For companies that trade across borders, moving money is no longer a back-office task. It shapes supplier confidence, working capital, cash flow and growth.
That is why the cross-border payments market is becoming more competitive, and more important. With Bain & Company, Mastercard surveyed 1,028 payment decision-makers across SMEs and mid-market firms in 11 countries for our Money in Motion research. The findings show a market with significant growth potential, rising expectations and more choice than ever before. The overall B2B cross-border payments market is projected to grow by 51%, from $31.7 trillion in 2024 to $47.8 trillion by 2032.
For banks, fintechs, and other payment providers, this is a major opportunity. SMEs are expanding internationally earlier in their lifecycle, and cross-border payments are becoming a front door to broader financial relationships. Providers that help SMEs move money faster, with more transparency and control, will be better placed to earn trust across the wider business.
But winning that opportunity means evolving the offer. Price still matters, but the research shows it is no longer enough. SMEs and mid-market firms are now weighing trust, speed, transparency, predictability, liquidity visibility, and value-added services when deciding who moves their money.
Multi-provider behaviour is now the norm.
Only 8% of businesses surveyed rely on a single cross-border payments provider, while 85% use between two and four. The reasons are practical: client or supplier requirements, FX rate comparison, specific corridor needs and a desire to reduce dependency on one provider.
For corporates and treasurers, this reflects the reality of cross-border operations. They need payments to arrive on time, costs to be clear, liquidity to be predictable, and exceptions to be resolved quickly. The provider choice is increasingly shaped by the specific payment need, not by loyalty alone.
Different providers are winning in different ways
The research does not point to one simple winner. It points to a more fluid market, where SMEs are increasingly willing to compare options and use different providers for different needs. Banks remain strong on trust and relationships. Fintechs are raising expectations around speed, transparency, and user experience. Stablecoin platforms and money transfer operators are also part of the competitive mix, especially where businesses are looking for alternative settlement models or specialist corridor capabilities.
For providers across the market, the clear lesson is that competing on one dimension is no longer enough. Trust, speed, transparency, and cost all matter. Trust and reputation were cited by 35% of respondents as a top purchasing criterion, followed closely by speed or real-time payments at 34%. Transparency of FX fees and cost-effectiveness were each cited by 28%.
In this market, trust is not just about brand or long-standing relationships. It is earned through execution: knowing when money will arrive, what it will cost and whether issues can be prevented or resolved before they affect supplier relationships.
SMEs now expect more than a payment
That is why the next area of competition is the experience surrounding the payment. For treasurers and finance teams, visibility over funds, settlement timing and deductions can be just as valuable as fast execution. SMEs are also looking for tools that help them manage risk, reduce manual work and make cross-border payments easier to control. Three in four businesses said they are exploring additional tools or actively looking for more integrated, data-driven solutions, with payment tracking and fraud detection or risk analytics the most sought-after value-added services. This is where cross-border payments become more than a transaction: a provider that earns the payment flow may also earn the chance to support liquidity management, FX, reconciliation, fraud prevention, working capital, and other financial needs.
What comes next?
For payment providers, the path forward is clear. Banks should build on the trust and relationships they already have, while investing in the speed, transparency and digital experience SMEs increasingly expect. Fintechs should continue to lead on agility and user experience, while strengthening trust, scale, and risk management. Corporates and treasurers should expect providers to help them manage the full payment lifecycle, not just execute the transaction.
The next era of cross-border payments will not be won by the lowest price alone. It will be won by providers that combine trust, speed, transparency, and control, and use payments as a way to help SMEs operate and grow across borders with greater confidence.
