The COVID-19 pandemic is rapidly changing how American consumers spend, transfer, and save money, prompting consumers to embrace digital and contactless money management methods more than ever before. Illuminating this trend, global end-to-end payments provider Paysend today reports that more than 150,000 net new U.S.-based customers have used its platform during the last three months alone to send digital money transfers across borders.
Following the company’s stateside launch in September amidst the pandemic, Paysend experienced a 25% increase in U.S. outbound transfer activity between September and October. This rapid growth occurred as American residents, including large populations of immigrants, expatriates and foreign exchange students, adopted the platform to securely transfer funds to international accounts located across more than 70 countries in minutes — without visiting a physical bank location.
“With hundreds of American financial institutions shuttering physical branches or limiting access due to COVID-19, it’s now even more difficult for consumers to send money to family and friends across borders,” said Matt Montes, Paysend’s U.S.-based general manager. “Paysend’s platform fills the void that has long existed in America for a low-cost, convenient method to send money abroad, without charging the erroneous fees that have become synonymous with traditional transfer methods. As a result of our record new user adoption rate, we’ve grown Paysend’s U.S.-based team, and we will announce strategic partnerships with global payment partners in 2021 to offer even more features that enable American citizens and visitors alike to connect with loved ones via safe and secure international money transfers.”
Connecting America’s International Communities via Cross-Border Digital Payments
Across the world, more people are choosing to use Paysend’s digital money transfer platform to send money internationally, despite the World Bank’s prediction that cross-border money transactions would drop due to COVID-19.
“During times of uncertainty, individuals in emerging economies are even more reliant on fast and affordable cross-border payments from those in the United States. Digital transfers offer a much-needed alternative to traditional money exchange methods,” said Paysend CEO, Ronald Millar. “Since the start of the global pandemic, more than one million new global users have joined Paysend’s platform to send money to friends and family around the world. Our successful entry into the U.S. market in Q3 is certainly helping to fuel our global momentum.”