Visa’s Money Travels: 2023 Digital Remittances Adoption study also revealed that 43 per cent of Singaporeans send money via digital apps at least once a month. While more than 70 per cent of consumers in Singapore have either sent or received remittances within the last six months.
Speed and ease of use are the main reasons why Singaporeans prefer digital remittance platforms over cash and other payment methods. Both senders and receivers of remittances in Singapore also cited privacy as one of the most significant benefits of using digital apps.
Remittance is an essential financial service for people in Singapore. For instance, parents who send money to their children overseas rely on it. By 2030, experts anticipate that the transaction volume of the Singapore remittance market will exceed $12billion. The survey revealed that more than a third of consumers who are sending digital remittances and close to a third who are receiving them had the seamless experience they expected.
Adeline Kim, Visa country manager for Singapore & Brunei, said: “Consumers in Singapore embrace digital payments and are used to making seamless payments for local money transfers and expect the same standards for making international money transfers.
“Today, we’re seeing more than 50 per cent growth in terms of monetary value for Visa Direct transactions in Singapore and continue to work with more partners to introduce convenient and secure money movement transfers.”
Its study also shows that both Singaporean senders and receivers of remittances believe that international transfers made via digital apps are quick, and usually received within a day.
Users consider app-based digital remittances to be the most secure method for sending money, while they consider cash remittances via mail or courier to be the least secure option.