[ad_1]
Dubai, United Arab Emirates – (Business Wire) – Citizens and residents of the United Arab Emirates (UAE) expect to send more international money transfers in the next 12 months, according to a study commissioned by Western Union. Exclusive insights reveal that 76% of money sending consumers and 75% of money receiving consumers respectively expect to send and receive more money in the next year.
The study surveyed more than 1,000 UAE citizens and residents who sent and received cross-border remittances, exploring consumer perceptions of how, when and why they move money.This result supports Western Union’s recently announced “Evolution 2025” (E25) A strategy combining high-value, convenient retail and digital financial services.
60% of money senders highlight family support as the main reason for sending money overseas. Saving for the future came in second at 11% of senders.As a famous melting pot of cultures, the UAE has more than 200 nationalities and among Competition for top talent nation. Some of its larger communities come from the largest remittance-receiving economies in the world.
As one of the main factors driving the number and amount of overseas transfers, care for family members back home has been further strengthened. Additionally, with rising living costs and global currency fluctuations putting additional pressure on personal finances, 74% said they would need to transfer more money due to the higher cost of living in the countries they traveled to. 71% said they would take the opportunity to send more money when the recipient country’s currency depreciates.
“Sending money is often a very personal decision. Western Union data also shows that one of the most common reasons consumers send money is to support loved ones and family,” said Jean Claude Farah, President, Middle East and Asia Pacific, Western Union. “So, with the global economic climate challenging affordable lifestyles, it’s only natural that family support takes precedence over everything else when remitters move money.”
“Continuing to attract such a diverse range of nationalities is a true testament to the UAE’s efforts to position itself as a global partner and an attractive and influential economic hub,” Farah added. “We believe these continued efforts will also mean that the UAE will remain at the top of the list because One of the world’s largest money transmitters. It also makes us more responsible as a business to connect people to opportunities; Western Union has been serving consumers in the UAE for nearly 25 years and is deeply committed to serving the country. As we grow and grow over the coming years, we will remain steadfast in creating an environment that drives financial inclusion and creates pathways for the long-term economic success of societies across the country. ”
Cultural and family ties affect frequency and flow of money
Sending money shortly after payday is the two most prominent drivers of remittance volume and frequency, regardless of the broader economic environment (34%) or the need for families to return home (32%). However, the Western Union research also revealed a third factor: nearly a quarter (21%) of consumers said their focus was on holidays such as Ramadan, Christmas, New Years and Diwali, as well as other special occasions such as birthdays Money transfers, graduations and anniversaries.
In an interesting reversal of this trend, 37% of UAE consumers who receive remittances also say that frequency and amount are most influenced by festivals and other special occasions, ranking higher than family needs (27%) or when the remitter pays their salary ( 18%).
“We know that different groups of people have equally different needs. Holidays and special occasions are a good example, and as these occasions approach, we see an increase of about 6% in remittance transactions every year,” Farah said. “Western Union offers a broad portfolio of digital and retail channels to meet the diverse payment needs of millions of customers around the world. We believe the trust we enjoy with consumers in the UAE and around the world puts us in a unique position to help digital Millions of people bring the best out of society.”
Tech-savvy crowd seeks options in the future
When consumers think about how they want to send and receive money in the future, choice is what they value most. Western Union research shows that 42% of people currently send money across borders exclusively through digital channels. Looking ahead, however, 46% want to be able to choose how they send money, whether it’s cash or digital.
There are similar sentiments among recipients. 43% currently only receive payments through digital channels. In the future, 57% want to be able to choose between digital and retail channels when collecting funds.
Those who do not use digital channels say the biggest barrier preventing them from sending or receiving money online is their preference for face-to-face interaction, followed by trust. Process or customer experience is another commonly cited barrier.
Farah concludes: “The findings suggest that while most consumers can be considered digital-first, many ultimately want to be able to choose between digital and retail options based on their convenience and needs. However, being able to trust online Service is critical and as an industry we need to work hard to help consumers overcome their concerns. Ultimately, our ultimate goal is always to ensure we can support the financial needs of more people, no matter where they are, culturally or economically .”
About Western Union
The Western Union Company (NYSE: WU ) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows, and its leading global financial network connects more than 200 countries and territories and approximately 130 currencies. We connect consumers, businesses, financial institutions and governments through one of the world’s broadest networks, with access to billions of bank accounts, millions of digital wallets and cards, and a vast network of global retail locations. Western Union connects the world and makes possibilities within reach.For more information, please visit www.westernunion.com.
Research on Western Union
The research was commissioned to Censuswide by Western Union. Censuswide surveyed 1,003 consumers aged 18 and over who sent or received international money transfers in the United Arab Emirates. The study will be conducted between October 31, 2022 and November 8, 2022. Censuswide adheres to and employs members of market research associations based on ESOMAR principles.
[ad_2]
Source link