Visa has released a new study, showing that consumers are increasingly turning to digital payments to send money around the world.
The new Visa data highlights growing digital adoption to improve daily lives in the global payments ecosystem. Almost a quarter (23%) of surveyed US adults have sent money from the US to another country and nearly two-thirds (65%) of those remittance users plan to send money to another country to celebrate the holiday season, according to the study.
Digital remittances are the preferred method, with digital-only transactions already being the most popular and a majority (59%) of the remittance users surveyed saying they have sent or plan to send money using digital-only platforms.
Globally, it is estimated that 800 million people receive money from family or friends to pay for food, utilities and education, as per Visa’s study.
In partnership with global remitters, Visa Direct enables digital remittances by simplifying cross-border payments around the globe, helping create opportunities for financial inclusion and wealth building.