UK-based global FinTech firm Paysend today released figures showing the extensive growth of its Global Transfers service experienced during the coronavirus pandemic, countering the World Bank predictions in April that global money transfers would decrease by 20%.
It is estimated that the total amount of money remittances just from the UK each year is in excess of £20billion. Based on the predictions from the World Bank it had been anticipated that this would reduce to approximately £4billion for the second quarter of the year as the coronavirus pandemic impacted.
In the event, Paysend actually saw a 37% growth in its UK send volumes for the period. Extending the Paysend performance to the whole payments market would make the volume grow over 2BN £ between March and May 2020.
Key receiving countries for Paysend Transfer were China, Kazakhstan, the Philippines, India and Turkey, and the growth across these countries was replicated across the globe with 86% of the top 15 sending countries on the Paysend platform increasing in volume sent, and 92% of the top 15 receiving countries growing in terms of volume received.
Commenting on the volume growth seen by Paysend, CEO Ronald Millar said, “Whilst the World Bank forecast that travel restrictions, and limited access to offline money transfer methods, would materially reduce the volumes of overseas remittances, at Paysend we have conversely seen material volume growth. The growing worldwide recognition of the Paysend platform may well be a key driver in the volume acceleration we have experienced, and it may be that our competitors have not been as active as Paysend, but the market for global transfers does appear to have benefitted from lockdown restrictions.”
“Our business is focused on creating a better-connected world where money is moved to places where it’s needed most, and this has never been more important than in 2020. We’re immensely proud that Paysend has been able to help so many people get through the lockdown period.
The figures showing our growth indicate that this is the real start of the cashless revolution and at Paysend we will always be at the forefront with our instant, affordable and borderless service.”