Study: almost 60% of Saudi Arabia consumers choose only digital money-transfer platforms, but choice still matters

Study: almost 60% of Saudi Arabia consumers choose only digital money-transfer platforms, but choice still matters

- Consumers expect to send or receive more money in the next 12 months, as senders struggle with cost-of-living dichotomy

- Women prioritize why they send cross-border money transfers differently to men

RIYADH: – Consumers in Saudi Arabia predominantly view digital money transfers as the preferred way to send money now and in the future, according to research commissioned by Western Union. Yet many still want the power to choose between online and retail (in-person) experiences - depending on their convenience and needs. Exclusive insights show that today almost 60% of consumers who send money abroad prefer digital money-transfer services, compared to 22% who want choice, and 17% who send cash through retail channels only.

The study, which surveyed over 1,500 money-sending and receiving citizens and residents of Saudi Arabia, asked how, when and why they move money internationally. The results bolster Western Union’s recently announced ‘Evolve 2025’ (E25) strategy combining high-value, accessible digital and retail financial services. The research also aligns to Western Union data, which has demonstrated strong customer preferences to move money digitally. In the first three quarters of 2022, the Company experienced double-digit year-on-year growth in the volume of digital transactions from Saudi Arabia.

When asked about how international money