing innovative technology solutions. that improve the payment system and elevate the payment system them to the highest level. Through our cooperation with banking institutions, exchange companies and financial technology companies, we have expanded the MasterCard payment system to include more channels and provide new services that collectively contribute to the promotion of the digital economy and facilitate the sending of money at that time, place and way that consumers choose ”.
MasterCard has significantly contributed to increasing the volume and value of international payments between individuals and small businesses during the period of the pandemic and its cross-border services, which it provides to banks, non-bank financial institutions and digital companies, have made it possible to make payments in multiple ways and means and reach 90% of the world population in more than 100 countries around the world, which has helped improve predictability and certainty in the field of international remittances. MasterCard’s services are a key driver of the company’s omnichannel offering, which offers global payment options for cards, bank accounts, digital wallets and cashier agents, all through a single secure connection.
