Visa defines new era of how money travels abroad

Visa defines new era of how money travels abroad

- Around 70% of surveyed remittance users across the UAE have used an app-based digital payment method to send or receive money internationally, in comparison to 53% globally

- Fifty-seven percent of surveyed remittance senders and 52% of surveyed remittance recipients believe that making it easier to send money to other countries is the key benefit of digital payments

- Among remittance senders who do not use digital methods, 36% are very likely to use digital transfers in the future

Dubai, UAE – Remittances are not only a lifeline for millions of expatriate 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 records[1], around 70% of surveyed consumers in UAE are turning to digital apps to send and receive funds internationally, in comparison to 53% of consumers globally.

Visa (NYSE: V), the world’s leader in digital payments, recently 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%);