International sales and global suppliers key to ensure post pandemic business recovery and growth

play article
Subscribers can listen to this article
(Photo: Supplied)
(Photo: Supplied)
  • Mastercard's Borderless Payments Report 2022 has revealed two in five (42%) SMEs in South Africa are earning more money than before the pandemic, driven by digital growth and international sales opportunities.
  • Three-quarters (77%) saw above-global-average growth in online sales and over half (51%) are doing more business overseas.
  • Nearly seven in ten (69%) also say the pandemic has allowed them to source suppliers more competitively across borders.
  • With this heightened focus on international sales and global suppliers, 58% are now making and receiving more cross-border payments than they were prior to the pandemic.

Data from Mastercard's 2022 Borderless Payments Report has revealed two in five (42%) of small and medium sized businesses (SMEs) in South Africa are earning more money than before the pandemic. Online business and international sales are key drivers, with three-quarters (77%) recording above-global-average growth in online sales, while 76% are planning to do more business internationally going forward.

The research, which covered over 3,000 small businesses from around the world, highlighted that 75% of SMEs had to make changes to their business model to survive the pandemic -- 79% in South Africa -- whilst 75% in the country believe it has changed how they will do business forever. The pandemic has accelerated digital transformation to tap into cross-border opportunities, with over half (51%) saying they now do more business internationally.

Almost seven in ten (68%) respondents credit cross-border payments with enabling their business to grow, making it clear that cross-border payments will be a key focus for business growth in South Africa, and therefore economic recovery, moving forward. 58% said they are now making and receiving more cross-border payments than they were prior to the pandemic. In fact, over two thirds (69%) say the pandemic has allowed them to source more competitive quotes from suppliers across borders and 46% say using international suppliers reduces risk.

Stephen Grainger, Executive Vice President, Mastercard said: "The unprecedented disruption introduced by the pandemic has realigned South African and global economics, with many SMEs looking keenly towards prospects in new markets. With small businesses in South Africa and across the world growing their international customer and supplier networks at pace, especially online, it's crucial that financial institutions have the right cross-border solutions in place to support them. Cross-border payment systems must become faster, cheaper and more secure. Through a single point of access, Mastercard Cross-Border Services allows businesses to send and receive money safely and with the certainty they crave."

Through partnerships with financial institutions around the world, Mastercard is empowering every business to address these issues and improve cross-border payments for both businesses and individuals. Mastercard Cross-Border Services allow people and businesses to send and receive money securely, and with upfront visibility of timings and fees to provide people and businesses with more confidence and predictability.

The full Mastercard Borderless Payments Report 2022 is available here.

This post and content is sponsored, written and provided by Mastercard.


Delivering the 

news you need

+27 11 713 9001
69 Kingsway Rd, Auckland Park
We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Show Comments ()
Latest issue
Latest issue
All the news from City Press in PDF form.
Read now
Voting Booth
Stats SA's recent consumer price index data this week indicated the rise in food prices was the largest in 14 years. Economists say continued load shedding also adds to the rise in the cost of food production. How are you feeding your family during this tough time?
Please select an option Oops! Something went wrong, please try again later.
I have a food garden
7% - 56 votes
I rely on sales
21% - 170 votes
I buy necessities
72% - 568 votes