Visa Defines New Era of How Money Travels Abroad
Remittances are not only a lifeline for millions of migrant workers and their families, they are also vitally important for the prosperity of many developing economies around the world. As the amount of global remittance inflows continues to reach new records1, 53% of surveyed consumers are turning to digital apps to send and receive funds around the world.
Visa today unveiled its “Money Travels: 2023 Digital Remittances Adoption” research report, a survey of over 14,000 consumers across ten countries, revealing that digital remittances are quickly becoming the most popular way to move money internationally, when compared to going to a physical bank or branch (34%); sending cash, checks or money orders by mail (12%); or giving money to another person who is traveling to their home country (11%).
In conjunction with the study, Visa launched “Money Travels,” a new podcast series unearthing how payment-related topics unfold differently in various places around the world and highlighting the stories of real people, payment experts and partners.
“Fast, easy and secure payments can make a profound difference to families, communities and economies around the world,” said Ruben Salazar, Global Head of Visa Direct. “This new research shows incredible acceleration of digital payments, but there is still more the industry can do to bring streamlined remittances within reach for more migrant workers and their families who rely on these lifeline payments to do everything from pay for food, education, or even unforeseen medical costs.”
The Money Travels: 2023 Digital Remittances Adoption study examines how consumers send money abroad, diving into the rates, methods, and reasons for sending and receiving these lifeline payments. Highlights include:
- Digital remittances are the preferred method amongst surveyed consumers across all surveyed countries. 60-70% of surveyed remittance users across North America have used an app-based digital payment method to send/receive money internationally, whereas only 10-15% of surveyed U.S. remittance users rely on cash, checks, and money orders. Similarly, sending money through digital apps is the most popular method for 69% and 65% of surveyed consumers in Saudi Arabia and the United Arab Emirates, respectively, compared to digital from a physical location, cash, or check.
- Adoption of app-based digital payments is high, with low barriers to usage. Three-quarters of surveyed remittance senders in Mexico and Peru have used app-based digital payment methods, while two-thirds of recipients have used an app. Additionally, in Europe, 62-67% of surveyed consumers across France and Poland who have sent international remittances have used digital methods.
- Remitter pain points include but are not limited to high fees and issues with calculating exchange rates. In total, 38% of surveyed consumers on the send side in the United Arab Emirates report fees being too high when sending digital remittances, and 37% of surveyed consumers on the send side in Singapore report issues with calculating the exchange rates.
- App-based digital payments are considered the most secure method by a strong proportion of remittance users across countries. In Singapore, a key remittance country on the send side, three out of five (61%) surveyed consumers reported using digital-only means for sending money internationally thanks to ease of use and security (53%).
- Rates of sending and receiving remittances vary widely by country. Of the countries surveyed, Poland, Mexico, Peru and the Philippines receive remittances at higher rates than sending them. France and Singapore see higher send rates.
- Sending more money, more often, is easier than ever. Over half of those who have sent money internationally do so about once per month or more often in the United Arab Emirates (71%), Saudi Arabia (64%) and the Philippines (48%). Among those who have received money 80% do so at least a few times per year in Saudi Arabia, followed by the Philippines (77%), and Mexico (72%).
Visa works in collaboration with global remitters such as Brightwell, Maya Philippines, MoneyGram, Paysend, Remitly, Western Union and Xoom to help enable efficient money movement through digitized remittances. “One of our visions for Visa Direct is to create new opportunities for financial inclusion and wealth building by helping to simplify cross-border payments and streamline the way money travels,” continued Ruben Salazar.
A new “The Connective Power of Remittances” Nonstop Guide explores the rise of digital remittances, the tales behind these types of payments and how the digital revolution is helping streamline remittance payments. For more information about Visa Direct, please visit: https://usa.visa.com/run-your-business/visa-direct/payment-guides/remittances.html
This survey was conducted by Morning Consult during December 14-28, 2022 among a sample of 14,000+remittance senders and receivers across the U.S., Canada, Mexico, Peru, France, Poland, Philippines, Singapore, United Arab Emirates, and Saudi Arabia. The interviews were conducted online. Within each country, survey respondents are weighted based on census estimates for age, race/ethnicity, gender, education, and region.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
1 World Bank Personal remittances, received (current US$)
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230321005426/en/
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
B2Core Reveals Its Latest Updates: What’s New?29.5.2023 17:00:00 EEST | Press release
B2Core, the premier CRM solution trusted by brokers and exchanges around the globe, continues to push the boundaries of innovation with its most recent significant update. This update introduces several advanced features and streamlined operations, giving financial institutions more powerful capabilities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230529005019/en/ Telegram Integration (Graphic: Business Wire) Let's have a look at the most notable features. 1. Advanced Event Notification Module A brand-new Event Notification module has been added to the B2Core Back Office, providing admin users with a vast array of customizable event notifications. With the available 27 choices, administrators may send out alerts for various situations, from withdrawal requests to successful registrations. Notifications are sent out to admin users on time whenever an event occurs, allowing them to respond appropriately. Additionally, the
BLUETTI to Showcase New Power Solutions at The Smarter E Europe Exhibition29.5.2023 13:08:00 EEST | Press release
BLUETTI, a leading provider of energy storage solutions, announced its participation in The Smarter E Europe exhibition from June 14th to June 16th in Munich, Germany. It will display its innovative power stations, including the newly launched mobile power AC180 and AC60&B80, and the upcoming household power system, EP760. The Smarter E Europe, the largest energy exhibition in Europe, offers an ideal platform for BLUETTI to show its latest products and innovations in the renewable energy sector. BLUETTI will be at stand C3.240 in the ees Europe section, alongside the exhibition's other three sections, Power2Drive Europe, EM-Power Europe and the famous Intersolar Europe. BLUETTI's presence at the show underscores its commitment to providing sustainable energy solutions to global audiences that chimes perfectly with the goal of the trade fair: Creating a new energy world. Visitors to the BLUETTI booth can expect to see its broad product portfolio, as well as exciting new additions. Among
GIGABYTE’s AI Servers with Superchips Shine at COMPUTEX, Redefining a New Era of Computing29.5.2023 12:02:00 EEST | Press release
GIGABYTE is exhibiting cutting-edge technologies and solutions at COMPUTEX 2023, presenting the theme “Future of COMPUTING”. From May 30th to June 2nd, GIGABYTE is showcasing over 110 products that are driving future industry transformation, demonstrating the emerging trends of AI technology and sustainability, on the 1st floor, Taipei Nangang Exhibition Center, Hall 1. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230525005657/en/ (Photo: Business Wire) Win Big with AI through GIGABYTE’s Pioneering GPU/HPC Servers GIGABYTE and its subsidiary, Giga Computing, are introducing unparalleled AI/HPC server lineups, leading the era of exascale supercomputing. One of the stars is the industry’s first NVIDIA-certified HGX H100 8-GPU SXM5 server, G593-SD0. Equipped with the 4th Gen Intel Xeon Scalable Processors and GIGABYTE’s industry-leading thermal design, G593-SD0 can perform extremely intensive workloads from generative AI and
UAE’s Falcon 40B Dominates Leaderboard: Ranks #1 Globally in Latest Hugging Face Independent Verification of Open-source AI Models29.5.2023 11:52:00 EEST | Press release
Falcon 40B, the UAE’s first large-scale open-source, 40-billion-parameter AI model launched by Abu Dhabi’s Technology Innovation Institute (TII) last week, soared to the top spot on Hugging Face’s latest Open Large Language Model (LLM) Leaderboard. Hugging Face, an American company seeking to democratize artificial intelligence through open-source and open science, is considered the world’s definitive independent verifier of AI models. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230529005045/en/ Falcon 40B ranks 1st globally in Hugging Face Open LLM Leaderboard. (Graphic: AETOSWire) Falcon 40B managed to beat back established models such as LLaMA from Meta (including its 65B model), StableLM from Stability AI, and RedPajama from Together to achieve the coveted ranking. The index utilizes four key benchmarks from the Eleuther AI Language Model Evaluation Harness, a consolidated framework that assesses generative language m
The Inca Arrives to USA, a Strong Outlook for Peru Tourism Recovery27.5.2023 18:00:00 EEST | Press release
The Inca emperor walks the streets of New York City while his retinue dances tirelessly along the way, garnering the attention of the passers-by who stopped to stare and take video of the captivating scene. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230526005330/en/ Peruvian actors from Cusco promoting the Inti Raymi 2023 in New York City, as tourism in Peru is once more on the rise. (Photo: PROMPERÚ). This performance was displayed by 30 actors from Cusco, Peru, as a promotional strategy to get Peru back in the news and in front of potential visitors in a positive way. The upcoming Inti Raymi (Festival of the Sun), a thousand-year-old ritual worshiping the Sun God and asking him to make the days longer, was promoted in the Big Apple in order to put the most notable celebration of Cusco’s calendar in the international spotlight. Inti Raymi honors the Sun each June 24th and celebrates the winter solstice of the Southern H
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom