The COVID-19 pandemic is accelerating the shift from cash to digital money worldwide, the impacts of which are directly evident in India, where Statista estimates that 1 in 10 people now exclusively make online payments. The surge in digital and contactless payments has boosted Paysend’s usage in the world’s second most populous country. Today, the global payments provider confirms that the societal shift to digital transactions extends to peer-to-peer payments, as money transfers sent to Indian accounts via Paysend’s end-to-end payment platform have more than doubled year-over-year.
Moreover, the dollar amount that is being transferred via Paysend during COVID-19 is over 2 times higher compared to the same time period in 2019. The growth in the Indian market has fuelled Paysend’s worldwide usage spike during the pandemic, having seen its customer base increase by over 1 million since the beginning of March.
“During the pandemic, people all over the world have had less access to tradition money transfer services that require in-person transactions due to lockdown restrictions,” said Paysend CEO, Ronnie Millar. “And with cash usage plummeting, digital solutions are needed to fill the void left by physical money, and help people manage their finances safely and easily. Paysend now helps nearly 2.5 million people send money internationally from the safety of their homes to countries such as India.”
India has traditionally been an economy reliant on cash for peer-to-peer transactions, but the development of digital financial infrastructure, as well as nearly 700 million people from India owning smartphones, has created a foundation where digital financial services can flourish. India’s shift to digital money mirrors many other countries around the world.
“For emerging economies like India, Nigeria and Malaysia, speed and affordability are absolutely key, and digital money offers a much-needed alternative high fees and slow transfer speeds of banks,” Millar added. “Speed is critical for those that send international money transfers and remittances to support loved ones based in these countries. With Paysend’s near-instant transfers, there’s now an affordable, safe and accessible way to send money to India from 90+ other countries.”
