Home » Almost 60% of Saudi Arabia Consumers Choose Only Digital Money-transfer Platforms, But Choice Still Matters
Consumers in Saudi Arabia predominantly view digital money transfers as the preferred way to send money now and in the future, according to research commissioned by Western Union. Yet many still want the power to choose between online and retail (in-person) experiences – depending on their convenience and needs. Exclusive insights show that today almost 60% of consumers who send money abroad prefer digital money-transfer services, compared to 22% who want choice, and 17% who send cash through retail channels only.
The study, which surveyed over 1,500 money-sending and receiving citizens and residents of Saudi Arabia, asked how, when and why they move money internationally. The results bolster Western Union’s recently announced ‘Evolve 2025’ (E25) strategy combining high-value, accessible digital and retail financial services. The research also aligns to Western Union data, which has demonstrated strong customer preferences to move money digitally. In the first three quarters of 2022, the Company experienced double-digit year-on-year growth in the volume of digital transactions from Saudi Arabia.
When asked about how international money transfers should be offered in the future, consumer opinion among senders is mixed. More (47%) still believe that the transfer experience should be digital from end-to-end, while 44% prefer choice and 9% would still opt for cash only. In reverse, 57% of consumers who receive transfers prefer a choice, while 24% favour going completely digital. Nineteen percent would still want to collect their funds in cash only.
“Since launching their ambitious National Transformation Program – Vision 2030, Saudi Arabia has made significant strides in achieving digital transformation,” said Jean Claude Farah, President of Middle East and Asia Pacific at Western Union. “The country’s visionary leaders have been steadfast in developing the necessary infrastructure to support this evolution. As a result, today it ranks seventh for its digital competitiveness among the G20, while internet penetration across the country sits at an impressive 98%. The study outcomes demonstrate that citizens and residents have been very much part of this journey – largely opting for online options over in-person experiences, as they benefit from the country’s increasingly advanced digital framework.”
The research also shows that receivers of funds strongly influence how much and how often their senders transfer money. Overall, 34% of senders say their families or loved ones’ financial situation drives decisions on the frequency and flow of money. Sixty eight percent also say their receiver influences the company they choose to send money through, and 74% state their transfer method of choice (digital, retail or a mix) is dependent on how their receiver can collect the money.
Looking at the broader macro-economic climate, a significant number of consumers expect to send (74%) or receive (66%) more money in the next 12 months. However, senders also struggle with a cost-of-living dichotomy: 73% of senders say that because cost-of-living has increased in their receiving country, they now need to send more money; yet 67% state that higher cost-of-living in their current country of residence, means they are not able to transfer as much as they did previously.
“Providing a crucial link between senders and receivers helps consumers build a bridge to financial stability and opportunity,” Farah said. “As we adapt to higher costs-of-living, supporting consumers as they move up the economic ladder becomes even more important. The public and private sectors have a collective role to play here. If we collaborate effectively, we will be able to offer even stronger financial opportunities and experiences that will ultimately help them better manage their financial lives.”
The study also shows that a greater number of women in Saudi Arabia send money transfers more often than once a month, compared to men. Nearly a quarter of the women surveyed (vs. 21% of men) say they move money multiple times within a month.
Paying for family support is the primary reason why men move money (55%). While this is of utmost importance to many women as well (42%), women also place stronger emphasis on reasons such as paying for financial commitments, future savings and education payments.
“Globally, women comprise slightly less than half of today’s expatriate workers,” Farah concluded. “They are more empowered than ever before, as they move internationally and shape global economies. In line with Vision 2030, Saudi Arabia is focused on attracting the finest local and international minds to bolster economic development. Their ambition to increase women’s participation in the workforce to 30% by 2030 means that ensuring greater access to financial services is imperative, particularly with the rise of new technologies.”
MEA Markets is happy to announce that the MEA Business Awards are returning for the sixth consecutive year! This established awards programme identifies those individuals and companies who excel in their respective industries, encompassing the entirety of the Middle East and Africa in our search to highlight the firms that go above and beyond to establish themselves as business leaders.
Visit our awards hereMEA Markets is very proud to host the UAE Business Awards 2023 for its seventh instalment! This awards programme aims to reward a vastly diverse range of hardworking businesses from across the United Arab Emirates region, who are demonstrating innovation and excellence throughout a turbulent economic climate many firms are suffering through.
Visit our awards hereMEA Markets is proud to announce the return of the African Excellence Awards in 2022. Naturally, we will again look to highlight and acknowledge the industry leaders from the wide-ranging sectors and specialisms across the continent.
Visit our awards hereWe have packages to suit everyone. Let us help work out which one would suit your needs!
Ground Floor, Suite B-D,
The Maltsters, Wetmore Road,
Burton-on-trent, Staffordshire,
DE14 1LS
MEA Markets is a quarterly publication dedicated to researching and publicising the major moves and events as they happen across the entire Middle East & Africa region.
Our team of highly trained and committed journalists, contributors, researchers and worldwide industry insiders are on hand to ensure that our global readership enjoys 24/7 access to timely and entertaining content that keeps them up to date with the ins and outs of this fast moving region.
Cookie | Duration | Description |
---|---|---|
cf_use_ob | past | Cloudflare sets this cookie to improve page load times and to disallow any security restrictions based on the visitor's IP address. |
cookielawinfo-checkbox-advertisement | 1 year | Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Advertisement" category . |
cookielawinfo-checkbox-analytics | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics". |
cookielawinfo-checkbox-functional | 11 months | The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". |
cookielawinfo-checkbox-necessary | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary". |
cookielawinfo-checkbox-others | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. |
cookielawinfo-checkbox-performance | 11 months | This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance". |
CookieLawInfoConsent | 1 year | Records the default button state of the corresponding category & the status of CCPA. It works only in coordination with the primary cookie. |
PHPSESSID | session | This cookie is native to PHP applications. The cookie is used to store and identify a users' unique session ID for the purpose of managing user session on the website. The cookie is a session cookies and is deleted when all the browser windows are closed. |
viewed_cookie_policy | 11 months | The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data. |
Cookie | Duration | Description |
---|---|---|
na_id | 1 year 1 month | The na_id is set by AddThis to enable sharing of links on social media platforms like Facebook and Twitter. |
na_rn | 1 month | The na_rn cookie is used to recognize the visitor upon re-entry. It allows to record details on user behaviour and facilitate the social sharing function provided by Addthis.com. |
na_sc_e | 1 month | The na_sc_e cookie is used to recognize the visitor upon re-entry. It allows to record details on user behaviour and facilitate the social sharing function provided by Addthis.com. |
na_sr | 1 month | The na_sr cookie is used to recognize the visitor upon re-entry. It allows to record details on user behaviour and facilitate the social sharing function provided by Addthis.com. |
na_srp | 1 minute | The na_srp cookie is used to recognize the visitor upon re-entry. It allows to record details on user behaviour and facilitate the social sharing function provided by Addthis.com. |
na_tc | 1 year 1 month | The na_tc cookie is used to recognize the visitor upon re-entry. It allows to record details on user behaviour and facilitate the social sharing function provided by Addthis.com. |
ouid | 1 year 1 month | Associated with the AddThis widget, this cookie helps users to share content across various networking and sharing forums. |
Cookie | Duration | Description |
---|---|---|
d | 3 months | Quantserve sets this cookie to anonymously track information on how visitors use the website. |
Cookie | Duration | Description |
---|---|---|
__gads | 1 year 24 days | The __gads cookie, set by Google, is stored under DoubleClick domain and tracks the number of times users see an advert, measures the success of the campaign and calculates its revenue. This cookie can only be read from the domain they are set on and will not track any data while browsing through other sites. |
_ga | 2 years | The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. |
_ga_21JSMT0NZV | 2 years | This cookie is installed by Google Analytics. |
_ga_7GTFNZD3Y9 | 2 years | This cookie is installed by Google Analytics. |
_gat_gtag_UA_63302014_1 | 1 minute | Set by Google to distinguish users. |
_gat_gtag_UA_67421741_1 | 1 minute | Set by Google to distinguish users. |
_gid | 1 day | Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. |
aigm_tracking_consent | 1 year | Created by Monster Tracking v2 for internal tracking/fingerprinting - determines whether the user has consented to being tracked by allowing cookies. |
aigm_tracking_id | 1 year | Created by Monster Tracking v2 for internal tracking/fingerprinting - contains the consent ID number of the user. |
ANON_ID | 3 months | This cookie, set by Tribal Fusion, collects data on user visits to the website, such as what pages have been accessed . |
u | 1 year | This cookie is used by Bombora to collect information that is used either in aggregate form, to help understand how websites are being used or how effective marketing campaigns are, or to help customize the websites for visitors. |
uid | 1 year 1 month | This is a Google UserID cookie that tracks users across various website segments. |
Cookie | Duration | Description |
---|---|---|
_rxuuid | 1 year | Unruly Media sets this cookie to store information on how the end user uses the website and any advertising that the end user may have seen before visiting the said website. |
ab | 1 year | Owned by agkn, this cookie is used for targeting and advertising purposes. |
ANON_ID_old | 3 months | This cookie helps to categorise the users interest and to create profiles in terms of resales of targeted marketing. This cookie is used to collect user information such as what pages have been viewed on the website for creating profiles. |
CMID | 1 year | Casale Media sets this cookie to collect information on user behavior, for targeted advertising. |
CMPRO | 3 months | CMPRO cookie is set by CasaleMedia for anonymous user tracking, and for targeted advertising. |
CMPS | 3 months | CMPS cookie is set by CasaleMedia for anonymous user tracking based on user's website visits, for displaying targeted ads. |
DSID | 1 hour | This cookie is set by DoubleClick to note the user's specific user identity. It contains a hashed/encrypted unique ID. |
IDE | 1 year 24 days | Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads and according to the user profile. |
KADUSERCOOKIE | 3 months | The cookie, set by PubMatic, registers a unique ID that identifies a returning user's device across websites that use the same ad network. The ID is used for targeted ads. |
KTPCACOOKIE | 1 day | The cookie, set by PubMatic, registers a unique ID that identifies a returning user's device across websites that use the same ad network. The ID is used for targeted ads. |
ljt_reader | 1 year | This is a Lijit Advertising Platform cookie used for recognizing the browser or device when users return to their site or one of their partner's sites. |
mc | 1 year 1 month | Quantserve sets the mc cookie to anonymously track user behaviour on the website. |
mt_mop | 1 month | MediaMath uses this cookie to synchronize the visitor ID with a limited number of trusted exchanges and data partners. |
pxrc | 2 months | This cookie is set by pippio to provide users with relevant advertisements and limit the number of ads displayed. |
rlas3 | 1 year | RLCDN sets this cookie to provide users with relevant advertisements and limit the number of ads displayed. |
suid_legacy | 1 year | Collects information on user preferences and interaction with web-campaign content which is used on CRM-campaign-platforms used by website owners for promoting events or products. |
test_cookie | 15 minutes | The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. |
tuuid | 3 months | The tuuid cookie, set by BidSwitch, stores an unique ID to determine what adverts the users have seen if they have visited any of the advertiser's websites. The information is used to decide when and how often users will see a certain banner. |
tuuid_lu | 3 months | This cookie, set by BidSwitch, stores a unique ID to determine what adverts the users have seen while visiting an advertiser's website. This information is then used to understand when and how often users will see a certain banner. |
uuid | 3 months | MediaMath sets this cookie to avoid the same ads from being shown repeatedly and for relevant advertising. |
Cookie | Duration | Description |
---|---|---|
b | 1 year | No description |
CMTS | 3 months | No description |
cookietest | session | No description |
GoogleAdServingTest | session | No description |
suid | 1 year | No description |