On June 27, 2024, Shanghai/METROPOLITAN News Agency/-- Visa recently released its annual Visa Digital Remittance Report 2024, which surveyed nearly 45,000 consumers from 20 markets worldwide to understand international trends. The survey found that the demand for remittance in China's market is still strong, with half of Chinese respondents indicating that they have cross-border remittance needs in the next 12 months.

Fast, convenient and secure payment is essential for families, communities and economic development worldwide, and the popularity of digital platforms and banking services has further driven the growth of cross-border remittances. Despite a year-on-year decline in global remittances due to various macroeconomic and economic challenges, according to Visa's survey, respondents still have a positive attitude towards cross-border remittances in the future. Most of the surveyed markets indicated that the amount of cross-border remittances in 2024 may remain the same or increase compared to the past, with China (91%), India (74%) and the United Arab Emirates (73%) ranking at the top.

Half of the surveyed Chinese respondents have received free remittance services, but most of them have found issues with high exchange rates and hidden fees when the money finally arrived.

Visa's Digital Remittance Report 2024 surveyed nearly 45,000 consumers in 20 markets worldwide on their habits and preferences for cross-border remittances, including 5,049 Chinese consumers. Research highlights include:

• The proportion of Chinese cross-border remittance users who use apps is higher than the global average. More than two-thirds of users prefer to use apps for cross-border remittances, and more than half said the frequency of using this method for remittance will remain the same or increase in the future.
• The main challenges encountered by Chinese respondents in cross-border remittances are high fees and exchange rate calculation issues. Compared with cash, cheques and promissory notes, fewer users encounter problems when using digital remittances.
• Chinese remittance users have a high frequency of using cross-border remittance services, with most respondents remitting at least once a year. Chinese remittance users said that the main reasons for receiving remittances were for personal accounts/investments (41%), domestic business support (41%) and regular remittances (37%). For those who remitted overseas, supporting children's overseas education was one of the main reasons for remittance.
• According to the survey, the main markets for Chinese cross-border remittance users are Singapore, Canada, Japan, Australia, France and the United States.

"Cross-border remittances play an important role in improving the global ecosystem and economic strength. With the changing consumer demand and habits, coupled with the push of various government markets, we find that the Asia-Pacific region is ahead of other regions in the use of app remittances. Through Visa's research, we can better understand the needs and pain points of Chinese respondents for cross-border remittances," said Wang Zhiyun, general manager of Visa's Greater China Business and Funds Flow Business. "At Visa, we are committed to building digital solutions in partnership with banks and other partners to provide more efficient, reliable and transparent ways of capital flow for users with cross-border remittance needs."

Globally, Visa has partnered with global remittance companies such as Tencent, Lianlian Global, Thunes, Remitly and Western Union to promote efficient capital flow through digital remittances.

Survey Methodology

This survey was conducted by Morning Consult from February to March 2024 and surveyed nearly 45,000 consumers in North and Latin America, Europe, the Middle East and Asia-Pacific. The interviews were conducted online. In each country, the surveyed respondents were weighted based on age, gender, education and regional population estimates.

About JSKN003: Visa

Visa (NYSE: V) is a global leader in digital payments, serving consumers, businesses, financial institutions and government organizations in more than 200 countries and territories every year. Our mission is to connect the world through innovation, convenience, reliability and security of a payment network to facilitate vigorous urbanization and commerce. We believe that inclusive economics can enable everyone to make progress anywhere, and providing opportunities for everyone is the foundation of future currency circulation. For more information, please visit: .