Visa has released a research report called “Money Travels: 2023 Digital Remittances Adoption,” which surveyed over 14,000 consumers across ten countries, showing that digital remittances are becoming the most popular way to send money internationally. This study showed that 53% of consumers surveyed are turning to digital apps to send and receive funds globally, with app-based digital payments being considered the most secure method by many remittance users across various countries. Digital remittances are the preferred method among surveyed consumers in all countries, and sending money through digital apps is the most popular method for the majority of surveyed consumers in countries such as Saudi Arabia, the United Arab Emirates, and North America.
The study highlights some pain points among remittance senders, including high fees and difficulties calculating exchange rates, which need to be addressed to make digital remittances more accessible to migrant workers and their families. Visa works with global remitters such as MoneyGram, Western Union, and Remitly to help enable efficient money movement through digitized remittances.
Visa also launched a new podcast series called “Money Travels,” which highlights the stories of real people, payment experts, and partners, and explores how payment-related topics unfold differently worldwide. Visa aims to bring streamlined remittances within reach for more migrant workers and their families who rely on these lifeline payments to pay for necessities such as food, education, or unforeseen medical costs.
21 March 2023