The person-to-person habit banks cannot afford to lose
Neobanks and remittance providers are winning recurring money movement moments by making cross-border transfers clearer, faster and easier to understand. Our latest whitepaper explores how banks can respond.
Cross-border P2P payments are more than transactions. They are recurring customer interactions. When banks cannot provide clear answers on cost, timing, amount received and access, customers may keep their account but move the transfer relationship elsewhere.
The whitepaper explores how banks can protect engagement by shifting from rail-centric transfers to customer-centric money movement, and how Visa Direct can help extend reach across more corridors, currencies and eligible payout methods.
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$214.1bn (43.6%) outbound remittances flow from Europe to outside SEPA and the EURO area in 20241
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66% of consumers prefer routine once they find a payment option that works2
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+10% Europe-level growth in card-funded payments to remittance providers, 2024-263
What you’ll learn:
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Why cross-border P2P creates a strategic threat for banks
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How fintechs, neobanks and remittance providers win the transfer moment
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What customers need to know before they press send
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How banks can protect engagement through customer-centric money movement
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How Visa Direct can help extend reach across eligible payout methods
Sources
1.
KNOMAD/World Bank Bilateral Remittance Matrix 2021 (December 2022). 2024 payment volumes are estimated using 8.47% growth from 2021 to 2024. Growth rate retrieved from Dilip Ratha, Sonia Plaza, Eung Ju Kim, Vandana Chandra, Nyasha Kurasha and Baran Pradhan, Migration and Development Brief 38: Remittances Remain Resilient But Are Slowing, KNOMAD-World Bank, Washington, DC, 2023.
2.
Visa Direct global cross-border consumer habits report, 2024.
3.
VisaNet transaction data from April 2024 to March 2026. European findings are based on markets included within Visa’s European reporting region and may not align with standard geographic or regulatory definitions of Europe. “Card-funded payments” include debit, credit, commercial and prepaid cards. “Remittance providers” refers to a defined set of merchants identified as offering international money transfer services.
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Sources
1.
KNOMAD/World Bank Bilateral Remittance Matrix 2021 (December 2022). 2024 payment volumes are estimated using 8.47% growth from 2021 to 2024. Growth rate retrieved from Dilip Ratha, Sonia Plaza, Eung Ju Kim, Vandana Chandra, Nyasha Kurasha and Baran Pradhan, Migration and Development Brief 38: Remittances Remain Resilient But Are Slowing, KNOMAD-World Bank, Washington, DC, 2023.
2.
Visa Direct global cross-border consumer habits report, 2024.
3.
VisaNet transaction data from April 2024 to March 2026. European findings are based on markets included within Visa’s European reporting region and may not align with standard geographic or regulatory definitions of Europe. “Card-funded payments” include debit, credit, commercial and prepaid cards. “Remittance providers” refers to a defined set of merchants identified as offering international money transfer services.
