MTO: 4Years Of Digital Growth squeezed Into 2Months

Imagine that for the last twenty years you sent $200 cash home every two weeks using a local store with people you know by name. Suddenly, you weren’t allowed out of your home but your family was still relying on you to send money to them, what would you do? This situation has been faced by millions of people, especially the migrant worker community worldwide. It has also been the single biggest catalyst for growth of digital remittances ever.
Four years of digital growth has been compressed into two months in the money transfer space. Leading incumbents such as Western Union WU and MoneyGram and the Fintechs such as WorldRemit, Remitly and TransferWise have all reported tremendous growth in their digital businesses driven by the stay at home orders and the Covid-19 crisis. How are they responding as businesses?
And, the big question for the industry is whether this unexpected but welcome digital boost will remain after the crisis. Will consumers’ behavior have changed for good or will they revert back to cash once they feel safe to head out again? The answer is a complex mix of many factors – societal, economic and technological.
Continue Reading at:Forbes

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