Cross-border payments are now entrenched in the global economy, with 771 million people using them every year, according to payments giant Visa.

As the remittance landscape evolves, so do consumers’ expectations of their payment providers.

To better understand these shifting needs, a recent Visa report surveyed 6,500 consumers who made cross-border payments in the past year.

The report spanned 13 jurisdictions, with a focus on remittance trends in key APAC regions: Australia, Hong Kong, the Philippines, and Singapore.

Visa’s report, Unlocking the future: banking on cross-border payment habits, found that 45% of those surveyed send or receive remittances monthly.

Yet despite APAC’s cross-border remittance landscape experiencing huge growth, the region’s consumers don’t yet have a ‘favourite way to pay’.

They are using up to four different payment methods when sending or receiving remittances in a bid to get the best rate, or for convenience.

This is frustrating for them: no single provider is offering a comprehensive solution for their cross-border remittances.

With remittance being a vital source of funding to millions of workers and families the world over, consumers are of course looking to get the best value payment service they can with every transaction.

That means one that is not only convenient, but also secure, speedy, and reliable.

Countries and territories in APAC with a high migrant workforce—such as the Philippines—had, at 74%, the highest percentage of people sending or receiving remittances.

In Hong Kong, 44% of those surveyed had sent remittance in the past 12 months, and 37% of those in Singapore.

77% of consumers are using multiple methods to send or receive remittances

Despite the growing frequency of remittance activity, the Visa report revealed that consumers have yet to establish a consistent payment habit.

A significant 77% of consumers are switching between methods to optimise for better rates, ease of use, or faster transfers.

This inconsistency stems from a fragmented experience—while 66% of consumers say they would prefer to stick to a habitual method, the lack of a single provider meeting their needs prevents them from doing so.

They are actively seeking a reliable provider—one that’s easy to use, secure, speedy, and reliable, and offers more information and choice.

As well as wanting a preferred provider, 71% of consumers said they would like better guidance and education to understand which remittance option suits them best.

The report’s findings strongly suggest that no single provider offers a full range of features that consumers are looking for in cross-border remittance payments.

This highlights a clear gap between what consumers want and what current providers deliver.

Consumers are open to support and want consistency, rather than having to constantly switch between providers in search of better value or user experience.

Whether sending or receiving remittance, security is key

The Visa report found that a significant 45% of consumers are sending or receiving remittances monthly or more often, and 14% are doing so weekly or more often.

Yet despite this frequency, it is these same consumers who most often pause or cancel transactions—with 77% saying they’ve done so due to security concerns.

This concern was highest in the Philippines in APAC, with 82% saying they had halted a remittance payment due to a fear of fraud.

In fact, 90% of surveyed consumers said they expect stringent fraud and security measures when making cross-border payments.

There is a significant opportunity for remittance providers to close this trust gap by offering secure, fast cross-border payment experiences.

This presents a clear opportunity for banks and fintechs to lead the way in delivering industry-leading solutions—and become the trusted provider consumers return to every time.

Read Visa’s report Unlocking the future: banking on cross-border payment habits to discover what APAC’s consumers expect from remittance providers—and how Visa Direct can help position you as the secure, trusted partner they rely on every time.