Digital money in a post-covid world in 2021 and beyond

Digital money in a post-covid world 2021 whitepaper

The future of money explored: A digital currency revolution is upon us as on the horizon the new dawn of Fintech approaches

Our outlook on a new world

Following the publication of our latest White Paper entitled Digital Money in a Post-corona world, in which our Chief Marketing Officer, Alberto Macciani, digs deep into the prolific expansion of digital money and how we will see the landscape of financial technology shift, we want to discuss a revolutionary change in how we manage our money.

Paysend is proud to be at forefront of this revolution, one of the leaders in financial technology and the digitisation of money movement.

Our team is constantly working to develop expert, key and simple money solutions that provide our 3.7+ million customer base with the ability to move funds easily and affordably all over the world.

After all, we were one of the first Fintechs to introduce global card to card transfers and connect 12 billion cards across Mastercard, Visa, China UnionPay, Alipay and local card schemes, that is no small feat!

With deep roots in the commerce and trading industry, we started as a team of experts within the world of finance who saw fit to create solutions for some of the increasingly frustrating and complex traditional banking systems that were in place. As a result, we developed our money transfers app, a solution that helps people manage their finances and connect all over the globe.

Of course, in no circumstances would we have welcomed a global pandemic! The innate struggles which have been generated by the spread of COVID-19 throughout this year have caused many to suffer both personally and financially.

We stand by and support those who have been affected by these catastrophic changes and have promised to work on their behalf by looking to the future and putting a positive spin on the last 12 months!

What has driven consumer habits to change?

As a result of this past year we have had to ask ourselves; What have we learnt? What changes need to be made? How can we improve the Paysend experience for our users? We want to harness our resources to provide money transfer solutions that make life that much easier for our customers and remove any unrequited stress.

All over the world, we have experienced lockdowns, social distancing and travel bans. It has been an isolating time for many, with an inability to interact with our family members, friends, colleagues and business partners as we would like. Due to a lack of face to face interaction, the digital world has had to evolve and develop new ways of working, problem-solving using financial technology when navigating our new surrounding restrictions.

We have witnessed a change in customer behaviour with a whopping 72% rise in the use of Fintech applications across Europe, customers preferring to handle their finances safely and securely online whilst lockdown at home.

A switch to contactless Mastercard transactions has seen a 40% rise globally, working to limit physical exchanges to protect our health and well-being.

Our social habits and how we process new information and communicate with our peers has most likely been the catalyst for 71% of consumers being recorded to use digital banking channels weekly, spending their money via mobile applications and online shopping.

With so much uncertainty, financial security is paramount! Customers have had to be diligent when managing their money and looking to save, taking back control of their investments whilst watching their spending. This is why we want to offer our customers low, flat fees whenever possible!

Forecasting for the future and Paysend’s role to play

Since March of 2020, the Covid pandemic has sparked one of the biggest upheavals in consumer habits and forced us all to adapt. We understand that businesses have been put under immense pressure this year, budget cuts and furlough/employment retention schemes becoming a necessary evil to keep afloat. That is why 17,000+ businesses put their trust in us to provide them with over 40 fast and hassle-free payment solutions, offering them reduced rates.

To give our Paysend community a better understanding of the types of economic and social changes we have seen, as a knock-on effect of the pandemic, our White Paper provides revealing research and analysis of 4 key global markets:

● The UAE

● Canada

● India

● Italy

This research will demonstrate the issues that have been raised and the solutions which are being implemented in response across the globe.

From what we have gathered, and the parallels we have drawn, the question we are now asking ourselves is, could we potentially be seeing a repeat of the roaring, golden age of the ’20s? A decade of economic expansion and technical innovation, the twenties marked a time in history where the world’s social, artistic and cultural dynamism thrived, Europe and America working to rebuild after the first World War and the spread of the Spanish Flu. This period offered the opportunity to reimagine and reinvent the future!

In our White Paper we expand on our belief that we will see more:

● Freedom in the use of money

● Independence when managing finances

● Speed when moving funds

● Safety when securing, moving and investing

● Connectivity made easier and simpler

We firmly believe that we are all moving in a positive direction and are excited to get to work.

We are grateful for our ability to provide a service to our customers and contribute to carving out a new wave of the exciting expansion in digital money. Confident that we have a large role to play in the evolution of the Fintech industry, you can rely on us to have our customers at the forefront of our thinking, galvanising our team in a collective effort to connect people from all over the world and provide a revolutionary money movement platform to all.

Expectations and considerations will lead to education and accessibility

At Paysend, we promise to always deliver on these principles:

● Safety for all customers who put their trust in us

● Convenient solutions to tricky financial issues

● Affordable rates to give you more for your money

● Accessibility for all people in all walks of life

● Ease of use to drive growth in financial confidence

Make sure to read our recently published White Paper by clicking the Download button below.

Visit the Paysend app or website now to move money internationally!

Download PDF