Most SMEs eye switching cross-border payment provider in 2 years: poll

SMEs in Indonesia and India are the most likely to shop around with at least four providers.

Over 9 in 10 or 91% of small and medium enterprises (SMEs) across 11 countries plan to switch from their current cross-border payment provider over the next two years, according to Mastercard and Bain & Company.

Of a poll of 1,000 respondents globally—including people from China, India, and Indonesia—about 92% said that they already use multiple payment providers.

Amongst SMEs who have recently changed providers, 2 in 3 or 67% said that faster transactions and more reliable settlements were the driving force.

In Indonesia and India, SMEs are among the most likely to shop around, with 34% and 29%, respectively, using at least four providers. In contrast, the average was 19% across 11 countries surveyed, which included Brazil, Canada, China, Germany, India, Indonesia, Mexico, South Africa, Turkey, UK and the US.

The overall B2B cross-border payments market is set to grow by 51% to $47.8t by 2032, from the $31.7t recorded in 2024.

Smaller specialist providers are projected to become the leading choice for SME’s cross-border payment needs, Mastercard said.

By 2032, 48% are expected to choose fintech as their main provider, up from 30% in 2025; whilst 28% are expected to select a bank, down from 42% in 2025.