Over 50% of people in Saudi Arabia say cross-border payments made in the last year helped family and friends through economic challenges
- Date: 17-Oct-2022
- Source: Zawya
- Sector:Financial Services
- Country:Saudi Arabia
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
Saudi Arabia: 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