An growing variety of folks in Saudi Arabia are sending cash to family members abroad by way of cellular apps. Digital transfers have largely supplanted conventional strategies of sending cash overseas, in response to latest Visa analysis.
➤ 59% of individuals in Saudi Arabia now ship cash by way of apps.
➤ 47% say apps are safer, faster, and extra personal.
➤ 43% like apps as a result of they’re easy to make use of.
➤ Confidence in digital transfers went up 6% in comparison with final 12 months.
The examine additionally discovered that 93% of individuals ship cash at the least annually, and plenty of do it extra usually.
Ali Bailoun, Visa’s Regional Basic Supervisor for Saudi Arabia, Bahrain, and Oman, stated:
“Quick, easy, and safe funds could make an enormous distinction for individuals who ship cash overseas to assist their households.”
Causes for Sending Cash
Folks ship cash from Saudi Arabia for a lot of causes:
✅ 51% ship cash for humanitarian wants.
✅ 42% ship cash to help household or family members.
Challenges Folks Face
Even with the rise of digital apps, some issues stay:
🔹 29% say excessive charges make sending cash troublesome.
🔹 33% say receiving prices are nonetheless excessive for his or her households.
This reveals extra work is required to make digital remittances cheaper and simpler for everybody.
Visa’s New Providers
Visa is increasing Visa Direct, a service that lets folks ship cash immediately to financial institution accounts, playing cards, or digital wallets worldwide. By working with native banks and monetary establishments, Visa needs to make cross-border transfers easier and quicker in Saudi Arabia.
The Way forward for Remittances
For a lot of in Saudi Arabia, digital apps are actually the primary method to ship cash overseas. With stronger safety, simpler use, and rising belief, sending cash digitally is turning into the only option.
