Accelerate Adoption of Digital Remittance Solutions

Digital transformation has traditionally been a lengthy, elaborate process. Organizations must develop clear business objectives to act and react to market changes before replacing legacy infrastructure with digital infrastructure. This migration to advanced digital solutions has suddenly been turbocharged with the current COVID-19 pandemic compelling businesses to keep pace with evolving customer behaviors and preferences. The companies that have survived and even thrived in the current business environment have proactively adopted digital innovations and new business models.
Frost & Sullivan’s latest thought leadership paper, Antifragility and its Role in Driving a Digital Future in Asia-Pacific, analyzes the critical need for Asia-Pacific companies to transform digitally and be resilient against future disruptions and dynamic markets. It examines how multi-channel digital solutions help digital remittance companies reduce their dependence on physical infrastructure and become more resilient, sustainable, and digital to emerge stronger from the COVID-19 pandemic with robust value propositions that can withstand an uncertain future.
“The remittance market is characterized by high fees due to the involvement of intermediaries and high capital outlay,” explained Quah Mei Lee, Associate Director, Information Communication and Technology at Frost & Sullivan. “The new digital solutions, which can help businesses reduce fees and expand the market, have already positioned the Asia-Pacific digital remittance market to increase by 24.8% year-over-year (YoY), despite a decline of 18.8% YoY in global remittance in 2020. Pre-COVID-19, remittance players such as Western Union that depended heavily on physical infrastructure experienced lower remittance turnover rates than players like Euronet and Merchantrade, which offer multiple digital channels.”
Continue reading at: Taiwan news

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