29 December 2020
International Digital Money Transfers Empower Consumers Amidst COVID-19
At Paysend, we started 2020 knowing we wanted to help people stay connected with friends and family living abroad. When we planned to make Paysend available to even more users by expanding our services to the US, never did we dream that it would be the year customers needed our help more than ever before.
COVID-19 has made it difficult for millions living in the US, especially for immigrants, expats and foreign exchange students to send money home to loved ones through traditional methods.
That’s why, through the physically disconnected year we’ve had, we’re proud to report that we’ve helped nearly 150,000 new US-based customers transfer money internationally to loved ones in just three months.
Connecting US residents to loved ones abroad
As a result of the pandemic, many businesses and financial institutions across America temporarily shut their physical doors to keep their staff safe. We made it our mission to provide contactless money management opportunities for millions across the world as physical services have been limited.
Now, people around the world are increasingly using digital money transfer platforms like Paysend to send money abroad. In fact, we experienced a 25% increase in US transfer activity from the months of September to October. What’s more, most of these transfers originated in states with large immigrant populations such as New York, California, Texas and Florida.
Sending money internationally beyond 2020
The fintech industry has changed forever, especially as consumers continue to embrace digital money management methods. As we move into the new year, our mission of connecting loved ones internationally through digital money transfers will continue.