Digital Apps Lead Remittance Channels in Asia-Pacific
According to a study by Visa, digital apps have emerged as the most popular way to send and receive money in the Asia-Pacific region.
The use of these apps is particularly high in:
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India: 74% of people use apps to send money, and 76% use them to receive it.
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Philippines: 74% use apps for sending, and 66% for receiving.
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Singapore: 70% use apps for sending, and 75% for receiving.
Even in Japan, a country known for more traditional financial habits, digital app usage is steadily growing, with 58% of people using them to send remittances and 56% for receiving.
This trend highlights a significant change for banks and financial technology companies, as they must adapt to meet the changing preferences of consumers. Chavi Jafa, head of commercial and money movement solutions for Visa in Asia-Pacific, noted that this shift is driven by the region’s demographics and a preference for fast, secure, and user-friendly payment methods.
The survey also found that digital apps are considered the most secure way to handle remittances in the region, with respondents from India, Australia, and Singapore especially highlighting this benefit. Ease of use was another key factor, noted by users in the Philippines, Singapore, Japan, and Australia.
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