2021-04-26

The Importance of Digital Money Post-COVID

Consumers need fast and accessible digital money solutions to manage personal finances now and beyond COVID-19.

As humans, it’s in our nature to adapt and evolve as we face hardships. And with the challenges brought on by COVID-19, we’ve had to evolve how we earn, spend and save money, as well as how we interact with our loved ones. For instance, despite travel being discouraged and governments imposing mandatory quarantines and social distancing orders, many people found ways to continue socializing, working, shopping and more – even if it is at a distance.

How was society able to create this sense of normalcy in a time of uncertainty? Through advanced technology and digital solutions.

Impact of COVID-19 on How People Manage Money

While people turned to video calls to socialize and companies adopted virtual options for remote work, many people also began using digital money solutions instead of traveling to a physical bank branch to keep themselves and their families safe from COVID-19 exposure risks. In fact, 71% of global consumers now use digital banking channels weekly since the onset of the pandemic.

Throughout 2020, people had a chance to reflect and create new ways of doing things. Because of that, consumer habits have changed dramatically, and many businesses, including fintech providers, are feeling the shift in consumer expectations.

When it comes to money, people want more convenience, control and value from their financial services. That’s why consumers have turned to fast, simple and accessible technology to manage personal finances or to financially support loved ones, even from afar.

Why Digital Money Is Here to Stay

Will consumers go back to making cash purchases or commuting to banks to access money? Some people may, but many may not. In fact, more than half of new and increased mobile-payment users report an intent to continue using digital and contactless services well beyond the pandemic.

Digital money continues to become more widespread, and as we adjust to our “new normal” there are 5 ways digital money can improve the lives of people around world:

  • More freedom: Through technological advancements, the quality of financial services continues to improve, in turn, helping to create more achievable financial goals which may lead to more financial freedom.
  • More independence: FinTech solutions make having all finances at your fingertips a reality.
  • More speed: Companies continue to focus on speed for every consumer touchpoint, from registration to validation to transaction.
  • More safety: FinTech firms offer customers an environment that is safe and secure to ensure confidence in managing money digitally.
  • More connectivity: The coronavirus has separated many in a physical way, but digital money offers an avenue to help build a more interconnected world.

Here at Paysend, we’re dedicated to doing our part in improving consumer experiences when it comes to managing money digitally. Click here to learn more about the era of digital money and how we’ve provided affordable and easy transfer methods to keep customers and their loved ones safe and connected before and during-COVID.

 

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