Small and mid-sized firms that sell or buy across borders are preparing to change how they move money. A Mastercard (NYSE: MA) study produced with Bain & Company finds that 91 percent of internationally active SMEs expect to leave their current cross-border payment provider within two years.
The finding is based on responses from more than 1,000 decision-makers in 11 markets, including Brazil, Canada, China, Germany, India, Indonesia, Mexico, South Africa, Turkey, the United Kingdom and the United States.
The timing matters because the underlying market is expanding quickly.
Business-to-business cross-border payments are projected to rise 51 percent, from $31.7 trillion in 2024 to $47.8 trillion by 2032.
Against that growth, the mix of providers is expected to shift.
In 2025, banks were the main choice for 42 percent of SMEs, while fintechs accounted for 30 percent.
By 2028, those roles are forecast to reverse: 48 percent of firms are expected to rely primarily on a fintech, and only 28 percent on a bank.Price is no longer the decisive factor.
Trust ranked first among selection criteria at 35 percent, followed closely by speed at 34 percent.
Cost and transparency each scored 28 percent.
Among companies that had already switched, 67 percent cited faster transfers and more dependable settlement as the reason.
After a provider is chosen, trust remains the strongest reason firms stay.
Most companies are not waiting for a single replacement. Ninety-two percent already work with more than one payment partner, spreading volume across banks, specialists and digital platforms.
Only a small minority still depend on a single provider.
That multi-vendor habit is especially pronounced in Indonesia and India, where 34 percent and 29 percent of SMEs respectively use at least four providers, compared with a 19 percent average across the survey.
Needs also differ by country. In the United Kingdom, 45 percent of respondents said clear pricing would make them more likely to choose or remain with a provider, above the 38 percent global figure.
In the United States, 44 percent said real-time status updates would deepen loyalty, versus 32 percent worldwide.
Brazilian firms were the most active in seeking extra tools, with 60 percent exploring additional capabilities against a 48 percent global average.Beyond the transfer itself, SMEs want operational control.
Payment tracking and fraud detection topped the list of desired add-on services, cited by 43 percent and 42 percent of respondents. Visibility, reconciliation and risk tools now sit alongside speed and reliability as part of the core experience.
Pratik Khowala, Mastercard’s global head of Transfer Solutions, said businesses are comparing options more closely and are more willing to move.
That creates an opening for banks and fintechs that can deliver speed, confidence and clarity—and a risk for those that treat international payments as a back-office function.
Bain partner Joe Lischwe added that trust remains the foundation, but reliability, transparency and efficiency now have to work as a matter of course.
For providers, the implication is straightforward.
Cross-border payments are becoming an entry point to wider financial relationships. Firms that meet rising expectations can hold volume and expand the relationship. Those that do not may lose not only transfers, but the broader SME account that sits behind them.