Visa Inc. (NYSE: V) recently published its Money Travels: 2025 Digital Remittances Adoption Report, highlighting a significant preference for digital applications in money transfers across North America, driven by factors such as convenience, security, and user experience.
The report indicates that digital remittance applications are increasingly favored over traditional methods. In the U.S., 69% of surveyed respondents expressed a preference for using digital apps to send remittances, with 61% favoring them for receiving funds. Similarly, in Canada, 65% of respondents preferred digital apps for both sending and receiving remittances. In contrast, traditional methods like cash or checks saw declining usage, favored by only 5% to 8% of respondents in the U.S. and 3% to 6% in Canada.
Ease of use and peace of mind were key motivators for digital adoption. A notable portion of surveyed respondents in the U.S. (38% for sending, 34% for receiving) and Canada (45% for sending, 40% for receiving) cited the simplicity of digital apps. Security and privacy were also critical considerations for 36% of U.S. and 40% of Canadian survey respondents. The primary reason for sending remittances among respondents remained unexpected needs (36% in the U.S., 32% in Canada), followed by holidays and special occasions.
Despite the clear advantages, the report also identified pain points. High fees were a concern for 27% of U.S. and 30% of Canadian respondents when sending digitally. Additionally, 35% of U.S. and 28% of Canadian respondents reported experiencing hidden fees when utilizing cash, checks, or money orders.
Ben Ellis, SVP and Head of Visa B2B Connect, stated, “Digital remittances are being embraced across North America due to their ease of use, reliability, and improved security. As digital remittances become more prevalent, transparency and customer satisfaction will be essential to meet evolving consumer expectations.” Luba Goldberg, SVP, Visa Direct Product, added, “Digital remittances have revolutionized the industry and offer consumers more options than ever before to send funds, but there’s still room for further innovation. Continued expansion of digital options to send money around the world, and emerging technologies such as stablecoins, are poised to improve the speed, cost, and security of international remittances.” With an estimated one billion people globally involved in remittances, Visa continues to explore solutions, including stablecoins, to enhance cost-efficiency and broaden financial access.
