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.
Fast, easy and secure payments can make a profound difference to families, communities and economies around the world. One of our visions for Visa Direct is to create new opportunities for financial inclusion by helping to simplify cross-border payments.
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.”