Mastercard goes head to head with McLaren as new report reveals fintechs set to take lead in SME cross-border payments
Nine in 10 (91%) SMEs trading internationally are set to leave 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 an accelerating shift to fintechs from banks as SMEs look for more efficient ways to move money across borders.
The report, which surveyed SMEs across 11 countries, estimates that by 2028 smaller specialist providers will have overtaken incumbent banks as the main choice for SME money movement. It reveals that half (48%) are likely to pick a fintech as their main provider by 2028, up from 30% in 2025, with just over a quarter (28%) choosing a bank, down from 42% in 2025.
“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.
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, ahead of cost and transparency (both 28%). Among SMEs that have recently changed provider, 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.
This shift is opening up a fast-growing market. More than nine in 10 (92%) SMEs surveyed already use multiple payment providers, making the sector more competitive and more open to change. At the same time, the overall B2B cross-border payments market is set to grow by 51%, from $31.7tn in 2024 to $47.8tn by 2032.1
Pratik 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.”
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.
How SME money movement priorities vary across markets
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 to 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%.
Pratik adds: “SMEs increasingly expect cross-border payments to feel as fast and seamless as domestic ones. Through Mastercard Move, we’re helping banks and fintechs deliver that experience at scale, with the infrastructure to move money quickly, reliably and transparently as business needs evolve.”
Joe Lischwe, financial services partner at Bain & Company, comments: “As SMEs expand internationally, they are building more relationships with customers, suppliers and partners across borders, and that is changing what they need from payment providers. Trust remains the anchor, but the fundamentals of the payment experience like reliability, transparency and efficiency increasingly need to simply work. The winners will be those that combine that trusted foundation with greater visibility, control and flexibility as their customers’ needs evolve.”
Racing all over the world
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 pitstop of 1.8 seconds, set by the team 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.”
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.