Tuesday, March 21, 2023
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:
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$)
View source version on businesswire.com: https://www.businesswire.com/news/home/20230321005426/en/
Source: Visa Inc.