Consumers are spending more on cross-border transactions than ever before, with these payments predicted to reach $250 trillion (£201tn) by 2027, but those making them still don’t have a favourite way to pay, according to the latest research from Visa.

The global payments provider’s Unlocking the Future: Banking on Cross-Border Payment Habits report surveyed 6,500 consumers across thirteen countries, finding that over three-quarters (77%) made a cross-border payment in the past year, with 30% making weekly cross-border ecommerce purchases and 45% sending or receiving remittances every month.

However, Visa claims that the data shows consumers are frustrated with their current payment options, using on average up to four different methods for cross-border transactions with no default payment method set.

Among the most popular methods for making cross-borders payments are digital payment services (64%), credit and debit cards (58%), P2P services (56%) and bank or wire transfers (52%).

Slightly more unpopular, but still widely in use are online money transfer services (43%), as well as older payment methods including prepaid travel cards (23%) and money orders (21%).

While one in five consumers said they did not have enough options for making cross-border payments, one in twelve conversely felt like there were too many to choose from, with those sending and receiving remittances among the most likely to feel overwhelmed.

According to Visa’s study, this confusion of methods could be leaving open an opportunity for banks and fintech firms, with 66% of consumers actively seeking a single, go-to provider that they can trust.

Almost three-quarters of those Visa surveyed said they want more guidance to better understand when to use different payment options, and 67% want more ways to access and move their money across borders.

The research also shows that there is room for providers to develop multiple, specific products to meet the market, with over half of those making cross-border payments (52%) saying they would prefer their money to be across several accounts, rising to 56% in the UK.

Above all else, however, consumers are looking for security from those handling their money.

Across all regions, 63% of consumers ranked security as their number one concern, ahead of trust (51%), reliability (49%), and fees (49%), with almost all (90%) saying that they expect safety measures to be in place when making cross-border payments.

The risk of fraud is felt to be highest when using credit and debit cards (28%), online transfer services (26%), online shopping payments, and bank or wire transfers and peer-to-peer payment services (all 23%).

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Well over half of all consumers (65%) said that they had stopped using at least one payment method due to the risk of fraud, while 75% of Gen Z have halted cross-border payments due to security concerns, with Visa noting that this highlights the need for providers to build up trust with younger generations.

More than one in five (21%) of consumers reported having had a bad experience making cross-border transactions, which Visa said is contributing to the universal importance of security.

“Consumers are using a range of payment methods for ecommerce, travel and remittance transactions, but still haven’t found that one provider that ticks all their boxes – but they would like to,” concludes the report.

“This is where banks and fintechs can step up and be the chosen provider for cross-border transactions and be that secure payment space consumers want. One that provides guidance, security, and a seamless, reliable service wherever they are paying to and from in the world.”